Benjamin J. Nickerson

The Underlying Underwriter: An Analysis of the Spotify Direct Listing
Benjamin J. Nickerson
AB 2015, The University of Chicago; JD Candidate 2020, The University ofChicago Law School.

I wish to thank Nicholas B. Aeppel, Douglas G. Baird, William A. Birdthistle, Anthony J. Casey, Ryan D. Doerfler, Thomas J. Miles, and the editors of The University of Chicago Law Review for their thoughtful guidance and advice.

On April 3, 2018, global music streaming company Spotify Technology S.A. (Spotify) went public through a direct listing of its ordinary shares on the New York Stock Exchange (NYSE). Rather than raise money by issuing new shares to the public through a traditional initial public offering (IPO), Spotify made its existing shares available for purchase on the public exchange through the seldom-utilized direct listing process.