Spotify valued at $26bn in unusual stock debut listing

Spotify Goes Public With An Estimated $30 Billion Market Value

He was born and raised in Stockholm, where he founded Spotify in 2006.

Trading as SPOT, Spotify took the unorthodox step of listing existing shares directly on the bourse rather than issuing new stock, allowing its founders and early investors to maintain control.

Spotify is often credited for reversing a tide of declining revenue in the music industry and a year ago, profits rose to their highest level in a decade, largely thanks to paid subscribers.

"Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years", Ek wrote.

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Two American flags and one Swiss flag hung outside the stock exchange on the day of the music streaming company's initial public offering.

Spotify debuts on the market with a boom, opening at $165.90 in an unusual "direct listing". Unlike a traditional Initial Public Offering, Spotify conducted a direct listing, meaning no banks underwrote the offering and no price was set ahead of the debut.

Spotify went public on Tuesday - a decade after the service launched - with a debut that gave the company a $29.5 billion valuation. Verna added that Spotify's business model of combining advertising revenue with subscription fees for its on-demand streaming service has "proven to be the most popular" compared with such competitors as Apple and Pandora.

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

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While Chief Executive Daniel Ek skipped NYSE rituals such as opening bell-ringing and trading floor interviews to tout the stock, the front of the 115-year-old Greek Revival exchange building was draped in a vast green-and-black Spotify banner. Instead, we will be working on trying to build, plan, and imagine for the long term. Spotify now has a higher market value than Snapchat owner Snap Inc, which went public previous year.

Though in music circles, more attention will focus on if and when the record companies decide to sell the equity they acquired in Spotify as part of their original licensing deals.

In a recent regulatory filing, Spotify said that it had 159 million monthly users including 71 million paying subscribers.

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