After months of speculation, music streaming giant Spotify has filed for an initial public offering with the SEC, a source familiar with the IPO told TheWrap.
The filing, first reported by Axios, will be a direct listing during the first quarter of 2018, rather than a traditional float. The company has received guidance from Morgan Stanley, Goldman Sachs, and Allen & Co, according to CNBC.
Spotify’s direct listning will have Wall Street watching closely. The decision allows the streaming service to bypass using investment banks to sell new shares to investors, and instead allows the company to offer its shares straight to the pubic.