Skip to content
Subscriber Only

Spotify Climbs After Going Public in Unusual Direct Listing

  • Music streaming company’s market value at about $27.8 billion
  • Shares traded after unusual direct listing instead of IPO
Video player cover image
Bloomberg’s Alex Barinka reports on Spotify’s debut on the New York Stock Exchange.(Source: Bloomberg)
Updated on

Spotify Technology SA shares climbed from their reference price after it began trading through a direct listing.

The company skipped the traditional initial public offering process in favor of a route rarely taken by large, established companies. The stock rose 19 percent to $156.80 at 2:07 p.m. in New York from the $132 reference price set by the New York Stock Exchange well before the price discovery process started. While not an offer price, that was the threshold number set by the NYSE as the minimum for the process to begin.