Everything you need to know about the Spotify IPO

Spotify's debut on the New York Stock Exchange (NYSE) saw the company's share price rising as much as 13%, opening at $165.90 per share, later falling to $149.01 - still well above the reference price of $132. On a comparable basis the Apple Music service has 46 million subscribers.

Since launching its streaming music service a decade ago, the Stockholm-founded company has overcome heavy resistance from big record labels and some major music artists to transform how the industry makes money. Spotify shareholders have been able to buy and sell their equity "for years", according to a post by Daniel Ek, the company's chief executive.

Shares opened at $165.90 on Tuesday - up almost 26pc from the reference price of $132 set late on Monday - and closed at $149.01.

After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139. Spotify now has a higher market value than Snapchat owner Snap, which went public past year.

On Wednesday, a day after Spotify's shares began trading on the New York Stock Exchange, the price had dropped 6% to $140.02 at midday. And among the streaming households, nearly half subscribe to a music service, a high figure also internationally.

In many public listings, and the investors pitch last month, Spotify has spoken about becoming a "platform". The shares will simply find their own price, depending on how many buyers and sellers there are, while it could take some time for a price even to be established.

Spotify said in a regulatory filing that it had 159 million monthly users including 71 million paying subscribers - twice that of closest rival Apple Music.

Amid Spotify's methodical wait to list, MIDiA Research managing director Mark Mulligan called Tuesday "arguably the most anticipated day in the history of digital music".

Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit. And it feels like the right time to pause and acknowledge the thousands of Spotify employees around the globe who helped build out the Spotify ecosystem while staying true to who we are and what we believe.

"Normally, companies don't pursue a direct listing".

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