The market for initial public offerings was red-hot in 2020 and it shows no signs of slowing down in the first few weeks of 2021. As companies look to go public, they have more choices for how to do it than ever before. In addition to a traditional IPO process, companies can also go public by directly listing their shares on an exchange, or sell to a blank check cmpany in a process that has gained legitimacy over the last 12 months. In December, the SEC approved the use of a direct listing to raise money in the primary markets, a decision that some believe could pave the way for a wholesale replacement of the traditional IPO. Even the traditional IPO is being adapted, with companies relaxing rules around lockups, employee share sales and other elements that used to be sacrosanct. Some companies have pursued what's being called a hybrid auction that borrows elements from the IPO process and a strict auction, which allocates shares based on nothing but price and size. Business Insider is breaking down how those changes are influencing startup choice and rewriting the rules of the IPO game with an upcoming live panel on the outlook for IPOs and the good and bad of the new approaches, featuring a top banker, lawyer and venture capitalist.