The music streaming service Spotify confidentially filed paperwork for an initial public offering with the Securities and Exchange Commission late last month, according to Axios.

Spotify plans to list its shares on the New York Stock Exchange though an unusual approach known as a direct listing. But before it can do that, the exchange must win approval form the SEC to change its rules — a process that’s already underway.

A company spokesperson declined comment.

In a direct listing a company transfers its shares to an exchange without raising money, as is typical of an IPO. This approach allows companies to save on underwriting fees, among other benefits (namely, there aren’t restrictions on when insiders can sell their shares).

Spotify’s direct listing could open the doors to other companies following a similar route to access public markets.

The filing comes as Spotify is dealing with a $1.6 billion copyright infringement suit.

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