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" ... A direct listing allows the immediate sale of the investors’ holdings with no cooling off period. Shares issued to insiders may also be sold. Banks who function as underwriters can be dispensed with, along with the avoidance of the extraordinary effort and investment in time and resources it takes to get to an IPO, including roadshows. Direct listings avoid perception that there are cozy backroom deals being struck with the underwriters and bookrunners when an IPO is oversubscribed, mostly to the detriment of the ordinary investing public. ... "