Thanks for clarifying. My understanding was that an IPO creates new shares, while a direct listing just sells the existing ones. In the same sense, I thought th

Thanks for clarifying. My understanding was that an IPO creates new shares, while a direct listing just sells the existing ones. In the same sense, I thought that underwriters were responsible for pushing the stock through the distributions channels (funds, investors, etc) so that they make sure that an IPO is successful in its opening.