Spotify soars in US$26 billion stock debut

Spotify soars in US$26 billion stock debut

He noted that Spotify has been able to hold its own, maintaining 36 per cent of the subscriber market despite the onslaught of Apple. The position makes Coleman's firm the fourth-largest holder of Spotify, following co-founders Martin Lorentzon and Daniel Ek and Tencent Holdings, filings show.

Spotify has had a solid debut on Wall Street in one of the most anticipated technology listings in recent times.

After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139. Sony didn't immediately comment on what pricing it had previously recorded Spotify's stock at on its books.

Spotify generated revenue of €4.09 billion (£3.57 billion) last year, up from €2.95 billion (£2.57 billion) the year prior, for growth of 39 percent.

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A banner with the Spotify logo on it is seen as the company lists its stock on the New York Stock Exchange.

Other big holders of Spotify stock include the investing firms Tiger Global, TCV and the Chinese conglomerate Tencent (which is the only shareholder subject to a unique lock-up arrangement.) Each of those control between 5 percent and 10 percent of the stock.

Spotify has 71 million so-called premium subscribers, including users who have given the company a credit card number for a free trial.

Music streaming giant Spotify has had an excellent debut on the New York Stock Exchange (NYSE). And among the streaming households, nearly half subscribe to a music service, a high figure also internationally. "The constant is that we believe we are still early in our journey and we have room to learn and grow".

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The opening public price will be determined by buy and sell orders collected by the NYSE from broker-dealers, the exchange said.

This is a particularly attractive strategy for companies swimming in private funding, and could signal a viable approach for a number of other tech unicorns.

The unusual listing had added to the suspense over how Spotify would fare on the market as the company, while big on its cool factor, has yet to turn a profit.

"Normally, companies don't pursue a direct listing".

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