Spotify Technology SA’s (SPOT.N) unusual route to becoming a public company is a test case for other multibillion-dollar tech companies that are looking to sell their shares but are not in need of cash.

On Tuesday, investors will be able to buy and sell shares in the Swedish music streaming service in the New York Stock Exchange’s first-ever direct floor listing.

This is without Spotify having hired investment banks as underwriters and undertaking an investor road show as is typical in a traditional initial public offering (IPO).

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