Spotify, one of the most well-known music streaming services, has finally filed for its initial public offering (IPO).

The Sweden-based company is aiming to raise up to $1bn (£726m) through its much-anticipated float on the New York Stock Exchange.

According to Spotify, its shares have been trading at up to $132.50 apiece on private markets recently. This would currently value it at more than $23bn.

Read more: Spotify is a sure hit as it pursues New York initial public offering

It has chosen to pursue an unconventional direct listing, meaning no bank or broker will underwrite the offer. The opening share price will be determined purely by orders, and the company will not need to raise new capital – instead, it will simply allow investors and employees to sell shares.

Spotify, which made an operating loss of €378m (£335m) in 2017 on revenue of €4.09m, mainly competes with other streaming services such as Apple Music and Amazon Music Unlimited.

However with 71m premium subscribers, it is by far the most populated by consumers.

Read more: Spotify has filed for an initial public offering

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