There have been rumors about a Spotify IPO for some time, the company has now revealed it is filing an IPO although this one is different than a normal IPO.
Spotify will directly lists its shares on the New York Stock Exchange under the ticker SPOT, shares in the company will star trading automatically as soon as it is listed.
The company has revealed that shares have traded as high as $132.50 on private markets previously, as yet there are no details on how much they will be listed for.
This price would give them a valuation of around $23 billion, they posted a loss of $1.5 billion last year, $1 billion of this was for a non recurring expense, so it actually made an operating loss of $461.3 million in 2017. You can see a statement from their filing below.
“We set out to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry,” the company said in its filing. “Spotify was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans.”
As yet there are no details on exactly when the Spotify shares will be available, as soon as we gets some more details, we will let you guys know.
Source CNBC
Filed Under: Technology News