Shares in the music streaming firm Spotify will be publicly traded for the first time later on Tuesday when the firm debuts on the New York market.
The flotation marks a turning point for the firm, that, after 12 years, has not yet made a profit.
Spotify's listing, which could value it at $20bn (£14bn), is unconventional: it is not issuing any new shares.
Instead, shares held by the firm's private investors will be made available.
What was once an small upstart Swedish music platform, has grown rapidly in recent years, adding millions of users to its free-to-use ad-funded service, and converting many of them to its more lucrative subscription service.
It is now the global leader among music streaming companies, boasting 71 million paying customers, twice as many as runner-up Apple.
So far costs and fees to recording companies for the rights to play their music, have exceeded Spotify's revenues, although that gap is narrowing.
And some analysts predict the listing will speed-up Spotify's race towards profitability.
"Up until now it was the warm-up lap," says Mark Mulligan at MIDia Research. "When that's done we'll see a bit of a shift in strategy and direction."
Why is Spotify listing its shares?
The firm made a commitment to investors who backed it as the company was growing, that they would be given the chance to cash in their investment. So Spotify had to list its shares sooner or later.
But it could also herald a new phase for the firm.
Being publicly traded will put pressure on the management, and could provide the excuse they need to make changes, says Mark Mulligan.
"Once you're a tech stock - more than with a normal listed company - [investors] expect you to do stuff fast, change fast," he says.
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