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Spotify Roars Into the Public Market

Shares of the music-streaming service fall nearly $17 on their first day but still finished above their trading price in the private markets

Spotify Technology SA roared onto the public market Tuesday, cutting a new path to public ownership that could alter the way companies think about the listing process and pose a new threat to a core business on Wall Street.

Shares of the music-streaming giant surged on the first day of trading, closing at $149.01 and giving the company a market value of $26.54 billion. That ranks Spotify as the eighth-biggest technology initial public offering after the first day of trading, just behind Google in 2004, according to Dealogic.

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Spotify’s High Valuation Is Bait for Other Tech Unicorns

The public market thinks Spotify is worth almost $27 billion, well above previous private valuations

If Spotify’s unusual “direct listing” process was designed to avoid hype, in keeping with co-founder Daniel Ek’s low-key image, it failed spectacularly. In the more conventional aim of giving existing investors and employees an attractive exit, however, it has—at first blush—proven a solid success.

Having opened at $165.90 after an apparent rush of buy orders, Spotify shares fell steadily to reach $149.01 at the close. But that is still a good 10th higher than the highest price at which they changed hands in private trading...

(인용: WSJ)