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Spotify Makes its NYSE Debut at $165.90 Per Share

Spotify Makes its NYSE Debut at $165.90 Per Share

(Bloomberg) -- A direct listing by Spotify Technology SA, owner of the world’s largest paid music service, opened at $165.90 per share as trade tensions and Trump’s tweets pushed tech stocks lower in recent days.

  • The stock was expected to trade at a market value of about $25 billion, Bloomberg reported, according to people familiar with the matter
  • Analysts released mostly bullish research on the music-streaming company ahead of its unusual offering
    • Spotify received its first buy rating, from RBC Capital Markets, after M Science praised its subscriber growth potential, while Gabelli today gave the company its first hold on margin concerns
  • Unlike a traditional IPO, in which a set number of shares are sold to a known list of investors before trading starts, Spotify’s first public share price was determined by the supply and demand in its NYSE opening
  • Spotify’s 12-month target price based on data compiled by Bloomberg was $167 per share at the time of reporting
  • NOTE: Earlier, Why Spotify Doesn’t Want a Stock Pop on Its First Day of Trading

To contact the reporter on this story: Meghan Genovese in Los Angeles at mgenovese@bloomberg.net.

To contact the editor responsible for this story: Lauren Berry at lberry4@bloomberg.net.

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