Spotify valued at $29.6bn upon opening on the New York Stock Exchange

Spotify valued at $29.6bn upon opening on the New York Stock Exchange

 

Spotify has launched directly onto the New York Stock Exchange today (April 3) with shares opening at $165.90 each, a figure notably ahead of previous forecasts of $132.

The market valuation for the streaming giant based on the opening performance places the company at $29.6bn, compared to the widely predicted $25 bn. The Wall Street Journal has declared that the Swedish company is on track for the third-largest tech IPO ever.

Music Week will issue a comprehensive overview at the end of trading. Be sure to check back to musicweek.com regularly for updates.

You can read Music Week’s guide to what Spotify’s IPO means for the biz here.

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