Spotify files to go public not raising money, in direct listing

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Spotify confidentially filed IPO documents with the SEC at the end of December, Axios reported this month.

Spotify is pursuing a direct listing instead of a traditional float and tech companies are watching.

According to WSJ, in a direct listing, a company transfers its shares to an exchange without raising money as is done in a typical IPO.

The goal of the direct listing is to provide a way for shareholders to cash out.