Spotify finally goes to IPO. The service plans to attract a billion dollars

Spotify streaming service will conduct an IPO (primary placement of shares), on which it plans to attract up to a billion dollars. Documents about this appeared on the website of the US Commission on Securities and Exchange (SECs).

The IPO format will be unusual - Spotify will offer current shareholders to resell shares immediately to the market. Investment banks will not participate in the placement, which, as a rule, indicate the volume of securities for placement and their cost.

Spotify shareholders supported the service management plans, only Tencent Holdings Limited expressed dissatisfaction, Verge said .

In the application for IPO, Spotify indicated a profit for 2017 in the amount of almost $ 5 billion. A net loss for the same period is $ 1.5 billion.

For the first time, it became known about Spotify's plans to enter the IPO back in 2016, but in the next two years the placement was repeatedly transferred. The date of the event has not yet been named.

Spotify is the most popular streaming service audio in the world. According to December 2017, at least 160 million people used the product, of which 71 million were paid subscribers with unlimited access to all performers and songs. The closest competitor is the Apple Music service, which has more than 30 million subscribers.