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Spotify shares surge 26% to $165.9 after unusual debut listing on NYSE

Spotify offers access to vast libraries of music rather than making users pay for CDs or downloads

Reuters  |  London | New York 

Spotify Technology SA shares changed hands well above levels they had traded in private markets on Tuesday as the world's largest music streaming service launched a direct listing on the New York Stock Exchange. Shares opened at $165.90, nearly 26 percent above the reference price of $132 a share set by the NYSE late on Monday. Spotify's unusual route to publicly trading its shares will likely be watched by other technology companies that could be tempted to list without selling new shares, and by bankers that could lose out on millions of dollars in future underwriting ...

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First Published: Tue, April 03 2018. 22:45 IST