Spotify went public via a direct listing in 2018.
The Swedish company began as a music-streaming startup founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon. It launched publicly in 2008, using a freemium model: listeners could stream with advertising or pay for ad-free access and extra features. That model helped Spotify build a large audience before becoming a public company.
On April 3, 2018, Spotify listed its ordinary shares directly on the New York Stock Exchange under the ticker SPOT. Unlike a conventional IPO, Spotify did not primarily sell a newly issued block of shares through underwriters to raise capital. Existing shareholders could sell their shares, while market trading established the price. The NYSE reference price was $132, and the stock opened at $165.90.
A common mix-up is calling the event a traditional IPO. Spotify filed public-offering documents, but its debut is specifically remembered as a landmark direct listing. Slack and Coinbase later used similar approaches.