Spotify files to go public with $1bn US SEC listing

Loss-making Swedish music streaming service set for New York stock exchange debut

The music streaming service Spotify filed for an initial public offering on Wednesday, becoming the first company to file for a direct listing of up to $1bn with the US Securities and Exchange Commission.

A direct listing is an unconventional way to pursue an IPO without raising new capital, helping the company eliminate the need for a Wall Street bank or broker to underwrite the public offer. The company would seek to list its ordinary shares on the New York stock exchange under the ticker symbol "SPOT".