Streaming giant Spotify has filed paperwork to begin trading its shares publicly.
According to BBC, the Swedish-founded company plans to list shares directly on the New York Stock Exchange, which could see its value increase to over $23 billion.
The move to share directly with the NYSE is considered to be an unusual one, however it will help Spotify list without the need to raise new capital and provides an exit for early investors who want to cash in.
"It's about a company that is letting its investors get their returns so it can move on to the next stage of its career," Mark Mulligan, a UK-based music industry analyst at MIDiA Research, said.
Since launching in 2008, Spotify is now active in 61 countries and currently has more than 159 million monthly active users and 71 million paid subscribers.
