Spotify set to be first for NY direct listing

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.