Spotify set for $20bn United States stock market listing

04 April, 2018, 01:07 | Author: Sam Montgomery
  • Tyler Roi Conde
Pelle

Spotify is set to launch its alternative IPO on the New York Stock Exchange on a day that technology stocks around the world have been rocked by uncertainty over U.S. Usually, the banker's role is to recruit investors and push the stock to a successful debut, including buying shares to stabilize the first few days of trading and without that security, the stocks could be more volatile. Under a plan being tested out by the NYSE, Spotify's current stockholders are selling all of the shares in the offering. Public trading will reveal whether those prices were accurate and efficient. Spotify is the biggest company to ever go public via direct listing, and the first on the NYSE.

Spotify is pursuing an unusual direct listing to reach the public markets in place of an initial public offering, and shares are expected to start trading on Tuesday.

Now, as the company prepares to go public, their listing has been unveiled as highly unconventional and it will not be issuing any new shares.

Most of what he discussed on the show were topics and statements he's said multiple times before, including in a public letter he posted on the company's website Monday - particularly looking back at the inspiration that led him to found the company in 2006.

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Normally, companies ring bells. The difference here is that unlike an IPO, where a company announces ahead of time how many shares it will be making available at a pre-defined price, a direct listing means that anyone who already owns Spotify shares will be able to sell them, or they might not. As I mentioned during our Investor Day, our focus isn't on the initial splash. I think she saw that fans were asking for it. Chief Executive Aaron Levie told SiliconANGLE today. Because it's such a one-off, it's hard to know if a pattern will emerge. With the U.S. also set to tighten its H1B policies which will make it hard for the tech companies, the recipe is complete for the companies to feel the pinch and this has been placing the pressure on the stock markets.

"Despite the downbeat mood music, Spotify shares changed hands on the market at a substantial premium to the highest price previously paid in private transactions, indicating significant investor demand for the stock".

But the company's growth has been accompanied by increasing losses.

Case in point: Dropbox, another mature but unprofitable billion-dollar tech company facing a similarly daunting list of rivals, is up more than 40% from its IPO last month. DocuSign Inc. also filed for an IPO less than a week later, and just yesterday tech education startup Pluralsight LLC filed as well.

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