What’s Next for Direct Listings and IPOs?

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 11 October 2019

⏱️ 26 minutes

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Summary

What’s all the buzz around direct listings? How are companies weighing IPOs vs. alternatives to raising capital in the public markets? Those questions were the focus of a recent panel at the Goldman Sachs Private Innovative Company Conference. Goldman Sachs’ Will Connolly, Spotify CFO Barry McCarthy, and Latham & Watkins partner Greg Rodgers sat down with Exchanges at Goldman Sachs host Jake Siewert to talk about Spotify’s own history with direct listings and what the future may hold for other companies planning to go public. “Companies’ needs and objectives are changing,” Connolly said, pointing to how technology has resulted in companies scaling much faster than in the past. “And when those needs and objectives change, it makes sense that people would seek out new ways to enter the public markets.” Adding context to the discussion, which was taped live in Las Vegas, Goldman Sachs’ David Ludwig joins Jake in the studio to talk more about the evolving needs of clients and how the firm is partnering to meet their objectives.

Transcript

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0:00.0	This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries,
0:13.5	and the global economy.
0:15.6	Today we're going to be talking about a timely topic as it relates to the public markets,
0:18.6	direct listings, and the changing nature of the IPO market.
0:22.3	I'm joined in our New York studio here by David Ludwig. the David, welcome to the program. Thanks, today, because get the beer.
0:33.0	So last week we hosted a conference out in Las Vegas that brings together private companies
0:37.1	with investors in the space.
0:38.6	Explain a little bit about what that conference is and why we host it.
0:41.7	Absolutely.
0:43.0	This is our ninth annual private independent company conference
0:45.0	where we gathered the next generation of emerging technology companies
0:48.0	together with over 500 attendees
0:50.0	from the venture capital, corporate, and private equity communities.
0:54.0	This setting has actually become one of the key events that allows those companies who are
0:57.6	driving disruption to connect the network with those who are the foresight to fund long-term
1:01.7	vision.
1:02.7	So David, given the market backdrop, you described,
1:05.4	why is their interest right now
1:07.5	in different ways of helping companies approach
1:11.2	and enter the public markets? So Jake, when you think about the public markets.
1:13.0	So Jake, when you think about the continuous evolution in the equity market and
1:16.2	some of the step functions that happened over the last decade, there has to be different
	...

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