Spotify will go public on April 3

Spotify will go public on April 3
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Spotify’s stock will hit the New York Stock Exchange on April 3, the music streaming service announced during an "investor day” presentation on Thursday.

The company will go public through an unorthodox direct listing, which doesn’t involve underwriters or require the company to sell any of its stock. Such a move is unusual for a company of Spotify’s size.

Spotify CEO Daniel Ek said in a speech Thursday that he doesn’t plan to be on the trading floor when the company goes public.

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"For us, going public has never really been about the pomp or the circumstance of it all, so you won’t see us ringing any bells or throwing any parties,” Ek said.

The company filed to go public late last month with a proposal that valued it at $1 billion. Spotify revealed in its Securities and Exchange Commission filing that it had 159 million monthly active users and 71 million subscribers.

It will trade under the ticker name SPOT.