CNBC reports that global music streaming service, Spotify, has filed to go public and will begin trading under the ticker name SPOT. The streaming music service reported 71 million paying subscribers and more than 159 million monthly active listeners as of December 2017. It is available in 61 countries and territories.
The company reported revenue was $4.99 billion in 2017, according to its filing. It also posted net losses of $1.5 billion in 2017.
CNBC also reports that Spotify’s initial offering of shares will not be underwritten, meaning there is no set price set by underwriters which will inform opening trades on the New York Stock Exchange.
