Daniel Ek, chief executive officer of Spotify

Louis Lanzano | Bloomberg | Getty Images

Daniel Ek, chief executive officer of Spotify

Among the many things that distinguish Spotify’s upcoming share sale from a typical IPO, there’s this gift for existing investors: they can cash out whenever they want.

The music-streaming company filed for its offering on Wednesday without the inclusion of underwriters. It will also lack a traditional 180-day lock-up period, when major investors are typically forbidden from selling their shares to avoid flooding the market.

“Consequently, any of our shareholders, including our directors and officers who own our ordinary shares and other significant shareholders, may sell any or all of their ordinary shares at any time (subject to any restrictions under applicable law), including immediately upon listing,” the company said.

The one exception is Chinese internet company Tencent, which owns 7.5 percent of Spotify’s ordinary shares. According to the filing, affiliates of Tencent (and TME — Tencent Music Entertainment Group), agreed not to sell ordinary shares for a period of three years from Dec. 15, 2017.

Spotify CEO Daniel Ek , who owns 25.7 percent, and co-founder Martin Lorentzon, who owns 13.2 percent, aren’t subject to that agreement. Nor is Tiger Global (6.9 percent), Sony (5.7 percent), or Technology Crossover Ventures (5.4 percent).