Private online music streaming giant Spotify will be a direct listing on the NYSE when it goes public, abandoning the traditional initial public offering, CNBC reports.
The Swedish-based platform is currently valued at $13 billion.
The listing is expected to take place between the fourth quarter of 2017 and the first quarter of 2018. Morgan Stanley (MS - Get Report) , Goldman Sachs (GS - Get Report) , and Allen & Co. are advising on the listing.
A direct listing only allows investors to purchase shares through the open market, and no price is pre-determined. Whereas in an IPO, the firm will offer investors shares before going public, allowing underwriters to set an initial share price.