Advantages of Direct Listings to IPOs
- Existing shareholders receive access to public markets and liquidity
- Lower underwriting costs, though legal, advisory, and exchange costs still exist
- Existing shares are generally not subject to lockup agreements post-transaction
- Greater transparency in price discovery
Why are Independent Third-Party Valuations Necessary
Independent third-party valuations play an important role in direct listings by helping to confirm that the company satisfies applicable valuation thresholds and helping to support regulatory and exchange compliance efforts.
Our Experience
Marshall & Stevens Transaction Advisory Serviceseach stage of the direct listing process. We bring a disciplined, independent perspective to help companies navigate the valuation considerations unique to direct listings.
team has deep valuation and capital markets experience supporting companies, counsel exchanges, and market participants in complex public-market transactions. We have extensive experience working with major U.S. exchanges and are well positioned to support companies through the valuation considerations unique to direct listings.
Marshall & Stevens Transaction Advisory Services
Marshall & Stevens Transaction Advisory Services provides independent financial opinions, valuation analyses, and advisory support for public and private companies, boards, investors, lenders, and legal counsel navigating complex transactions. Our team advises clients across fairness and solvency opinions, financial due diligence, quality of earnings analyses, direct listing valuation support, and broader transaction advisory matters, bringing an independent and disciplined perspective to each engagement. With deep valuation expertise and transaction experience, we help stakeholders evaluate key financial considerations, satisfy fiduciary and regulatory requirements, and move forward with confidence.
