Spotify, the world’s largest music streaming service, will debut on the New York stock exchange today, April 3.
The company filed to go public in February in a move that experts suggest could value them at $20bn-$25bn.
As reported by Far Out Magazine in February, the company’s filing with the SEC suggested Spotify shares would trade for as high as $132.50 on private markets and has said the the maximum public offering could be up to $1bn (£725m). The Swedish company, which has amassed 71m paying subscribers, is aiming to “unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.”
Now, as the company prepares to go public, their listing has been unveiled as highly unconventional and it will not be issuing any new shares. Instead, shares held by the firm’s private investors will be sold.
In an open letter on Monday, chief executive Daniel Ek said: “Sometimes we succeed, sometimes we stumble. The constant is that we believe we are still early in our journey and we have room to learn and grow.”
In a vastly crowded area of online music streaming sites, Spotify continues to dominate. According to its filing, the company holds a 41 per cent global market share and has been valued in excess of $23 billion. However, Spotiy, who have been around for 12 years, are yet to make an annual profit.