Spotify seeks to go public—without an IPO: https://www.wsj.com/articles/spotify-finally-readies-an-ipo-thats-not-an-ipo-1491476403 By pursuing a direct listing, the company could save on hefty underwriting fees and avoid dilution that comes with issuing new shares, according to some of the people familiar with the matter. Its early investors would be subject to less stringent lockups governing the sale of insiders’ shares, those people said. What’s more, the company could avoid the first-day trading pop that characterizes many IPOs shepherded by underwriters. They are good for some investors but also indicate a company left money on the table. Spotify certainly qualifies as a thematic business for this message board, but the valuation may be excessive.