Spotify files to go public on NYSE
As opposed to the usual initial public offering, the company will go for direct share listing, a rare process where no stock is issued. Nonetheless, insiders and existing investors can buy and sell their shares in the exchange market. The listing could, however, face a shakier reception in the market because Spotify is shunning away from Wall Street banks to help it raise new capital. According to Spotify’s prospects, investors trading its shares privately have valued the music streaming service company as highly as $23 billion. According to Spotify’s filing with SEC, the company had revenue of nearly $5 billion last year, up 38.6% from 2016. The revenue had grown by 52% in 2016. Spotify started its online streaming service ten years ago in Sweden before entering the United States market in 2011.
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