I'd suspect there's two different flows towards "non-traditional" listings. There's the firms with clear market appeal who think they're getting underpriced by

I'd suspect there's two different flows towards "non-traditional" listings. There's the firms with clear market appeal who think they're getting underpriced by a conventional IPO model, but I suspect there's also firms who just want to bust onto the market and sidestep the normal disclosure and research cycle.