NEW YORK (Reuters) – Spotify Technology SA’s (SPOT.N) unusual route to becoming a public company is a test case for other multibillion-dollar tech companies that are looking to sell their shares but are not in need of cash.

FILE PHOTO: Earphones are seen on top of a smart phone with a Spotify logo on it in this February 20, 2014 photo illustration. REUTERS/Dado Ruvic/Illustration/File Photo

On Tuesday, investors will be able to buy and sell shares in the Swedish music streaming service in the New York Stock Exchange’s first-ever direct floor listing.

This is without Spotify having hired investment banks as underwriters and undertaking an investor road show as is typical in a traditional initial public offering (IPO).

If it goes well, other highly valued tech firms expected to pursue a listing in the future, with the likes of U.S. ride hailing companies Uber Technologies Inc [UBER.UL] and Lyft Inc, could look to adopt a similar approach.

Wall Street banks will also be seeking feedback from investors on the day, and are looking to come up with ways to make up at least part of the millions of dollars in potential lost underwriting fee revenue.

“Everybody is going to watch what will happen with Spotify,” said Columbia Law School professor John Coffee, who focuses on securities regulation.

Given the listing’s first-of-its-kind nature, observers will be watching to make sure Spotify’s public market valuation does not plunge below previous private valuation and trading holds relatively steady.

Spotify can eschew a traditional IPO because it does not require fresh capital and is a popular consumer…