Spotify Technologies shares went high and opened at $165.9 on Monday, which was nearly 26 percent above the reference point of $132 on its first day of trading.With an overall valuation of $165.9 billion on the first day, the estimation went a slightly higher than what analysts had predicted before the listing.
During the first two months of 2018, the shares of world’s leading music streaming service, Spotify, were traded between $90 and $132.5.While, in 2017, the range was even wider from $37.50 to $125.00.
As per sources from Wallstreet Journal, Spotify’s opening has turned out to be a record on New York Stock Exchange listing before which “Alibaba had opened at 11.53 am” on Tuesday.
Spotify’s unconventional move to direct listing has created a lot of talks in the share market space and is definitely going to look forward to other technology companies.
Based in Stockholm, Spotify’s is a podcast, music, and video streaming service provider founded in 2018. It offers a wide range of music at its platform without making customers pay for CDs or individual downloads of albums or tracks.
With a structured move, the company has allowed investors to trade directly with the public without offering any new shares of its own. Spotify’s opening price was determined on the basis of buy and sell orders as collected by the NYSE from broker-dealers.