Music Streaming Spotify Surged 13% at IPO on NYSE with $26 Billion Market Value
Music streaming Spotify had surged 13% at IPO on the New York Stock Exchange (NYSE), at a reference IPO price of $132. The stock closed at $149.01 on the 1st trading day, closing at $147.92 at the end of the week, valuing the company at more than $26 billion.
“ Music Streaming Spotify Surged 13% at IPO on NYSE with $26 Billion Market Value “
Spotify opted for a direct listing on NYSE, bypassing investment banks or brokers to underwrite the offering, saving hundreds of millions of dollars in underwriting fees. The reference price was set at $132, giving an early estimate of the level at which the the supply and demand could be balanced. The opening public price was determined by the buy and sell orders collected by the NYSE from broker-dealers.
Spotify, founded by Daniel Ek and Martin Lorentzon, was launched in 2008 and is available in more than 60 countries. It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.
After the IPO, both founders Daniel Ek and Martin Lorentzon became billionaires with net worth of more than $2 billion & $1 billion respectively.
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