When Spotify’s shares begin trading April 3, about 9% of the company will be unavailable to trade because of restrictions such as employee vesting schedules and an agreement with shareholders including Tencent Holdings Ltd.
Spotify said in updated IPO documents Tuesday that about 162 million of its total 178.1 million shares outstanding will be available on the first day of trading. Daniel Ek, Spotify’s co-founder and CEO, would be eligible to sell his entire stake if he so chooses.
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