The business had about $700 million invested in Spotify before it went public through a direct listing, according to a person with knowledge of the matter.
The stock began trading at $US165.90 a share shortly after noon, resulting in a valuation of roughly $US30 billion.
Shares of Spotify debuted at $165.90 and teetered in the first hour of trading. Until Tuesday morning, there had been little insight into how the stock would perform once Spotify completed its IPO.
Chase Coleman's Tiger Global Management owns almost $2 billion of Spotify Technology SA, making it one of the biggest shareholders of the music-streaming company that started trading Tuesday. Interestingly enough, the NYSE set Spotify's reference price at $132, a figure which has the potential to fluctuate quite a bit once shares finally begin trading and buy and sell orders are aligned.Читайте также: Cops believe SUV crash that killed family may have been intentional
Spotify is launching a direct initial public offering (IPO) in which it will sell stock under the ticker SPOT directly to investors instead, of going through an underwriter. It's the stock-trading equivalent of opening a store and hoping people will just stop in. However, it does give Spotify a currency it can use for acquisitions, and also allows the company to raise money by selling additional shares in the future. Apple Music, however, was growing at a much faster rate than Spotify: 5% versus 2%. Estimates for the price of the shares once they hit the public market were between $160 and $220, CNN reported. Spotify's filing came after losing $1.5 billion in 2017. In its filing to go public, Spotify noted that it had roughly twice the number of paying subscribers as its next closest rival, Apple (AAPL).
Explaining his decision to forego a headline-grabbing IPO Ek wrote on the company blog: "Normally, companies ring bells, Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment". But what's even more important to me is that tomorrow does not become the most important day for Spotify. Looking ahead, Spotify recently claimed that its paid subscriber base may grow to upwards of 96 million users by the end of 2018.
The Guggenheim analyst summarized the likely investor debates about the stock this way: "It remains unclear if competitors can replicate the experience or leverage engineering and technology resources to develop a similar or superior offering".При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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