Spotify to list shares in direct offering

SAN FRANCISCO: Streaming music leader Spotify Technology SA on Tuesday filed for a direct listing of its shares.

In an amended filing with the U.S. Securities and Exchange Commission, the company expects shareholders to sell up to 55.7 million ordinary shares.

Spotify’s direct listing will let investors and employees sell shares without the company raising new capital or hiring a Wall Street bank or broker to underwrite the offering.