Deals
Spotify Files to Go Public on New York Stock Exchange
- Music provider is said to file documents to put shares on NYSE
- Company would be most prominent to attempt a direct listing
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Spotify filed to go public on the New York Stock Exchange, according to a person familiar with the matter, in the highest-profile test yet of a technique that lets companies list shares without raising money through a traditional stock offering.
With steady cash from more than 60 million paying subscribers, the world’s largest paid music-streaming service doesn’t need more funding. Instead of an initial public offering, it’s trying a direct listing, which essentially lets private stakeholders start trading their shares on a public exchange. That avoids underwriting fees and restrictions on stock sales by current owners, and doesn’t dilute the holdings of executives and investors.