Spotify, The World’s Largest Streaming Music Platform, Officially Files For IPO $SPOT $P $AAPL

What Happened

After many delays in the long-expected process, Spotify filed an F-1 Wednesday with the Securities and Exchange Commission to launch an initial public offering.

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Spotify Technology S.A. did not specify a launch date, but intends to list on the New York Stock Exchange under the ticker “SPOT.”

Management proposed an aggregate offering price of $1 billion and noted that the average trading price of its ordinary shares in private transactions spanned $90 to $132.50 this year.

Why It’s Important

Sweden-based Spotify boasts the largest customer base in the music streaming market. In the filing, the company said it controls 42 percent of the global streaming market.

Spotify said it has 159 million monthly active users and 71 million premium subscribers.

Its debut in the public markets will wage direct competition on Pandora Media Inc P 1.15%, which trades around just $4.43 and popped 2.1 percent on the news. It also competes with Apple Inc. AAPL 0.15%’s Music service, although the impact on Apple is muted by the rival’s diversified offering.

What’s Next

A date and price range for the IPO will be announced shortly, although the firm noted in January it planned to go public by the end of March.