Breakdown: Direct listings are an acquired taste

Short-term home rental company Airbnb is set to hire Morgan Stanley and Goldman Sachs as joint lead advisers on its planned stock market flotation next year, people familiar with the matter told Reuters on Oct. 2. Airbnb is leaning toward going public through a direct listing, rather than a traditional initial public offering.

Venture capitalists and startup executives gathered in San Francisco on Oct. 1 to bash traditional IPOs and promote direct stock exchange listings. Bill Gurley of Benchmark Capital, one of the organizers of the event, has said investment banks have long been “fleecing” companies by pricing shares too low.

Morgan Stanley will host its own direct-listing event in San Francisco on Oct. 21, according to news reports. Goldman on Oct. 11 published a podcast on the topic recorded three days earlier, with participants including Spotify Technology's chief financial officer, Barry McCarthy.

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