Spotify has filed for a direct listing of shares on the NYSE. A popular music streaming service launched in 2008, Spotify now has 71 million premium subscribers and about 159 million monthly average users. That's nearly double the number of subscribers to Apple Music.A direct listing is an unconventional way to pursue an IPO and means that Spotify will be able to list without raising new capital or hiring someone to underwrite the offering.
Unlike an initial public offering, the resale by the Registered Shareholders is not being underwritten by any investment bank. The Registered Shareholders may, or may not, elect to sell their ordinary shares covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the New York Stock Exchange (the “NYSE”) at prevailing market prices. See “Plan of Distribution.” If the Registered Shareholders choose to sell their ordinary shares, we will not receive any proceeds from the sale of ordinary shares by the Registered Shareholders.
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