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Spotify goes public: What you need to know about the music streamer and its IPO

USATODAY - Tech Top Stories

Spotify, the world's top selling music streaming service, expects revenue to grow 20-30 percent this year as currency swings slow the pace from 2017. As David Pollard reports, the Swedish company released the figures as it gears up for a highly anticipated stock market listing next week. Spotify has helped the U.S. music industry stem its growth slide. Now we are going to find out how it plays on Wall Street. The music streaming service, which launched in the U.S. in 2011, became public Tuesday.

Spotify soars to value over $26 billion in stock debut

The Japan Times

NEW YORK – Spotify soared Tuesday to a value of more than $26 billion in its long-awaited stock debut as the market delivered a ringing endorsement of the future of music streaming. In one of the largest public offerings ever in the tech sector, Spotify on its first day topped the market capitalization of other high-profile recent market entrants, including Twitter, Snapchat parent Snap and Dropbox. Spotify opened on the New York Stock Exchange at $165.90 a share, giving the Swedish company a value of $29.5 billion. It closed at $149.01, a drop of more than 10 percent but still above the pre-trading reference point -- and ending the day with a value of $26.5 billion. Trading as SPOT, Spotify took the unorthodox step of listing existing shares directly on the bourse rather than issuing new stock, allowing its founders and early investors to maintain control.

Spotify shares surge on market debut

BBC News

Shares in music streaming firm Spotify have surged after trading publicly for the first time on Tuesday in one of the year's most anticipated market debuts. The stock opened at $165.90 (£118) - more than a quarter higher than the $132 guide price set by the New York Stock Exchange on Monday. That values the Swedish firm at about $29.5bn - far more than the roughly $21bn value of Twitter. The jump reflects healthy investor demand for shares in Spotify. The company used an unconventional process to launch on public markets: instead of issuing new shares, early investors sold existing holdings.

Spotify's stock market debut strikes a chord with investors

Boston Herald

Spotify's opening act on Wall Street struck a chord with investors betting the unprofitable company's trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. After several hours of anticipation Tuesday morning, Spotify's shares traded as high as $169 in their stock market debut before falling back slightly. The stock closed at $149.01 -- 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 warm welcome left Spotify with a market value of about $27 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.

Spotify on Track for Third-Largest Tech IPO Ever WSJD - Technology

Because of its nontraditional IPO route, shares of the Swedish company didn't get an official IPO price--rather, the New York Stock Exchange published a so-called reference price of $132 for them Monday night. Pretrading indications for the stock, which now trades on the NYSE under the symbol SPOT, quickly blew past that Tuesday, starting at $145 to $155 and then rising several times, to as high as $170. In private market trading, the shares had been on the rise, recently jumping as high as $137.50, according to people familiar with the trades. To flip itself public, Spotify executed a rare move called a direct listing, eschewing investment-banking underwriters and opting not to raise any money for itself. Listing that way saved Spotify tens of millions of dollars in fees and still gave employees and early investors the chance to cash out.