MANHATTAN (CelebrityAccess) Spotify, preparing for its IPO scheduled for April, announced it in an unconventional manner March 15.
In a twist on the traditional “IPO roadshow,” CEO Daniel Ek and other execs stood on a stage at a studio space in Manhattan’s SoHo neighborhood to talk potential investors while the public watched via a live stream. Normally, an IPO meeting is reserved for fund managers and other big-time investors, the Wall Street Journal noted.
Also unusual: Spotify Technology SA execs gave the public a presentation “that typically remains behind closed doors” – one that opened up the financial books for the investors. Spotify will launch the IPO via a direct listing, also an anomaly in the financial world.
Spotify plans to start trading shares April 3 and provide financial guidance March 26, according to the WSJ, which added that the IPO will be one of the biggest in technology of recent years and its listing “will likely be coveted by investors” seeking high growth from such highly valued technology IPOs, “which have been rare of late.”