Spotify indicates IPO preparation by raising $200M credit facility
Spotify, a popular music streaming service, has indicated that it is preparing to go public by raising a $200 million credit facility from several banks, reports The Independent. This move is similar to what Facebook and Twitter did before going public. Spotify previously posted a job for a financial executive that was qualified at filing SEC disclosures. Goldman Sachs may be connected to the Spotify IPO. Spotify has raised around $538 million in venture capital funding. When Spotify goes public, it will likely report revenues of over $600 million that was generated in 2012 with a net loss of $81.62 million.
[Sources: The Independent/BI]