Article
How much does a direct listing cost?
Third-party costs for a direct listing typically run $300,000 to $500,000, and they can be paid entirely from the private placement raised before listing. The founder doesn't have to pay them personally. There is no underwriting fee and no shell to buy. Costs vary with the company's industry, size and complexity and with the providers chosen.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
What do the costs cover?
Securities legal work and the registration statement, the audit and accounting preparation, SEC filing, the transfer agent, the market maker's Form 211, the OTC Markets application and the adviser's fees.
Who pays?
The company, from the private placement: typically $500,000 to $2 million from about 50 people who know the founder. That covers going public, the first year of being public, and growth. See raising before you go public.
How does it compare with other routes?
A reverse merger typically costs $400,000 to $600,000 plus the equity the shell's shareholders keep. An IPO costs more and adds underwriting fees of 6% to 8% of the raise.
What does it cost to stay public afterward?
About $300,000 to $500,000 a year for an early-stage OTC company. See the ongoing costs.
What does Meraki Partners charge?
Preparation fees start at about $10,000, and the listing work is billed monthly plus equity or options. See adviser fees.
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