Spotify makes successful public listing

Spotify made its debut on the New York Stock Exchange and closed the first day at US$26.5 billion, about 30 percent above analysts’ prediction.

The music streaming giant had taken the unusual step of listing existing shares rather than issuing new stock on the exchange. The move allowed its founders and existing investors to maintain control of the company.

The successful listing is a breath of fresh air for Spotify — which has  159 million users of which 71 million are paying subscribers — as it has yet to make a profit despite investing heavily in the platform.

 

 

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