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Spotify officially goes public, cuts out the middlemen

The global leader in music streaming services has announced its plan to go public today. The architect behind the company’s official filing is Spotify‘s CFO, Barry McCarthy, who made the business decision to cut out the middlemen bankers and brokers in the traditional IPO route.

Going straight to investors, Spotify has filed for a direct listing on the New York Stock Exchange under the symbol “SPOT.” According to the company’s filing with the SEC, Spotify shares recently traded for as high as $132.50 on private markets with a total valuation at $23 billion, according to CNBC.

“We set out to reimagine the music industry and to provide a better way for both artists and consumers to benefit from the digital transformation of the music industry,” the company said in its filing. “Spotify was founded on the belief that music is universal and that streaming is a more robust and seamless access model that benefits both artists and music fans.”

H/T: Pitchfork | Source: CNBCBloomberg