Spotify is now a public company

Spotify is now a public company

For quite some time now, we’ve known that Spotify has been working to go public, and the day is finally here. Spotify is officially a public company, and it took an unusual route with a direct listing instead of a more traditional IPO. They company’s shares were set at a price of $132 by the New York Stock Exchange late Monday, per Reuters. This gives the company a value of over $23 billion.

Spotify opened for trading at 12:45PM ET with price starting at $165.90, and 5.6 million shares initially being traded. This is a solid indication that there’s a good amount of interest in Spotify shares.

The flux in share price is because Spotify pursued a less traditional direct listing instead of an IPO. Through this route, it allows the share price to be set by supply and demand, rather than underwriters. Spotify previously hoped for a total valuation of $10 billion, and it seems that the company underestimated the demand due to the Interest in its shares.

CategoriesBusiness Spotify
Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

At The Jolt Journal, no one tells us what to write or how to write it. This is why, in the era of lies and bias, readers turn to an independent source. Rest assured, all information on our website is free of any bias or influence. If you see anything wrong with a story, please don't hesitate to reach out. We do our very best to report on the latest available information.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.