Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with 'courage and intelligence.'
on Sunday, Moritz wrote that "the shrewd and the brave" companies have learned how to take control of the process.
"No actor, theatre owner, producer or audience member enjoys knowing that a ticket tout has run off with money that should belong to them," Moritz wrote. "The same goes for the people involved with private companies." Moritz published the piece to commemorate the 15th anniversary of Google's IPO, which was an auction that led to price discovery instead of a traditional offering in which banks determine the price. Moritz said he expected the Google offering to "break the hammerlock" held by investment banks.
"That attempt failed," he wrote. "But now, due to mounting frustrations, advances in technology and changes in the capital markets, investment banks are about permanently to lose the gatekeeping position they have jealously protected."
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