Spotify IPO a success

Market valuation of $26.6b

Spotify’s IPO on the New York Stock Exchange has been a success, with the world’s largest streaming service gaining a market valuation of $26.6 billion on its first day of trading. That makes it the world’s largest tech company, overtaking even Twitter.

The Wall Street Journal predicts that the Swedish company is on track for the third-largest tech IPO ever. By the end of the day, about 30 million shares had traded hands. Spotify shares debuted at $165.90 but drifted down ten minutes later, closing at the end of the day at $149.60. This was still up 12% from the initial reference price of $132.

 http://www.themusicnetwork.com

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