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I'm not entirely sure how that's possible. If you knew stock was being sold in significant quantities (~10-20% of the company) in extremely short periods of time its almost a guarantee the price will drop on listing day. Previous direct listings have all been about transfer of ownership.

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Raising capital doesn’t mean it needs to raise 10+% on day one. Even 1% would take a while to spend.

There are usually listing requirements that require that the public owns a large portion of the shares in the case of the NASDAQ it seems to be 10%. If the company hasn't already sold these shares they would have to sell them on day 1.

The company doesn’t need to put those shares up, it can be any mix of the current shareholders and new stock.

If the offering is announced and expected the price impact will be lower than surprise-selling. And companies at-the-market offerings aren't exactly unheard of.

Companies with at market offerings have liquidity beforehand to know what the value of the shares are. There are willing buyers and sellers at that price.

It's needless to say a direct listing has never been done this way.

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