London-based Music streaming service Spotify is preparing for an initial public offering (IPO) which could be the next big IT industry share offering.
Reuters spotted a job listing for an “External Reporting Specialist” who would be required to “prepare the company for SEC filing standards. Set up all reports necessary to be SEC compliant.”
The candidate should also have “experience in preparing international financial reporting, including consolidated financial statements.”
This news caught many pundits on the hop because CEO Daniel Ek had previously played down the idea of going public. It is possible that with tech stocks near 2013 highs, an IPO at this time might make sense and Ek changed his mind.
Already similar deals are being planned for Alibaba, Box and Dropbox for that reason.
Spotify is valued at $7-8 billion and it has raised $538 million from investors. Like many of the IT industry big IPOs the company is believed to be unprofitable despite making $720 million a year.
Of course that will not stop investors getting over excited and having the IPO oversubscribed.
Spotify was launched in October 2008 by Swedish startup Spotify AB, the service and had more than 10 million users as of 15 September 2010. Total users reached 20 million by December 2012, 5 million of whom pay a monthly subscription fee that varies based on locale.