The stock ended the session at $149.01, valuing the world's largest streaming music service at $26.5 billion. The price discovery process was unusually long.
In the long-run, Spotify's performance in the stock market will largely depend on its business performance and outlook. Adding to uncertainty about Spotify's IPO was the fact that there were no limitations placed on shareholders.
Based on those orders, the opening price was set based on a designated market maker's determination of where buy orders can be matched with sell orders at a single price.
By foregoing hiring investment banks as underwriters or holding traditional promotional events with institutional investors, this could lead to extreme trading volatility when formal trading begins, analysts say.
However, he did speak at length about the company's challenges from Taylor Swift, who removed her music from Spotify and other streaming services in 2014 over what she felt were unfair royalty rates - a decision she reversed past year.
"Normally, companies ring bells".
Despite Spotify's significant posted loss in 2017, according to a blog post by founder and CEO Richard Ek, the company's public listing isn't about raising capital or an "initial splash". Most pre-IPO companies don't have shareholder bases that look like that of Spotify. Amazon shares sunk on Monday following a critical Twitter tirade by Trump.
Spotify estimated valuation rose as high as $23.6 billion in mid-March. "Sales and marketing investment growth weigh on earnings before interest and taxes".
Over the past 12 years, Spotify has slowly but surely transformed from a niche service beloved by hardcore music lovers into a mainstream juggernaut with almost 160 million users. As I mentioned during our Investor Day, our focus isn't on the initial splash.
In 2014 Swift pulled her entire catalog of music from Spotify because she felt the company wasn't fairly compensating artists. In its filing to go public, Spotify noted that it had roughly twice the number of paying subscribers as its next closest rival, Apple (AAPL). "As such, we expect investors will largely be biased positively on Spotify shares". So far, none of have lived up to that title - though the competition remains fierce. In addition, content remains Spotify's lifeblood.
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