On April 3rd, 2018, one of the world’s most popular music streaming services, Spotify, made its highly anticipated Wall Street debut. The company opened its initial public offering (IPO) at $165.90 per share, after pricing its shares at $132 a piece the night before.
The IPO was the largest technology listing since Snap Inc. went public in March 2017 and was Spotify’s first foray into the public markets. The company had a valuation of around $26 billion and raised $1.6 billion from investors in its direct listing.
Spotify had been trading in private markets for some time before its official IPO, giving investors an idea of what to expect on the day of the offering. The stock initially rose to around $169 per share on April 3rd when it began trading and hit a peak of nearly $170 before closing out its first day at $149.01.
The stock had a volatile start to life as a publicly traded company due to uncertainty surrounding streaming music industry as well as concerns over Spotify’s ability to turn a profit with competition from Apple Music and other rivals.
Spotify’s debut has been seen by many analysts as an indication that tech IPOs are still attractive investments for investors despite recent market volatility.
What Price Did Spotify IPO At?
Spotify opened up at $165.90 per share on April 3rd, 2018 after pricing its shares at $132 a piece the night before.
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