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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.


Spotify wins more fans in Wall Steet debut as stock surges

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 $155 -- 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 $29 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.


Market still waiting for Spotify's first public trade

Boston Herald

Spotify is still waiting to find out whether investors view its music streaming service as a budding superstar or a flash in the pan. The Swedish company will make its stock market debut Tuesday, casting a spotlight on its early lead in music streaming -- a still-evolving field trying to hook people on the idea that it's better to subscribe for online access to millions of tunes than to buy individual albums and singles. The first public trade still hadn't been registered as of late morning, as the company moves ahead with its "direct listing", an unusual move that allows investors to sell shares directly, but does not raise money for the company. The NYSE had set a reference price of $132 and indications pointed to shares trading as high as $155. Spotify CEO Daniel Ek sought to manage expectations, saying he expects a bumpy road.


Spotify to test how its music service plays on Wall Street

Boston Herald

Spotify is about to find out whether investors view its music streaming service as a budding superstar or a flash in the pan. The Swedish company will make its stock market debut Tuesday, casting a spotlight on its early lead in music streaming -- a still-evolving field trying to hook people on the idea that it's better to subscribe for online access to millions of tunes than to buy individual albums and singles. Spotify CEO Daniel Elk sought to manage expectations, saying he expects a bumpy road. "I have no doubt that there will be ups and downs as we continue to innovate and establish new capabilities," Elk said in a blog post Monday evening. "Nothing ever happens in a straight line -- the past ten years have certainly taught me that."


Spotify valued at $26bn in unusual stock debut listing

Al Jazeera

Spotify soared to a value of more than $26 billion in its long-awaited stock debut on Tuesday and achieved a valuation among the top US tech listings. Shares opened at the New York Stock Exchange at $165.90 a share, well above the reference price of $132. The shares closed at the end of the day at $149 a share, which valued the company at $26.5bn. Spotify opted for a rare direct listing rather than a traditional initial public offering, which raised questions around its stock debut. The Swedish Stockholm-based company warned ahead of the listing that prices might be volatile.