Spotify officially became a publicly traded company today as it was listed for stock trading on the New York Stock Exchange. The company has started their test of investors’ faith in the music streaming giant’s future success.
Analysts have said that the performance of the company’s shares on the first day of trading would be very telling about how it will fare in the near future, as news of Apple Music being “more popular” of a service looms.
According to The Guardian:
The Swedish company’s listing on the New York Stock Exchange will also offer greater insight into investors’ attitudes to technology companies, following a string of floats that have attracted great fanfare but met with varying receptions.
Spotify is still an unprofitable company but analysts have valued the company between $20-25 Billion before the company went public.
The company is not planning on issuing any new stock for the public listing, meaning it didn’t set a share price in advance of going public.
The close of market today will be interesting for those looking at the streaming provider closely.