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January 4, 2018 12:00 am

Spotify Files To Go Public

According to Bloomberg, Spotify filed to go public on the New York Stock Exchange, "in the highest-profile test yet of a technique that lets companies list shares without raising money through a traditional stock offering." From the report: 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. Spotify, which has been valued at about $15 billion, would be the most prominent company by far to attempt a direct listing, a method that until now has been used by small issuers and real estate investment trusts. It would also be a first for the New York Stock Exchange, which has sought permission from the Securities & Exchange Commission to change its rules for the occasion.

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MMmhBPQcYhM/spotify-files-to-go-public

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