(Reuters) - Shares of music-streaming service Spotify Technology SA began trading at $165.90 and hit a high of $169 during their debut session on Tuesday, well above the “reference price” of $132 set by the New York Stock Exchange late on Monday. They last traded at $151.26.
The Swedish company skipped a conventional initial public offering (IPO) and listed shares directly on the NYSE with few of the safeguards provided by investment banks that would normally manage the process.
Here is how technology companies have fared on their market debut and following recent IPOs:
Company IPO Date IPO Price First-day Pct change
pct change since IPO
Snap 28-Feb-17 $17 +44% -17%
MuleSoft 16-Mar-17 $17 +46% +159%
Cloudera 27-Apr-17 $15 +21% +47%
Blue Apron 28-Jun-17 $10 0% -82%
Roku 27-Sep-17 $14 +68% +111%
Dropbox 22-Mar-18 $21 +36% +46%
Reporting by Noel Randewich and April Joyner; Editing by Meredith Mazzilli and Bill Rigby