MAI SCHOTZ SPOTIFY’S SUCCESSFUL DIRECT listing could change the way tech’s “unicorns” go public, possibly even saving them some money. But let’s not get self-righteous about it—this is still capitalism. Typically, when companies go public, they follow an elaborate series of protocols. They hire bankers, who charge tens of millions of dollars to help them craft a narrative, woo investors in highly orchestrated “road shows,” gauge investor demand, pre-sell shares, and then, after the CEO triumphantly rings the stock exchange opening bell and conducts breathless TV interviews (“I’m humbled”), the bankers carefully float the stock to ensure a smooth first day of trading.via