Spotify filing to go public with $1 Billion targetBy Robin-Leigh Chetty 1 March 2018 | Categories: news
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Spotify is planning to go public in 2018. The music streaming platform has been trading on the private markets for some time now, with this year's shares listed at between $90 and $132.50, according to the company. A document detailing the filing has surfaced, with Spotify targeting a $1 billion IPO, but without having the usual fundraising event attached to most initial public offers.
Commonly referred to as a direct listing, it could prove a risky move on the part of the platform, says TechCrunch. Consequently, current Spotify shareholders, including employees, will be selling their stock straight to investors.
While a definitive date has not been outlined for the IPO, it is likely to happen in late March or early April, where it will be listed at 'SPOT' on the New York Stock Exchange. With the company valued at roughly $23.4 billion, their $1 billion target for the IPO should certainly be attainable.
Add to that the app's popularity, with 159 million monthly active users, and this year could be the platform's most significant to date.
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