IPO 2.0 in a Web 3.0 World
Spotify's Direct Listing Debut
Spotify, the music streaming business, listed on the NYSE on Tuesday.
This attracted significant attention due to the direct listing structure which avoids the traditional IPO route to market and, of course, the large underwriting fees which typically accompany a traditional IPO.
According to Reuters, Spotify’s shares opened at $165.90 representing a gain of nearly 26 percent on the reference price of $132 set by the NYSE late on Monday.
The stock ended the session at $149.01.