Spotify debuts on Wall Street: Swedish music streaming giant lists on New York Stock Exchange for $132 a share, putting its worth at $23BILLION - after a SWISS flag was raised outside celebrating its arrival

Spotify's stock debuted on the New York Stock Exchange on Tuesday at $132 a share in an unusual Wall Street debut. 
Instead of an IPO, where new stocks are listed at an underwritten price set by a bank, Spotify is selling only existing stock. 
Known as a direct listing, this way the company removes power from banks which are hired at great expense to drum up investors before a company goes public and then push the stock to ensure it does well. Instead, Spotify's price will be driven entirely by market investors. 
This led to uncertainty ahead of the opening bell on Tuesday but the company's... read more

3 April 2018 in Business, Views: 61
Source: Daily Mail

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