Spotify chose the sleepy week between Christmas and New Year's to file confidential IPO documents with the Securities and Exchange Commission, a move that signals the music streaming leader is ready to list its stock directly onto the New York Stock Exchange in the coming months.
The filing was first reported by Axios and further confirmed by Bloomberg. Spotify declined to comment on the reports, which arrive on the heels of a massive $1.6 billion copyright lawsuit brought by Wixen Music Publishing.
According to sources, Spotify is planning to make its shares public via a direct listing, versus the more conventional initial public offering. Instead of hiring investment bankers to hype the offering and set the price, the stock simply becomes available on the public market -- with the price set by demand. Further, employees will be able to sell their shares without Spotify having to pay underwriters.