Spotify might soon be joining the ranks of Pandora as a public limited company by offering its own IPO this fall, a report from Quartz, citing persons familiar with the development, claims. The report claims that the talks with the underwriting banks might start as soon as next month.
Spotify, initially started in Europe and now available worldwide, offers free music streaming as well as subscription based music streaming services.
Spotify is a private company at the moment and does not make its revenue figures public but the company has claimed in the past that it is enjoying a steady growth.
Quartz further claims that Spotify has already secured a credit line of $200 million from banks that might eventually become its underwriters for the IPO.
It is expected that Spotify might be received well at the Wall Street because most of its revenue is from subscriptions and the company is not overly dependent on advertising revenue.