>Spotify will, as expected, pursue a direct listing of its shares, an unusual process in which no new stock is issued — and therefore no money is raised.
What's the point of having an IPO if it doesn't raise money?
Liquidity for the people who already own shares
Allows the stock owners liquidate in public market
Liquidity to investors and employees.
They have some very onerous terms on a loan where the longer they put off the IPO, the more their interest rate increases on that debt.