News: Spotify Confirms April Date to Begin Public Trading

Toru Yamanaka/AFP/Getty Images
Daniel Ek, Spotify Co-Founder/CEO

 

The company announced during its investor day that its shares would begin trading April 3 on the New York Stock Exchange.

Spotify has confirmed that its shares will begin trading on the New York Stock Exchange on April 3.

Company executives shared the news on Thursday during its first investor day. They also revealed that Spotify would provide full-year financial guidance on March 26.

The 10-year-old music-streaming company is forgoing the traditional IPO process in which bankers underwrite the sale of its shares. Instead, the company is going to skip the standard lockup period and begin listing directly on the NYSE under the ticket symbol SPOT.

“For us, going public has never been about the pomp or circumstance of it all,” CEO Daniel Ek told the crowd gathered for the investor-day event or listening via live stream. “You won’t see us ringing any bells or throwing any parties.”

He went on to explain that “the traditional model for taking a public company isn’t good for us” because he believes that it causes companies to focus on short-term goals. “The most important day isn’t our listing day. It’s the day after and the day after that,” he added.

Spotify, which Ek co-founded in Stockholm, has 71 million paying subscribers and 159 million total users. It brought in $4.99 billion in revenue in 2017, up from $3.6 billion the previous year. But it lost $461 million last year.

This article was originally published by The Hollywood Reporter

By: Natalie Jarvey

 

 

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