Spotify set to be first for NY di­rect list­ing

New Straits Times - - Business -

NEW YORK: Mu­sic stream­ing ser­vice Spotify, re­cently val­ued at US$13 bil­lion (RM56 bil­lion), will be the first ma­jor com­pany to carry out a di­rect list­ing on the New York Stock Ex­change when it goes pub­lic later this year, said two sources on Fri­day. The move would be the big­gest test yet for the di­rect list­ing process, which for firms will­ing to list shares with­out rais­ing cap­i­tal elim­i­nates the need for a Wall Street bank or bro­ker to un­der­write an ini­tial pub­lic of­fer­ing along with many as­so­ci­ated fees.

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