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Spotify valued at $26bn in unusual stock debut listing

05 April 2018

The company opened at $165.90 per share, a big jump from the reference price of $132 set by the NYSE the evening before the company's direct listing.

Tomorrow, Spotify becomes a listed public company on the New York Stock Exchange.

The DPO of Swedish Spotify has gathered much attention in both Sweden and internationally. Sweden's flag is blue and yellow.

The shares are trading on the New York Stock Exchange under the ticker SPOT. But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year.

According to Reuters, the direct listing was the largest ever.

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It closed at $149.01, a drop of more than 10 per cent but still above the pre-trading reference point - and ending the day with a value of $26.5 billion.

The valuation saw Spotify rising above Snap that itself was valued at $24bn following its IPO that raised $3.4bn earlier this year.

Founded in 2006 as a free-to-use service funded by advertising, Spotify is now the leading music streaming service.

The day before Spotify began trading on the stock market, CEO Daniel Ek published a post on the company's website in which he quoted Daft Punk.

Spotify's core business is online music streaming services that allow customers to play music through the internet. Big labels provide 87 percent of total streams while the company provides these labels billions in revenue. While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.

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The performance left Spotify's market value among the 10 highest ever recorded by a technology company following their first day of USA trading, according to Dealogic.

Despite reporting a loss of $1.5 billion a year ago in the wake of profitability challenges, Ek remains optimistic about the future of Spotify.

The streaming service also faces stiff competition, as market giants like Apple seek their own expansion in the marketplace.

"Normally, companies don't pursue a direct listing".

It has more than 159 million monthly active listeners globally, with 71 million of those paying subscribers.

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Spotify valued at $26bn in unusual stock debut listing