Today Spotify began trading at $165.90 per share in its unconventional direct listing. According Cheddar’s Hope King, the value of the company is now around $29.5 billion.
Follow Crunchbase News on Twitter & Facebook
In the first two months of this year, Spotify shares traded between $90 and $132.50, creating a wide range for the company’s value. The company’s shares traded on an even wider band in 2017, with sales ranging from $37.50 to $125.00.
As of the time of writing, the following numbers show Spotify’s gains from its $132 reference price that was set before its opening:
According to the Wall Street Journal’s Maureen Farrell, Spotify’s start of trading was “officially the latest open for a NYSE-listed stock on record,” noting that “Alibaba opened at 11:53 am,” earlier than when Spotify started to trade.
If the day’s trading goes well for Spotify, the firm will have set an interesting precedent for highly-valued private companies. Perhaps we’ll see more of the same. But with only minutes of trading under its belt, let’s not get ahead of ourselves.
For notes on Spotify’s financial health and a link to its F-1 document, head here. And for more on how Spotify has the long-game in mind for its financial model, head here. Spotify is on the hunt for better margins, a nearly existential quest. It’s first earnings report should be interesting as all hell.
Top Image Credit: Li-Anne Dias
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.
![Illustration of toast with $ toasted in. [Dom Guzman]](https://news.crunchbase.com/wp-content/uploads/Forecast-dollar-sign-300x168.jpg)
67.1K Followers