Spotify has set a date for its public offering and the streaming service plans to list shares on the New York Stock Exchange the week of April 2, Billboard can confirm.
Bloomberg first reported the news on Sunday night.
The date gives Spotify just three more weeks to prepare for its direct listing, which will buck the common practice of underwriting shares and instead allow shareholders to trade them openly on the market. By some calculations, based on private sales, Spotify’s value could exceed $20 billion.
A representative for the streaming service declined to comment.
Spotify filed to go public last month, revealing 46 percent year-over-year growth to 71 million subscribers in 2017, out of 159 million total monthly active users. The company’s revenues and net losses also grew last year, reaching $5.02 billion and $1.51 billion, respectively. But despite the losses, Spotify has no more outstanding debt since it shareholders TPG and Dragoneer converted their debt into equity and sold their shares to new Spotify investor Tencent.
Originally posted on Billboard.COM
