The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sun, 12 Apr 2026 11:30:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Spotify Case Study: Structuring and Executing a Direct Listing – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Spotify Case Study: Structuring and Executing a Direct Listing https://corpgov.law.harvard.edu/2018/07/05/spotify-case-study-structuring-and-executing-a-direct-listing/?utm_source=rss&utm_medium=rss&utm_campaign=spotify-case-study-structuring-and-executing-a-direct-listing https://corpgov.law.harvard.edu/2018/07/05/spotify-case-study-structuring-and-executing-a-direct-listing/#respond Thu, 05 Jul 2018 13:36:26 +0000 https://corpgov.law.harvard.edu/?p=108594?d=20180705135256EDT Posted by Marc D. Jaffe, Greg Rodgers, and Horacio Gutierrez, Latham & Watkins LLP, on Thursday, July 5, 2018
Editor's Note:

Marc D. Jaffe and Greg Rodgers are partners at Latham & Watkins LLP and Horacio Gutierrez is General Counsel at Spotify Technology S.A. This post is based on a Latham & Watkins client alert by Mr. Jaffe, Mr. Rodgers, Mr. Gutierrez, Alexander F. Cohen, Benjamin J. Cohen, Paul M. Dudek, and Dana G. Fleischman.

Spotify Technology S.A. went public on April 3, 2018 through a direct listing of its shares on the New York Stock Exchange.

Key Points:

  • A direct listing is an innovative structure that provides companies with an alternative to a traditional IPO in the path to going public.
  • Spotify had a number of important goals that it wanted to achieve along with going public, and a direct listing enabled it to do so.

If Spotify’s direct listing were a song, it would surely be at the top of the Today’s Top Hits [1] playlist for 2018. Since Spotify first announced its intention to become a public company using this groundbreaking and innovative structure, it has generated enormous interest from the financial press and market participants.

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