Today was a big day for the music business. Spotify (SPOT) officially listed itself on the New York Stock Exchange with a direct public offering, meaning that it just floated existing shares on the market. This was one of the most anticipated listings in years and investors appear to be cautiously enthusiastic about the company. In a day of fluctuations, it eventually finished the day up 13% from the original reference price, but fell pretty sharply at the end of the day. It’s valuation at the end of trading is over $26.5 billion.
Spotify original reference price was $132, but opened trading at $165.90 at 12:43 p.m. ET. The first trade was for 5.7 million shares according to Marketwatch. The price rose to $169, but after about 1 EST, the stock started to fall and closed at 149.01. This is 10% lower than its opening price, but still 13% above the original reference price.
There was one small snafu by the stock exchange. According to The Guardian, NYSE raised a flag outside to commemorate the occasion, except it was Swiss and not Swedish. This was fixed after 15 minutes, but it was noticed.