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Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music streaming service Spotify has filed for a direct listing (SPOT) on the New York Stock Exchange (NYSE).  Based on recent private transactions, the Swedish based company is valued around $15 – $20 billion.  The direct listing on NYSE will allow investors and employees to sell shares and will not be raising new capital or hiring an investment bank or broker to underwrite the offering.   A direct listing will save hundreds of millions of dollars in underwriting fees.

” Spotify to be Listed on NYSE  “

Spotify was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.  Spotify has about 159 million monthly average users.

In 2017, the company generated 4.09 billion euros  in revenue and incur an operating loss of 378 million euros.  In 2016, the company raised $1 billion in convertible debt, which would convert to shares at IPO.  In December 2017, Tencent and Spotify announced they would buy minority stakes, helping increasing exposure to each other’s core markets.

Source: Reuters, CNBC, Mashable

 

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