Music streaming giant Spotify filed paperwork to be part of the New York Stock Exchange, and the company is doing it a little differently.
Spotify isn't having a typical initial public offering. It won't issue new stock but instead will list its shareholders' existing shares directly on the exchange.
But what does that actually mean? When a company goes public, it typically hires a broker to issue shares and sell them. But Spotify is cutting out the middle man.
NPR reports this method could save Spotify up to $300 million in fees usually tied with going public.
Spotify's ticker symbol will be SPOT. NPR says trading might start in the spring, but other news outlets say that's up in the air.
