Spotify debuts on the NYSE

Spotify, the world’s largest music streaming service, was valued at about $26 billion after its first day of trading on the New York Stock Exchange (NYSE).

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Shares in the music streaming service initially opened at $165.90 – higher than the initial $132 per share price set by the NYSE – and climbed to a high of $169 before settling at $149.01.

The first-day valuation ranks in the top ten for a debut by a technology company’s, behind firms like Facebook and Alibaba.

Last year, Spotify reported a net loss of $1.5bn – the company’s largest expense is the cost of licenses paid to record companies and publishers. The service first launched in 2008 and is active in 65 countries with 159m monthly active users and 71m paid subscribers. The company’s stock symbol will be “SPOT.”

Spotify went public using an unconventional method. Instead of issuing new shares, early investors sold their existing holdings. The Swedish company initially said prices for shares could value the business at $23bn.

Spotify said it is being advised by Goldman Sachs, Morgan Stanley and Allen & Co and acknowledged that this approach means there is a lower level of public disclosure. Spotify has filed a limited number of registration statements with the SEC. Spotify SEC registration filings

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