Direct Listing

Direct ListingA flexible alternative to the traditional IPO

In a Direct Listing process, existing shares (founder, employee and investor shares) will be listed without raising capital. It is a listing without a public offering of shares. This also distinguishes it from a traditional IPO, where capital is raised by issuing new shares and/or placing existing shares.


Checklist: Going Public via Direct Listing?

Our checklist with the essential criteria for a successful listing:

  1. Competitive products/technologies
  2. Attractive market position with sustainable USPs
  3. Promising future prospects
  4. Efficient accounting/controlling
  5. Experienced management team

Reasons for a Direct Listing

No lock-up period: Shareholders are able to sell their shares without the usual restriction period of at least six months following an IPO.

No dilution: As no new shares are issued, voting rights and capital remain undiluted.

Flexibility: A flexible listing process ensures manageable costs.

Transparency: Open and equal access to the order book for all parties, whether they are institutional or retail investors.

No formal book-building: The relevant selling price is determined by supply and demand, not via the formal book-building of a traditional IPO.


In a recent episode of our podcast series “Road to IPO”, we take an in-depth look at Direct Listing. Host Joël Kaczmarek talks to Thomas Thurner, Managing Director & Head of Equity Capital Markets, Morgan Stanley, and Jasper Lembke, legal advisor for Listing & Issuer, Deutsche Börse AG. Listen now (only available in German)!

We connect you to experts from our Deutsche Börse Capital Market Partner network for individual support before and after your Direct Listing.

Do you have questions about the process and structure of a Direct Listing? Contact us:

Issuer Services
+49-(0) 69-2 11-1 88 88

Your IPO roadmap – The Going Public IPO line

We support you in optimally preparing your IPO – step by step through to first price determination. This includes choosing your Listing Partner, developing your issue concept, compiling all the necessary documentation, placement and admission and first trading in your company’s securities.

You are already familiar with the IPO process?

Challenge your Company - Exclusive workshops for start-ups and stock exchange candidates

With the workshop series "Challenge your Company" we have created a platform for knowledge transfer and personal exchange with experts and CEOs or CFOs who have already listed companies on the stock exchange successfully. During the nationwide workshops, you will receive first-hand, high-quality know-how, best practice tips and unique practical knowledge on the subject of raising capital via the stock exchange.

DirectPlace – subscriptions through Börse Frankfurt

Avail yourself of the opportunity to lock into semi-professional investors and private investors when placing your securities. Benefit from a balanced mix of investors and increase your placement reach – making your security flotation a real success even before the first trading day. We support your placement with an information campaign that targets the right groups and the technical underwriting options that FWB®, the Frankfurt Stock Exchange provides.

Celebrate your stock flotation: The first price determination on the floor and online in the phases of real-time trading

Turn your IPO into a real event: On the first day of trading you can present your company in the trading hall at FWB® the Frankfurt Stock Exchange and world-wide – reaching a very large audience. Watch first price determination for the shares live. Using the Xetra® Start visualisation tool your investors, clients and business partners can follow the initial trading phrases online in real time, from the very first price determined for the shares.

Additional Information


Secure the future and competitiveness of your company. We would be pleased to inform you about the advantages of raising equity and debt capital through the stock exchange.

Please contact us:

Listing & Issuer