The Reinvention Of The IPO
The way most companies first sell their shares to the public is tried and true; hire an investment bank, do a roadshow, agree to a lockup period, etc etc.
But Spotify is doing none of those things. In fact it's not doing an initial public offering at all: it's doing a direct public offering instead.
It's an unusual move. but if it works, it could change the way a big part of Wall Street business is done.
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