Saturday, 21 April, 2018

The stock markets appraised Spotify on 30 billion Dollars

Spotify — Tomorrow Spotify soars to value over $26 billion in stock debut
Elsie Buchanan | 05 April, 2018, 01:02

The New York Stock Exchange celebrated Spotify's stock market debut Tuesday with the wrong flag. Based on the total number of shares outstanding after the listing, Spotify has a market value of about $27.8bn. Sweden's flag is blue and yellow.

A New York Times article confirmed that the first day of trading was a success and Spotify finished with a valuation of $26.5 billion.

Spotify's debut came on the heels of a steep United States equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday. Sony didn't immediately comment on what pricing it had previously recorded Spotify's stock at on its books. More than 91% of the proposed 178 million shares are traded, which is a much higher percentage than the original stock market's initial offering.

The direct listing by Spotify was the largest on record, with Spotify now having a higher market value than Snap Inc.

By comparison, Apple's almost 3-year-old music streaming service has 38 million subscribers. Unlike a traditional Initial Public Offering, Spotify conducted a direct listing, meaning no banks underwrote the offering and no price was set ahead of the debut.

Dragons hope to awaken bats this season — BASEBALL PREVIEW
I expect him to continue to do so. "Right now, her times aren't that great because we've been running meets in windy conditions". Previous year it took a while for us to get our bats going. "The girls know they can do better and know what needs to be done".


Shares initially "popped" up to $165 (£118) on opening, way above its guide price of $132 (£93). Revenue of $5 billion a year ago was up 39% from 2016.

Normally, companies ring bells.

The other big tech IPO of the year so far was Dropbox last month, which opened at $21 (£15) a share on the Nasdaq exchange - just above its expected price of $18-20. However, it faces competition from Amazon and Apple and is reliant on the four big music companies which control rights to 87% of the music streamed on Spotify. 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%.

The day before Spotify began trading on the stock market, CEO Daniel Ek published a post on the company's website in which he quoted Daft Punk.

Now, the service has 71 million paying customers, making it the most successful music streaming company to date, surpassing Apple Music, Google Play Music, and Tidal among others.

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