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Spotify Closes In on Unusual IPO That Boxes Out Bankers

Spotify AB is expected to receive approval from the Securities and Exchange Commission to move forward with a listing of its shares on the New York Stock Exchange, a key step in the music-streaming service’s plan to avoid a traditional initial public offering.

Spotify plans to list its shares on the NYSE using an unusual method known as a direct listing. Before it can do so, the exchange must win approval from the SEC to change its rules. The NYSE has applied for such a change and the SEC has indicated to Spotify it’s likely… US Business

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