Spotify wins more fans in stock market debut as shares surge

Boston Herald 

Spotify picked up more fans on Wall Street on Tuesday as investors gave the unprofitable company a warm welcome in its stock market debut. After several hours of anticipation, Spotify's shares traded as high as $169 before falling back slightly. By the early afternoon, the stock was still hovering around $150 -- well above its previous high of $132.50 in deals worked out during Spotify's 12-year history as a privately held company. The stock market's rousing reception left Spotify with a market value of about $28 billion, according to FactSet. By comparison, internet radio station Pandora Media's market value stands at $1.2 billion nearly seven years after that company went public.

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