Spotify Ltd. Filed for its direct listing on the New York Stock Exchange, the streaming music company’s unique move to become a publicly traded company.
The company is forgoing a traditional initial public offering and skipping the marketing roadshow and share-price setting process that goes with it. Instead, the opening public price of its ordinary shares on the NYSE will be determined by buy and sell orders collected on its listing day, the company said in the filing.
The company plans to trade on the NYSE under the symbol “SPOT.”