Gurley says Nasdaq and NYSE pushed for direct listings but banks were dragged into it reluctantly.
“They were dragged into direct listings. I would I would say because I spent a ton of time with them, both the Nasdaq and the NYSE were pushing to get these things across the line,”
Gurley reports seven of eight direct listings trade above first match, outperforming traditional IPO cohorts.
“Yeah, there've been eight high profile ones. Seven of them interestingly are trading above that first match that they did, which is really astounding.”
Gurley argues SPACs are only viable because broken IPO process makes direct listings look expensive by comparison.
“But, you know, it appears to me that the thing is gonna, is either gonna slow down or they're gonna step in and do those types of changes you're talking about.”