The company even chose Scandinavian minimalism for the listing - no executive turned up to fly the company's flag for the debut, and it turned down the tradition of new companies ringing the opening bell at the New York Stock Exchange.
Some market-watchers cautioned investors not to read too much into the first day of trading, given the mixed performance of recent tech IPOs and an increasingly competitive music streaming landscape.
"Normally, companies don't pursue a direct listing".
The venture capital unit of New York-based Tiger Global owns 12.8 million shares, or 7.2% of the company, according to a March 20 filing. Spotify claims that with scale it can start to negotiate better with music labels to get artists a better deal, as they still see minimal returns on streams, with the average "per stream" payout coming between $0.006 and $0.0084. Apple, on the other hand, has 46 million on its music service.
"Investors are right to have some reservations".
At the end of 2017, Spotify had 157 million monthly active users and 71 million premium subscribers. However, Apple doesn't rely on paid subscribers to earn a profit for Apple Music, as it has a huge retail family and consumer goods offering - products it can also use to push its streaming service to consumers.
Tencent Music dominates music streaming in China through its QQ Music, KuGou and Kuwo platforms.
It has around 80m more users than its nearest rival, Apple Music, and 25m more paying customers, but posted a loss of €1.23bn a year ago on revenues of €4bn.
Spotify isn't selling any shares and there's no lockup period for company insiders or, with one exception, current shareholders.
After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139. That means the company's first public share price, the open price, was set based purely on supply from existing shareholders wanting to sell stock and demand for those shares.
Shares in Spotify were trading Wednesday afternoon down $9.01, or 6 percent, at $140.04. The stock was on track to lose another 1% in after hours trading. The share price closed at $149.01, still above the reference price.
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