Spotify, the popular streaming music platform, went public on April 3rd, 2018. It was an initial public offering of shares of the company that was listed on the New York Stock Exchange (NYSE).
The stock price was set at $165.90 per share and the company raised a total of $1.3 billion in capital.
Spotify was founded by Daniel Ek and Martin Lorentzon in 2006 and has grown to become one of the most prominent streaming services in the world. Since its inception, it has amassed over 191 million users worldwide and over 83 million paying subscribers as of March 2019.
The music streaming service chose to go public after years of speculation about when it would enter the stock market. It had been pondering an IPO since 2013 but had been waiting for the right time. The company’s CEO explained that he wanted to wait until Spotify had reached a certain level of maturity and stability before going public.
The decision to go public was met with enthusiasm from investors and analysts alike who saw potential for growth in Spotify’s music streaming model. On its first day as a publicly traded company, Spotify’s stock surged as much as 26% above its offering price before closing at $149.01 per share.
Since then, Spotify has gone on to have a successful public offering with its stock currently trading at around $190 per share as of June 2019.
Conclusion:
Spotify went public on April 3rd, 2018 after years of speculation about when it would enter the stock market. Its initial public offering listed shares on the New York Stock Exchange (NYSE) with a price set at $165.90 per share, raising $1.3 billion in capital in the process. Since then, Spotify’s stock has surged and is currently trading at around $190 per share as of June 2019 showing great promise for future growth in their music streaming model.
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In 2015, the streaming service Spotify underwent a major rebranding. The company had been using the same logo since its inception in 2008, and it was time for something new. As part of the rebranding, Spotify decided to redesign its logo with a bolder, more modern look that better reflected its position as a leader in the streaming music industry.
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