Spotify valued at $26.5 billion after first day of trading

Adjust Comment Print

It confirmed that Sony's original 5.71% stake in Spotify was worth 5.082% on a fully diluted basis.

The New York Stock Exchange on Monday set the reference price for shares of music streaming service Spotify Technology SA at $132. Chinese e-commerce company Alibaba Group holds the top spot at $234 billion after its market debut in 2014.

Two American flags and one Swiss flag hung outside the stock exchange on the day of the music streaming company's initial public offering. "This is a large listing, and Spotify has the advantage of a huge consumer base which it can leverage into retail investors". And despite the enormous respect I have for the New York Stock Exchange in this process, I also won't be on the floor doing any interviews'. The Swedish company's use of a "direct listing" allows its early investors and employees to sell as many shares as they want whenever they want.

Spotify — Tomorrow

No Initial Public Offering means that there are no investment banks to underwrite (or sponsor) and price the offering. After losing 1.2 billion euro, Spotify has also made it clear that it intends to remain focused on adding more subscribers instead of making money for now.

In comparison, when Snap Inc, the parent company of Snapchat, went public in an IPO previous year, it paid almost $100m to its team of underwriters. However, a direct listing would be extremely hard for companies who don't have the same name recognition as Spotify. Its first day of trading-with relatively few trades-continued the unusual float.

"Normally, companies don't pursue a direct listing". Revenue of $5 billion a year ago was up 39% from 2016. Its closest competitor, Apple Music, only has 36 million subscribers, reported CNBC.

Boko Haram Attack Kills 15, Injures Dozens in Nigerian Villages
This is the biggest attack since the Nigeria government announced they were engaged in dialogue with the militant group.

A Sony Music spokesperson told MBW yesterday: "Sony Music and The Orchard are committed to sharing with their artists and distributed labels any net gain they may realize from a sale of Sony Music's equity stake in Spotify".

Like many other "unicorn" companies, Spotify has never posted profits.

Spotify's successful debut could pave way for other companies looking to go public without the aid of Wall Street underwriters. Markets are choppy enough right now, particularly in shares of technology companies, following Donald Trump's recent public sabre-rattling against the likes of Amazon.

Liverpool trio 'almost unstoppable', says Pep Guardiola
Thanks to the help of my team-mates, but with the help of Jurgen and his staff, too, I managed to improve. Liverpool manager Jurgen Klopp takes some responsibility for the club's "long dry spell".

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE.

Experts unable to identify source of nerve agent used in Skripal attack
As the fallout from the incident continues, both Skripal and his daughter remain hospitalized in Salisbury. President asked some questions about it", Putin said.

Comments