Spotify's Direct-Listing IPO
商品編號：9B18N006
出版日期：2018/04/11
再版日期：2018/06/22
商品來源：Ivey
商品主題：Entrepreneurship; Finance; International Business
商品類型：Case (Pub Mat)
涵蓋議題：direct-listing;IPO;valuation;comparables
難易度：4 - Undergraduate/MBA
內容長度：19 頁
地域：Sweden; United States
產業：Information; Media & Telecommunications;
事件年度：2018
In early April 2018, Spotify Technology SA (Spotify) had planned a rare direct listing on the New York Stock Exchange. Unlike typical initial public offerings (IPOs), which used investment banks as underwriters to help set an IPO price, Spotify’s direct listing would allow market participants to determine the initial price. In a typical IPO, investment banks shopped the potential offer to various clients and, in the process of book building, determined a range for the offer when it started trading. They also often provided support for the issue on the day it started to trade, limiting the downside for shareholders if demand was low. In Spotify’s case, the investment banks were only being paid a nominal fee, and Spotify was not raising capital in the offering. The stock simply started trading on the prescribed day. A portfolio manager with a hedge fund that focused on growing technology companies was considering investing in the firm, but faced a challenge: how could she estimate Spotify’s value when it started to trade?
教學手冊：8B18N006;
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