Spotify Technology S.A., the parent company of Spotify AB, filed for an initial public offering of up to $1 billion of its ordinary shares.
The company, which applied to list its ordinary shares on the New York Stock Exchange under the symbol SPOT, will be offering a direct listing.
As of Feb. 22, the company had 176,976,280 ordinary shares outstanding. The opening public price of its ordinary shares on the NYSE will be determined by buy and sell orders collected by the NYSE from broker/dealers.
Launched in 2008, Spotify had 71 million paying subscribers and more than 159 million monthly active users as of December 2017, according to the filing.
For the year ended Dec. 31, 2017, the company generated €4.09 billion in revenue, up from €2.95 billion in the prior year. The company posted a net loss of €1.24 billion, or €8.14 per share, compared to the year-earlier loss of €539 million, or €3.63 per share. The company's operating loss for 2017 was €378 million, versus €349 million in 2016.
Financial advisers for the offering are Goldman Sachs & Co. LLC, Morgan Stanley and Allen & Co. LLC.
