Earlier quoted context omitted.
> Spotify might overprice it just because, hey, why not, they get more money and without underwriters there are no clients to disappoint Spotify isn't pricing it, they aren't even selling shares. The initial pricing will come directly out of the order book whenever it lists. It's really unusual. Read the plan of distribution section: https://www.sec.gov/Archives/edgar/data/1639920/000119312518...
Presumably they'll still have an initial Ask price though? Unless I'm misunderstanding something.
> The Registered Shareholders may sell their ordinary shares covered hereby pursuant to brokerage transactions on the NYSE at prevailing market prices at any time after the ordinary shares are listed for trading thereon.
Plus:
> prior to the opening trade, there will not be a price at which underwriters initially sold ordinary shares to the public as there would be in an underwritten initial public offering
As I said, this should be fun to watch!