Music streaming platform Spotify has filed for an initial public offering (IPO) of up to $1 billion USD according to Reuters. Confidential filing was recently reported but the newest paperwork has hit the public. Under the ticker symbol “SPOT,” the media giant has plans to apply to list its ordinary shares on the New York Stock Exchange.
Additionally, in 2017, the company reported $4.09 billion USD in revenue — up from $2.95 billion USD from the year before it. Private investors valued the company at $19 billion USD. Major shareholders of the company include CEO Daniel Ek (25.7% of ordinary shares), Tencent (7.5%), Tiger Global (6.9%), Sony Music (5.7%) and Technology Crossover Ventures (5.4%), as reported by Axios.
Spotify files for IPO of up to $1 billion https://t.co/8CazPOd3tE
— Reuters Tech News (@ReutersTech) February 28, 2018