When Slack went public last week via a direct listing, it got the benefits of algorithmic market pricing, speed and lower fees. But it didn't raise any capital for what remains a money-burning enterprise, as it would have via a traditional IPO, nor did it get to pick its new investors.
The big picture: The question, therefore, is if IPO and direct listing structures could be combined so as to receive the best of both floats. The answer is yes. Probably.