Spotify shares jump 13% on stock exchange debut

A trading post sports the Spotify logo on the floor of the New York Stock Exchange on April 3

"This is a large listing, and Spotify has the advantage of a huge consumer base which it can leverage into retail investors".

Instead, the company will allow existing shares owned by investors and employees to be traded publicly.

Tencent Music is reportedly preparing for an initial public offering later this year.

Among the majors, Sony had the largest share in the company, with about 5.7 percent, according to Spotify's prospectus. If this works, many companies may use Spotify's IPO as a benchmark. That puts Tencent Music's overall valuation at around €10.1 billion ($12.5 billion).

In another break with tradition, Ek and Lorentzon did not attend the exchange to ring the opening bell, although the NYSE building was draped in a huge Spotify banner (pictured above). Spotify went public with a so-called direct listing on Tuesday, cutting out Wall Street and its high fees, but missing some of that support system, as well.

Bill Hader as Stefon left and Colin Jost on SNL on March 17
Bill Hader as Stefon left and Colin Jost on SNL on March 17

At $26.5bn at the end of the first trading day, Spotify ranks in the top 10 largest USA tech listings.

While Spotify has faced stiff competition from Apple Music over the past few years, it remains the market leader in music streaming with 71 million paying subscribers and 159 million monthly listeners across 61 countries. Investors considering buying shares should take a long-term view and ensure their holding is only a small part of a well-diversified portfolio, ' commented Laith Khalaf, senior analyst at stock broker Hargreaves Lansdown.

The streaming music industry has given a boost to Sony's music business, whose artists include Beyoncé, DJ Khaled and Justin Timberlake.

The unusual listing thus added to the suspense over how Spotify would fare on the market as the company has yet to turn a profit. "Even though Spotify's scale is about twice that of Apple Music, Apple has a huge ecosystem of products to market to". A year ago they posted an operating loss of $461 million, as reported by Recode.

"Normally, companies don't pursue a direct listing". And despite the enormous respect I have for the New York Stock Exchange in this process, I also won't be on the floor doing any interviews'.


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