Spotify Finally Readies an IPO...That's Not an IPO
Music-streaming service Spotify is readying an initial public offering that is expected by year-end. The rub is this: It may not really be an IPO.
Spotify is seriously considering a direct listing, in which the company would simply register its shares on a public exchange and let them trade freely, according to people familiar with the matter. The company wouldn't raise any new money or use underwriters to place new blocks of stock.
That would mark a departure from the typical IPO, in which new investors buy shares from the company or its early investors, or both, the night before they start trading.
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