Spotify files for initial IPO of up to $1bn

Music streaming service Spotify on Wednesday filed for an initial public offering of up to $1 billion with the US Securities and Exchange Commission. The company intends to apply to list its ordinary shares on the New York Stock Exchange under the ticker symbol “SPOT.”

Spotify is the biggest global music streaming company and counts tech giants Apple and Amazon as its main rivals. The Swedish company's 2017 revenue came in at €4.09 billion ) compared with 2.95 billion euros a year earlier,

Spotify said in its filing. Its operating loss widened to €378 million euros in 2017 from €349 million a year earlier.

Spotify is present in more than 60 countries, with a total of 71 million premium subscribers and about 159 million monthly average users. To be sure, the amount of money a company says it plans to raise in its first IPO filing is usually a temporary placeholder.