SPOTIFY FILES FOR $1 BN IPO

In an unusual move, the Swedish music- streaming giant has decided to go public without any bank underwriters, which allows the market to set the opening share price. The company, with more than 71 million paying subscribers as of Dec 2017, aims to raise up to $ 1 billion via a direct listing and will trade on the New York Stock Exchange. Its closest competitor is Apple Music with 36 million subscribers.