Music streaming giant Spotify's unorthodox public listing, in which the company did not hire any investment banks to underwrite its shares, is a "one off" and unlikely to provide a blueprint for future flotations, according to senior bankers in London.

There is no widespread enthusiasm among companies to follow Spotify's so-called direct listing model, they say, due to a generally tough environment for initial public offerings. Investors are being more selective, valuations are high and windows for deals are being hit by unpredictable bouts of market volatility.