Path to public markets in which existing shares are listed directly on the exchange without underwriters, a traditional roadshow, or a lock-up. No new capital is raised unless executed ``with a capital raise'' variant. Eliminates underwriter gross spread and allows all shareholders to sell on Day 1, but forgoes price stabilization (no greenshoe). Best suited for well-known brands that don't need primary capital — notable precedents: Spotify (2018), Slack (2019), Coinbase (2021).