Spotify's IPO gave it a market valuation of $26.5 billion

Spotify Goes Public With An Estimated $30 Billion Market Value

Spotify Technology SA shares surged following the largest-ever direct listing on Tuesday, giving the world's leading streaming music service a market value of almost $30 billion.

The company even chose Scandinavian minimalism for the listing - no executive turned up to fly the company's flag for the debut, and it turned down the tradition of new companies ringing the opening bell at the New York Stock Exchange.

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. Shortly after its debut, Spotify stock fell below $150 a share. The share price closed at $149.01, still above the reference price.

A New York Times article confirmed that the first day of trading was a success and Spotify finished with a valuation of $26.5 billion. But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year. "Spotify has been a driving force in the turnaround of the USA recorded music industry over the past few years".

Spotify Technology S.A. (NYSE:SPOT) shares made their highly-anticipated debut on Tuesday, and many analysts have been chiming in with their takes on the company's future prospects. With its ownership now less than 5%, Sony would not be obligated to disclose changes in its Spotify holdings under SEC rules. While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.

With its heavy investment in building the platform, Spotify has yet to turn a profit. "The constant is that we believe we are still early in our journey and we have room to learn and grow", commented Daniel Ek, CEO of Spotify. Over 13% of SMT is held in unquoted companies, of which there are now 37 following the decision of Dropbox and Spotify to list.

Spotify has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") relating to its ordinary shares.

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