Spotify debuts on NYSE at $165.90 per share

Business 4/3/2018, 6:44 PM
Spotify debuts on NYSE at $165.90 per share

The world’s biggest music streaming service Spotify began trading on the New York Stock Exchange on Tuesday at a starting price of $165.90 per share. The stock opened nearly 26% above the New York Stock Exchange reference price of $132. Spotify is trading under the ticker SPOT.

The Swedish company made its shares available to the public through a direct listing, intending to sell only existing shares instead of issuing new stock as well. "The listing of our ordinary shares on the NYSE without underwriters is a novel method for commencing public trading in our ordinary shares, and consequently, the trading volume and price of our ordinary shares may be more volatile than if our ordinary shares were initially listed in connection with an underwritten initial public offering," the company said in its filing with the United States Securities and Exchange Commission.

Spotify has 71 million paying subscribers and over 159 million active monthly users, putting the company ahead of its competitor Apple Music.

Breaking the News / JC

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Chart for: SPOTIFY TECH. S.A.  EUR 1