Few companies have been able to overcome what's needed to have a successful direct listing. While some of the challenges are practical in nature, the bulk of them hinge on the ability to transcend a buyer's perception enough to sustain a strong opening day and the ongoing lure of them cashing out as their attention wanes.

There have been two direct listings this year on U.S. exchanges and only one in 2022. Read more.

Source: Dissecting the Direct Listing Die-Out