The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
United States SEC Approves Direct Listing on NASDAQ to Raise Capital from Public Investors, Lower IPO Fees
27th May 2021 | Hong Kong
The United States Securities and Exchange Commission (SEC) have approved direct listings on Nasdaq, allowing companies to raise capital directly from public investors and reducing the cost of IPOs (Initial Public Offering). The traditional road of IPO for companies is to go through an underwriter (investment bank), go on roadshows for 6 – 12 months to attract institutional investors and thereafter file for IPO, and more roadshows and gaining media coverage to attract public investors.
“United States SEC Approves Direct Listing on NASDAQ to Raise Capital from Public Investors, Lower IPO fees”
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
The IPO Process
The IPO process is long and tedious for the company’s management team, and the IPO fee cost around 1% to 8% of funds raised in the process for hiring underwriters (investment banks, advisory firms), depending on deal size, terms, listing exchange.
There are also related IPO costs including legal team and auditors. Example, a $100 million capital raised at IPO means a fee of $2 million to $7 million payable to the underwriters.
IPO Fees – Alibaba, Facebook, Ant Group, Saudi Aramco
For Alibaba listing, the total fees paid was around $300 million for $25 billion raised, representing 1.2% of funds raised. For Facebook listing, the total fees was around $175 million for $16 billion raised, representing 1.1% of funds raised.
Should Ant Group listing in Hong Kong had gone through in late 2020, the total fees was estimated at $198 million for $17.24 billion funds raised, representing 1.1% of funds raised. (Ant Group was planning a dual listing, raising a total of $34.4 billion in Shanghai and Hong Kong)
For Saudi Aramco listing in early 2020, the total fees was around for $29.4 billion raised, representing 0.2% of funds raised.
Direct Listings
In 2020, popular music company Spotify became one of the highest profile company to go public via a direct listing. The company went public on the 3rd April 2020 on NYSE (New York Stock Exchange) without raising capital or selling new shares at $28 billion market capitlization.
The direct listing also allowed shareholders, including employees to sell their sales without any lock-in period that is usual for the traditional IPO process. For the listing, Spotify still hired Goldman Sachs and Morgan Stanley as advisors and Citadel Securities as designated market maker.
In December 2020, the United States Securities and Exchange Commission (SEC) have also approved direct listings on NYSE (New York Stock Exchange).
Other companies that have gone public recently, also without raising capital through direct listing are analytics company Palantir Technologies, gaming company Roblox Corp and cryptocurrency exchange Coinbase.
NASDAQ Direct Listings Restrictions
The new direct listing on NASDAQ requires shares to start trading within the indicated price range set. The direct listing would be pulled if shares were set to trade outside that range.
Nasdaq has submitted request for change to the United States Securities and Exchange Commission (SEC), to remove a restriction that limits how much money companies can raise through a direct listing on its stock market exchange.
Nasdaq also requested for company’s stock would not be allowed to open more than 20% below the lowest price in the price range, but there would be no restriction on how high it can trade.
Related:
- Hong Kong SFC and Stock Exchange to Tackle IPO Misconduct, Inflated IPO Prices to Meet Listing Requirements
- EY Report 2021 Q1 Global IPO: $105.6 Billion Raised from 430 Deals
- Indonesia President Jokowi Targets $200 Billion Sovereign Wealth Fund
- $342 Billion Investment Firm KKR Raises $15 Billion for Asia Fund
- Credit Suisse and Nomura in $6 Billion Hit by Bill Hwang Archegos Family Office
- 150 Stocks Suspended Trading on Hong Kong Stock Exchange for Missing Filing Deadline
- Facebook co-Founder Eduardo Saverin B Capital Creates SPAC to Raise $300 Million on NASDAQ
- Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
- New York Stock Exchange Remains Market Leader for IPO in 2020, Raising $81.8 Billion
- NASDAQ Executed 300 IPOs in 2020, Raising $77.86 Billion
- Shanghai Stock Exchange is Now the World’s 3rd Largest Stock Exchange
IPOs
- Baidu IPO on Hong Kong Exchange, Price Remains Unchanged on Day 1
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
- Kuaishou IPO Rises 160% on Day 1, Raised $5.32 Billion
- Airbnb IPO Rises 112% on Day 1, Raised $3.5 billion
- DoorDash IPO Rises 85% on Day 1, Raised $3.3 billion
- JD Health IPO Rises 55% on Day 1, Raised $3.4 billion
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membershipmail@caproasia.com, angel@caproasia.com
For Listing, Subscription
mail@caproasia.com, claire@caproasia.com
For Press Release, send to:
press@caproasia.com
For Events & Webinars
events@caproasia.com
For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com
For Research, Data, Surveys, Reports
research@caproasia.com
For General Enquiries
mail@caproasia.com
a financial information technology co.
since 2014
