Finance

Spotify shares surge 26 percent after direct listing

NEW YORK, NEW YORK, UNITED STATES (APRIL 3, 2018) (NYSE) – Spotify Technology shares changed hands well above levels they had traded in private markets on Tuesday (April 3) as the world’s largest music streaming service launched a direct listing on the New York Stock Exchange%20exchange&redirect=yes">.

Shares opened at $165.90, nearly 26 percent above the reference price of $132 a share set by the NYSE late on Monday (April 1).

Spotify’s unusual route to publicly trading its shares will likely be watched by other technology companies that could be tempted to list without selling new shares, and by bankers that could lose out on millions of dollars in future underwriting fees.

The strong early trading for Spotify came on the heels of a steep U.S. equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday (April 2).


Associated Links

  • Spotify Tech
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  • Spotify
  • Xbox
  • New York Stock Exchange
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  • Criticism of Spotify

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