Wednesday, 3 January 2018

Music streaming company Spotify closes in on stock market listing

Music streaming company Spotify has reportedly filed papers with US regulators to list its shares publicly on the New York Stock Exchange (NYSE).

The firm hopes to launch its shares in the first three months of the year, say reports by Axios and Bloomberg.

Spotify, which declined to comment, has been preparing for the listing for months.

It plans to list shares directly on the NYSE, bypassing the traditional stock offering process.

Spotify, founded in Sweden, has more than 140 million active users in 61 countries, but it has continued to report losses.
It raised $1bn (£740m) in a debt deal with private equity companies in 2016, an agreement with terms linked to an eventual public offering.

Spotify is the world's biggest music streaming company, ahead of rivals like Apple and Amazon.

News outlets Axios and Bloomberg, citing unnamed sources, reported that Spotify sent papers to the US Securities and Exchange Commission (SEC) for a public listing in late December.

BBC       News.

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