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| Spotify plans public share listing | |
| (35 minutes later) | |
| Spotify, the world's biggest music streaming service, has filed paperwork to start trading its shares publicly on the New York Stock Exchange. | |
| The firm said it expects shares to sell at prices that could value the firm at more than $23bn (£16.7bn). | |
| It plans to list shares directly on the NYSE, bypassing the traditional stock offering process. | It plans to list shares directly on the NYSE, bypassing the traditional stock offering process. |
| In a typical public offering, companies issue new shares, with the initial price underwritten by investment banks. | In a typical public offering, companies issue new shares, with the initial price underwritten by investment banks. |
| With a direct listing, current Spotify shareholders will take their shares directly to the market. | With a direct listing, current Spotify shareholders will take their shares directly to the market. |
| Spotify said its shares sold for between $37.50 and $125 each in private transactions last year and more than $132 this year. The valuation is based on how many shares it has outstanding. | |
| The US Securities and Exchange Commission filing contains financial details previously shielded from view. | The US Securities and Exchange Commission filing contains financial details previously shielded from view. |
| The Swedish company's 2017 revenue came in at €4.09bn euros ($4.99bn) compared with €2.95bn a year earlier, Spotify said in its filing. But it still experienced more than €1.2bn in losses. | The Swedish company's 2017 revenue came in at €4.09bn euros ($4.99bn) compared with €2.95bn a year earlier, Spotify said in its filing. But it still experienced more than €1.2bn in losses. |
| Spotify, which launched in 2008, is the biggest global music streaming company and counts tech giants Apple and Amazon as its main rivals. | |
| It has more about 159 million monthly active users and 71 million paid subscribers. Europe is its top market. | It has more about 159 million monthly active users and 71 million paid subscribers. Europe is its top market. |
| In its filing, the firm says it aims to "unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators." | In its filing, the firm says it aims to "unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators." |
| The filing says the firm expects to sell $1bn worth in shares, but the figure is a placeholder used to calculate the registration fee. The document does not provide information about when the listing would occur. |