Godaddy Peer Squarespace Targets Direct Listing, Shunning Conventional IPO Route: Bloomberg

General Atlantic, Index Ventures, and Accel-backed website-hosting service Squarespace Inc are eyeing a direct 2021 listing instead of a traditional initial public offering (IPO), Bloomberg reports.
Squarespace would join the likes of Roblox Corp RBLX, Palantir Technologies Inc PLTR, Slack Technologies Inc WORK, Spotify Technology SA SPOT, and Asana Inc ASAN, which took the direct listing route. Cryptocurrency exchange Coinbase Global COIN is also set for a direct listing on Wednesday.
Existing investors can begin selling their shares on the first day of trading under a direct listing without the IPO hassles of new capital raise or lock-up period restrictions.
Squarespace was valued at $10 billion last month based on a funding round. The company disclosed its confidential filing for a public listing in Jan.
Squarespace’s publicly traded peers included Wix.Com Ltd WIX and GoDaddy Inc GDDY.