Spotify AB will soon shine a bright light on just how big the holes are in our capital markets. Far more than just bankers should take note.
Sometime, reportedly by the end of March, shares of the streaming music service will start trading for the first time. The deal, a direct listing, has received attention for some time because it's unusual. The usual pomp around stock deals will be absent -- no road show, no quiet period, no coordinated stock sale, no actual IPO. Spotify shares will just emerge one morning and trade like any other stock, at least that's the plan.