You’ll soon be able to own a little chunk of Spotify. The streaming music service filed papers with the US Securities and Exchange Commission Wednesday to become a publicly traded company. Shares will trade under the symbol SPOT.
Spotify’s filing is unique in that there’s no specific date when shares will be publicly available or a set price at which they’ll initially be traded. Spotify is working with financial services firm Morgan Stanley to set the initial price of shares based on information provided by the New York Stock Exchange—on private exchanges, shares have traded as high as $132.50. Shares will be available to trade “as soon as practicable,” according to the filing.
Although Spotify is the leading streaming music provider by paid subscribers with a whopping 71 million, CNBC notes that the company posted a $1.5 billion loss in 2017. Apple Music, Spotify’s closest competition, has about 36 million subscribers, and Billboard reported last July that Google Play Music had about seven million paid listeners.