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Spotify Didn't Want a Flashy Trading Debut. The Market Delivered

  • Stability, not price, was main goal in unusual direct listing
  • Company notched a public market value of about $27 billion
Bloomberg business news
Spotify Climbs After NYSE Debut
Updated on

It took more than three hours on Tuesday morning to get Spotify trading publicly, in a stock sale as unorthodox as streaming digital music once seemed.

Spotify Technology SA’s shares -- sold via a direct listing rather than a traditional IPO -- finally opened well after midday at $165.90 apiece in New York, with 5.6 million shares changing hands at that initial price, according to data compiled by Bloomberg.