New reports say that Spotify is choosing to forgo an initial public offering in favor of a direct listing on the New York Stock Exchange.
According to CNBC, Spotify will register its shares on the public exchange. This move has been rumored for weeks. According to the Wall Street Journal, it could save Spotify millions in fees.
Due to there being no IPO, the shares will not have a pre-determined price, though CNBC’s sources value Spotify at a cool $13 billion. As of March 2017, the service has over 50 million paid subscribers.
Spotify is expected to list by the fourth quarter of this year or early 2018.