The stock markets appraised Spotify on 30 billion United States dollars

05 April, 2018, 01:35 | Author: Harriet Bell
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The second is that Spotify does not need to raise any new capital - the IPO is merely a way of letting existing shareholders sell some shares.

Some experts warned ahead of Spotify's debut that a direct listing opened the streaming giant up to early volatility, without underwriters or early major investors. Spotify's costs - including artist and record label fees - are greater than its revenue, although this gap is apparently narrowing, The Guardian notes.

No Initial Public Offering means that there are no investment banks to underwrite (or sponsor) and price the offering.

Spotify Technology S.A. shares fell $2.46 (-1.65%) in premarket trading Wednesday.

It's especially hard to tell, though, how much money some investors made as Spotify rose, because Spotify has had such an extensive history of private stock sales between shareholders.

Spotify's stock got off the ground with the help of advisers Goldman Sachs Group, Morgan Stanley and Allen & Co and designated market maker Citadel Securities.

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According to Reuters, the direct listing was the largest ever.

Based on those orders, the opening price will be set based on a designated market maker's determination of where buy orders can be matched with sell orders at a single price. On a comparable basis the Apple Music service has 46 million subscribers. Among these streaming households, 43 per cent subscribe to a music service.ie, 26 per cent of all Swedish households subscribe to at least one music streaming service.

The unusual listing had added to the suspense over how Spotify would fare on the market as the company, while big on its cool factor, has yet to turn a profit.

Analysts' advice, however, is that companies are not to be misled by Spotify's first day on the market. It's not really been a good time for technology stocks, but on the day of Spotify's debut the Nasdaq closed up 1.06%.

"[This] puts us on a bigger stage, it doesn't change who we are, what we are about, or how we operate", chief executive Daniel Ek said in a blog.

Last month, Spotify announced that it is aiming for 200 million monthly users by the end of this year, with around 96 million paying subscribers.

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