Should Spotify list directly, it probably would do so at a valuation of about $13 billion, the level at which it conducted
its last round of stock buybacks from employees this year, one of the people who had been briefed said.
The company is leaning toward a direct listing on the New York Stock Exchange possibly late this year, people briefed on the matter said on Friday.
Last month, it struck a long-awaited agreement with Universal Music Group — the biggest record company and the home of Drake, Lady Gaga and U2 —
that could pave the way for similar deals with Warner Music and Sony
Spotify has already hired the investment banks Goldman Sachs, Morgan Stanley
and Allen & Company to help weigh its options, which could still include pursuing an initial offering, the people said.
Spotify, which has bought back stock from its employees over the years, conducted its most recent round of buybacks
from mid-February to mid-March, at a valuation of $13.3 billion, one of the people briefed on the matter said.
Such a listing would bypass the traditional initial public offering process that virtually every other company uses to begin trading on the markets.
