Spotify confidentially filed IPO documents with the SEC late last month, Axios reports, after months of speculation that the private company would soon be going public. Spotify’s direct listing approach is a shift from traditional initial public offering moves from other tech companies.

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Spotify is pursuing a direct listing instead of a traditional float, causing both Silicon Valley and Wall Street to pay very close attention. If successful, it could change how some tech companies go public.

The direct listing means no road show or other typical IPO accoutrements — including some of the Wall Street fees, although several investments banks are involved.

Axios says Spotify could begin trading by the end of March if all goes as planned, although a new music publisher lawsuit to the tune of $1.6 billion could be a factor.

Talk of Spotify going public heated up last summer when it crossed the 60 million paid subscriber count. Apple Music, which entered the scene years later, counted half the number of subscribers back in September, although Spotify doesn’t have the healthy iPhone business to prop it up if needed.

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