Spotify’s newly-valued 13-billion-dollar music streaming service will be the first major company to conduct a direct listing on the New York Stock Exchange when it is released later this year or early next year, the Sources familiar with the situation said on Friday.

The measure would be the biggest test yet for the direct listing process, which for companies seeking to list equity without raising capital eliminates the need for a Wall Street bank or broker to enter into an initial public offering (IPO) along with many fees Partners. If they got succeeds in it, this could change the way companies approach selling shares to the public.

The sources also said that the “The Swedish technology firm is working with investment banks Morgan Stanley, Goldman Sachs Group and Allen & Co to advise them on the process.”

Spotify, the New York Stock Exchange, Morgan Stanley and Goldman declined to make a comment on this. Allen & Co did not immediately respond to a request for comment.

In a traditional IPO, investment bank subscribers sell new shares of a company to the public at a price they determine based on investor feedback. The insurers leading the process are backed by an IPO syndicate, which sometimes includes more than a dozen banks, which share the responsibility of selling and allocating shares to investors.

In a direct listing, a company does not raise money by offering new shares for sale, but rather makes existing stocks readily available to the public, which means that employees and investors can buy and sell as they wish. That dispenses with the need for banks to market and sell the company’s shares.

Spotify’s decision to subscribe to the underlings could be a success for investment banks that depend on the fees for the canopy listings.

IPO revenues fell 40 percent last year after 2015. IPOs, often a large part of the market, fell 56 percent, according to Thomson Reuters data.

Last year Spotify raised $ 1 billion in convertible debt from private equity firm TPG Capital Management LP and the hedge fund Dragoneer Investment Group. The round came with a provision allowing TPG and Dragoneer to convert their debt into equity at a discount of 20 percent or more at the stock offer price of an initial public offering, depending on when the company goes public.

It was unclear how such a stipulation would be dealt with in a direct list.

A direct listing for a large company like Spotify may be difficult to replicate, industry sources said. Lesser-known companies would probably need bankers for market shares, while Spotify can rely on consumer familiarity and media exposure.

Spotify, which has yet to register profits by expanding into global markets and building new offices in New York, lost 173 million euros in 2015, according to the latest figures released by its Luxembourg-based holding company.

Spotify hopes to strike deals with Warner Music Group and Sony Music in the run-up to the IPO, one of the sources said.

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