Feature

Spotify's Direct Listing Thrust 1 Firm Into April Spotlight

Law360 (May 1, 2018, 8:23 PM EDT) -- Twelve operating companies went public in April and generated more than $3.3 billion in proceeds, but the month’s standout deal was an unusual and potentially precedent-setting direct listing by streaming giant Spotify, advised by Latham & Watkins LLP, that raised no money.

Spotify’s unorthodox public debut, in which the company did not issue new shares but instead listed its existing shares and allowed them to begin trading on the New York Stock Exchange, was unusual largely because the company did not hire underwriters to help it raise capital. 

The novel approach limited the role of bankers, but the legal work that...

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