Spotify eyes $23bn value in US share sale
Spotify has filed to sell its shares publicly on the New York Stock Exchange in a move that could value the loss-making firm at more than $ 23bn (£16.7bn).The world's biggest music streaming service said the flotation could be worth up to $ 1bn.It applied for a direct listing with the US Securities and Exchange Commission - a rare process involving the sale of existing shares currently held by staff and investors rather than new shares.It means the company can move towards an IPO (Initial Public Offering) without having to raise new capital or hire a bank or broker to underwrite the offering - keeping costs to a minimum.Spotify, which has a presence in more than 60 countries, said in its filing that it has 71 million premium subscribers and about 159 million monthly average users.It said: ...