(Reuters) — Streaming music leader Spotify used its cultural cool factor to appeal to mom-and-pop investors in an unconventional presentation ahead of its April 3 stock market listing. Led by 35-year-old Chief Executive Daniel Ek, wearing jeans, white t-shirt and a dark blazer, executives said Spotify would prioritize growth over profits to fend off big rivals Apple and Amazon.com, while also seeing a clear path to making money. Ek’s team made a direct case to individual investors in a public webcast instead of a traditional closed-door road show typically used to woo institutional investors in initial public offerings (IPOs). The Stockholm-based company’s stock will hit the public markets in a direct listing without traditional underwriters. It must convince investors that its business is sound and that investors who buy shares in the public market debut will not be hurt by unexpected volatility. “You won’t see us ringing any bells or throwing any parties,” Ek said. “Since Spotify isn’t selling any stock in the listing, we’re really entirely focused on the long-term performance of the business.” The direct listing is critical to alleviating Spotify’s losses, which are driven by financing costs, and will enable all late-stage investors to convert debt holdings… Read full this story
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