Underpricing and direct public offerings: the Spotify direct listing case

After a review of the listing process and of the literature concerning the main indirect cost listing companies have to bear, shares underpricing. The paper aims at analysing this phenomenon in the context of direct public offerings. Therefore, a series of previous empirical study is first examined, and then the case of Spotify direct listing is discussed, comparing it also with a sample of contemporary internet-related traditional IPOs.