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Fewer Spotify Shares Sold Than Expected in Unusual Listing
- Initial share supply shortage seen as driving up price briefly
- Music-streaming company’s trading volume below big tech IPOs
Northzone's Parson Says Spotify Is in 'Second Inning of a Long Game'
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Fewer Spotify Technology SA holders sold shares in the company’s direct listing Tuesday than expected by advisers, potentially contributing to an initial shortage that drove the price up, people familiar with the matter said.
Spotify’s stock opened at $165.90 at 12:43 p.m. in New York and climbed as high as $169 a few minutes later. Just 5.6 million shares changed hands at the opening price, or 5 percent of the total number potentially available to trade, according to data compiled by Bloomberg. About 30.5 million shares were traded before the stock closed 10 percent below its opening price at $149.01.