Direct Listing of Spotify on New York Market Set to go Ahead in April

It has emerged that Spotify is set to go public on the New York Stock Exchange with a direct listing as early as April 2018.

Bloomberg reported that the music streaming service company is scheduled to hold an investor meeting later this week, before a float which has been set for the 2nd of April.

The debut of the company on the stock market will be different from the usual format, as the firm will not issue any new shares. The said process is known as a direct listing. It means that the company and its employees or investors can sell any of the shares that they own to the public.

Spotify is considered as one of the largest companies to ever opt for this kind of public offering, and can only do so because of recent rule changes which enable it to be on the New York Stock Exchange.

Bloomberg disclosed that Spotify would spend the short space of time meeting with investors before it enters the market in order to assist with a smooth process.

The announcement comes as part of a series of tech offerings, with the IPO of Dropbox set to value the company at $7bn. Meanwhile, today, Farfetch announced another strategic partnership as the company moves towards a possible IPO, while Airbnb is also anticipated to list in the near or medium term.