LONDON/NEW YORK, April 3 (Reuters) - Spotify SPOT.N shares began trading on the New York Stock Exchange on Tuesday with an opening price of $165.90 per share, nearly 26 percent above the reference price of $132 a share set by the NYSE late on Monday.
The streaming music leader has structured the stock market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech companies with no immediate cash-raising needs.
CHI-HUA CHIEN, MANAGING PARTNER, GOODWATER CAPITAL, SAN MATEO, CALIFORNIA
"It's a fair market price. It's not manipulated or set by any puts and takes by banks or institutional investors. That's the real price, and I think that will be revealing to a lot of companies." (Compiled by Alden Bentley)