(Reuters) – Streaming music leader Spotify Technology SA on Tuesday filed for a direct listing of its shares.
In an amended filing with the U.S. Securities and Exchange Commission, the company expects shareholders to sell up to 55.7 million ordinary shares.
Spotify’s direct listing will let investors and employees sell shares without the company raising new capital or hiring a Wall Street bank or broker to underwrite the offering.
(This version of the story has been corrected to remove reference to maximum value of direct listing in headline and first paragraph of March 20 item. The value given in Spotify’s filing was only for the purpose of calculating registration fees and there is no proposed maximum value of the offering)
Reporting by Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta