Spotify goes for gutsy direct listing on stock exchange – here are the winners and losers When Spotify finally went public on the New York Stock Exchange on April 3 as SPOT, it did so in a very unconventional way. For one thing, there was none of the usual fanfare. The CEO didn’t ring the opening bell; in fact, he didn’t even show up. The media covering the event had to talk among themselves as no one from the company was available for interviews. The initial public offering (IPO) was unusual in other aspects as well. To start with, it was a direct listing, meaning that the company didn’t issue any new shares. Instead, all the existing shares were listed directly on the exchange for open trading with retail investors but with none of the typical involvement of investment banks. This approach caused some bafflement at the NYSE, as no one really knew how to price the shares. The consensus value was US$132, but after some confusion, the shares opened up around lunchtime at US$165.90,...
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