Spotify: Path to Direct Listing

Spotify (SPOT) filed to go public through a direct listing in which existing investors and employees will sell their shares without the company raising new capital. The company is opting out of a traditional IPO and will not be having a Wall Street bank or broker to underwrite the offering. Shares will be sold on the New York Stock exchange. Please note the following regarding the Path to IPO: (1) Series A, B and D funding round terms are estimates and are based off of European regulatory filings. (2) The assumed direct listing price in our chart is $132.00, set by the NYSE prior to trading; during March 2018, secondary trades ranged from $48.93 - $131.88/share.

Spotify: Path to Direct Listing

Spotify (SPOT) filed to go public through a direct listing in which existing investors and employees will sell their shares without the company raising new capital. The company is opting out of a traditional IPO and will not be having a Wall Street bank or broker to underwrite the offering. Shares will be sold on the New York Stock exchange. Please note the following regarding the Path to IPO: (1) Series A, B and D funding round terms are estimates and are based off of European regulatory filings. (2) The assumed direct listing price in our chart is $132.00, set by the NYSE prior to trading; during March 2018, secondary trades ranged from $48.93 - $131.88/share.

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Companies analyzed in the Path to IPO are chosen on the basis of interest to the investing public and are not necessarily those in which transactions have been completed on the EquityZen platform. An investment through EquityZen is not an investment in a primary funding round; accordingly it is unlikely that an investment through EquityZen will perform similarly to the primary funding rounds highlighted in the Path to IPO. Most private companies are not successful enough to have an IPO, and many successful private companies may elect to not have an IPO. Investing in a private company through EquityZen may result in a partial or complete loss of your investment.

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