SEC is investigating Spotify’s plans to go public without an IPO

By listing shares directly, Spotify could avoid the compliance and disclosure requirements that many larger companies would face during an IPO, although standard reporting requirements would apply once Spotify is public. It would also save on underwriting fees but could open Spotify’s shares to price volatility that underwriters work to avoid by building demand, determining the offering price, and otherwise providing deal support. – Kevin Kelleher, VentureBeat