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Spotify to go public April 3

Shares of Spotify Technology SA, the parent of Spotify AB, will start trading on the NYSE under the symbol SPOT from April 3, according to a company announcement.

Also, the company explained in a separate post that it opted for direct listing to list without selling shares, to offer liquidity for shareholders, to offer equal access to buyers and sellers, to ensure transparency and for market-driven price discovery. The company will report its first quarter and 2018 outlook before market opens on March 26.

The company said it has €1.5 billion in cash and cash equivalents, zero debt and positive free cash flow.

Last month, Spotify Technology filed for an initial public offering of up to $1 billion of its ordinary shares. Launched in 2008, Spotify had 71 million paying subscribers and more than 159 million monthly active users as of December 2017.