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Music streaming service Spotify is officially going public and has just released their filing. Under the ticket symbol “SPOT,” the company joins the ranks of the New York Stock Exchange.
Spotify is valuing their offer at $1 billion, planning to go public without fundraising. Following a nontraditional IPO process, the company will not have a share opening price. Instead, it valued it’s share based on private sales from earlier this year: between $90.00 and $132.50.
As the global leader in streaming music, the company has reported 71 million paying subscribers and more than 159 million active listeners as of December 2017.
“We have incurred significant costs to license content and continue to pay royalties to music labels, publishers, and other copyright owners for such content,” the company said in its filing.
Spotify plans to list “as soon as practicable after this registration statement is declared effective.”