Spotify Stock Closed at $149.01 In Wall Street Debut
Spotify Technologies made some noise in the stock market. I talking louder than that damn opening day bell at the New York Stock Exchange.
Spotify(SPOT) opened the trading day with a massive offering of $165.90 per share. Based on this IPO experts believe Spotify is worth north of $26 billion. The music streaming company exceeded expectation, but it might due to the unique way they entered the market.
They took a direct listing approach. Which means they sold their shares straight to the public. It is not typical for a company that makes the kind of money Spotify makes and go the direct listings route.
SPOT closed at $149.01 which still is strong share price for the first day. Depending on who you listen to, Spotify Technologies stock price to drop tremendously in the next few days or the stock will remain stable.