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About 56 million Spotify shares up for grabs on April 3

Music streaming business Spotify has actually published a changed filing to the United States Securities and Exchange Commission divulging that it anticipates stakeholders to offer up to 55.7 million shares– about 47 percent– in the company on the New York Stock Exchange from April 3.

The business has actually been intending on a direct listing, suggesting that it would not look for brand-new capital to boost the worth of its offering. It likewise indicates that it would trade on its existing worth, presently thought to be someplace around $19 billion, Reuters reports.

Spotify likewise reported that CEO Daniel Ek has the choice to trade as much as 15.8 million shares. The business is still dealing with Morgan Stanley to set a system rate, however experts state that Ek’s stake might be worth anywhere from $775 million to $2 billion.

The company likewise pointed out that it has a three-year, $447 million agreement with Google Cloud Platform for hosting.

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