> If sales are not sold at opening-market prices, what happens is that offer prices increase until they are attractive enough to be filled. This is literally e

> If sales are not sold at opening-market prices, what happens is that offer prices increase until they are attractive enough to be filled. This is literally exactly what happens in a direct listing. There is no obligation anywhere. Each person selling is selling because the price offered is attractive to them. It's not that a group of insiders has to liquidate because there's a DPO. It's that there's a DPO because a group of insiders wants to liquidate.