Published Feb 28, 2018It's official: Spotify is going public.
The news comes after months of rumours, with various news sources now confirming the streaming giant officially filed to go public today.
Spotify will soon begin trading on the New York Stock Exchange under the ticker name SPOT, CNBC reports. As the company's filing shows, shares have traded as high as $132.50 on private markets, meaning the company could have a valuation of more than $23 billion USD.
"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."
It also had this to say in the process of its filing:
As this listing is taking place via a novel process that is not an underwritten initial public offering, there will be no book building process and no price at which underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on the NYSE. Pursuant to NYSE Rules, we have engaged Morgan Stanley & Co. LLC ("Morgan Stanley") as a financial advisor to be available to consult with the designated market maker (the "DMM") in setting the opening public price of our ordinary shares on the NYSE. Based on information provided by the NYSE, the opening public price of our ordinary shares on the NYSE will be determined by buy and sell orders collected by the NYSE from broker-dealers and the NYSE is where buy orders can be matched with sell orders at a single price.
Spotify added that it would list "as soon as practicable after this registration statement is declared effective."