Spotify's stock opens up at $165.90

04 April, 2018, 01:17 | Author: Jacqueline Daniels
  • Spotify Hits The Market In Unusual Debut

Apple has 36 million subscribers, compared with Spotify's 71 million paid users. The company said it brought in about $5 billion in revenue in 2017, up 39% year over year, and a net loss of about $1.5 billion.

The strong early trading for Spotify came on the heels of a steep USA equity selloff led by tech stocks, although the market had found firmer footing at midday.

The company has structured the stock market listing to allow existing investors to sell directly to the public while offering no new shares of its own.

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The company traded between $48.93 and $132 a share over the past year through private transactions. It had 71 million paid subscribers as of December 31 and 157 million monthly active users. "Spotify is hemorrhaging from the costs of licensing content", said Michael Carvin, chief executive of personal finance technology firm SmartAsset.

The company filed papers with the US Securities and Exchange Commission to go public in late February. The company is using a so-called direct-listing process.

One of the first people to spot the mistake was Sven Carlsson, a Swedish tech reporter who covers Spotify for Di Digital.

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The opening public price was determined by buy and sell orders collected by the NYSE from broker-dealers and a designated market maker's determination of where buy orders could be matched with sell orders.

2012, at the Pre-Grammy Gala & Salute to Industry Icons with Clive Davis honoring Richard Branson, in Beverly Hills, Calif. Spotify stock debuted on the market with a boom, opening at $165.90 in an unusual "direct listing". "While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company", CEO Ek said.

"Officially we are not even calling it an IPO", says Matt Kennedy, an analyst at Renaissance Capital, which manages IPO-focused exchange-traded funds. And it feels like the right time to pause and acknowledge the thousands of Spotify employees around the globe who helped build out the Spotify ecosystem while staying true to who we are and what we believe.

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Rather than pursuing a traditional initial public offering or IPO, Spotify offered a direct listing, meaning it wouldn't be issuing any new stock. If it were a typical IPO, they'd have to wait for a share lockup period to end to sell their stock. Spotify wanted to democratize the process and they didn't need to raise fresh money through the offering as is often the case with an IPO. Spotify subscriptions, meanwhile, are growing by an average of 2 percent per month. It is also not known at what price the stock will start trading Tuesday. A huge number of shares hitting the market all at once could sink the stock price.


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