企业发行人

问题如下：

Which of the following does not represent a key difference between a direct listing and an initial public offering (IPO) ?

选项：

A.

Whether or not new capital is raised

B.

Whether or not an underwriter is involved

C.

Whether or not the company has employee shareholders

解释：

C is correct. A company with employee shareholders can go public through either an IPO or a direct listing; employee share ownership is not affected by the choice of transaction.

A is incorrect. An IPO raises new capital by issuing new shares to the public, whereas a direct listing does not; it only lists existing shares.

B is incorrect. An IPO involves an underwriter to manage the process and underwrite the purchase of new shares, whereas a direct listing does not​​.