NEW YORK: Exchange operator Nasdaq Inc has filed with US regulators to change its rules to enable companies that debut on the stock market through a direct listing to raise capital, as an alternative to an initial public offering.

The move underscores a desire for an alternative route to the public markets to an IPO, for decades the avenue used by the likes of Amazon.com Inc and Apple Inc, amid criticism by venture capital firms that investment banks underprice IPOs to help investors score big gains.

Nasdaq made the proposed rule change in a filing submitted on Monday and which is set to be published by the US Securities and Exchange Commission (SEC) on Tuesday. Nasdaq has been working on the filing for around a year, according to a person familiar with the matter.