The interesting thing about these direct list IPOs is that if you have confidence your investors will hold, you don't need the bank for stability, you have stability as a result of such low volume. I'm no pro but I think the real risk is introduced when you don't know your investor base well, hence traditional underwritten IPOs have worked well. If the company doesn't need to raise money, seems like a fine way to let the little guys find liquidity. Will likely follow a similar chart as $ESTC.