What Snowflake, Asana, and Palantir Teach Us in the Battle of Traditional and Direct IPOs

When Snowflake (NYSE: SNOW) went public and ended its first day of trading roughly 112% higher than its offering price of $120, it reignited a growing debate over traditional IPOs and direct listings. Some believe that traditional IPOs result in the listing company leaving money on the table -- in Snowflake's case, naysayers argue the company left billions on the table.

A few weeks later, Palantir (NYSE: PLTR) and Asana (NYSE: ASAN) went public in a direct listing process. Their performance wasn't nearly as successful as Snowflake, which is the largest software IPO of all time, but they still saw some success. Let's take a look about what these IPOs taught us about the debate between traditional IPOs and direct listings.

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