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Music streaming giant Spotify saw its shares close about 10 percent below the opening price at USD 149.01 in the first day of listing on the NYSE.
According to Bloomberg, 5.6 million shares changed hands at the initial price.
As the company prepared to go public, Chief Executive Officer Daniel Ek made it clear that Spotify chose a direct listing to avoid “the pomp and circumstance” of an IPO. Following, the listing Ek had a net worth of about USD 2.4 billion and Martin Lorentzon, co-founder of Spotify, a USD 3.4 billion fortune as of 2:15 PM, according to the Bloomberg Billionaires Index.
Spotify was advised by Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. and designated market maker Citadel Securities LLC.
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