News - 03/04/2018

Spotify valued at $30bn: a great debut on New York Stock Exchange

Spotify valued at $30bn: a great debut on New York Stock Exchange

Streaming music coloss Spotify just started trading on the New York Stock Exchange. Now its official debut public price has been revealed: $166 per share, resulting in a market cap worth approximately $29.6bn.

This comes after months of speculation regarding Spotify’s official valuation. The company’s valuation stood at just $8bn on May 2015, according to reports in the financial press at the time – meaning that this figure has more than trebled in less than three years. Experts have warned, however, that some price volatility is expected in the wake of Spotify’s unusual ‘direct listing’ approach to flotation.

According to documents filed with the US Securities and Exchange Commission (SEC) in the past month, Spotify has registered to make available an 55,731,480 ordinary shares on the NYSE today. Moreover, 106m shares were already made available by the company under Rule 144a, according to a Spotify spokesperson, leaving 161.96m shares available for trading in total.

Daniel Ek owns 28.4% of the 55.7m publicly registered shares (15.84m), while his Spotify co-founder Martin Lorentzon owns a further 38.92% (21.69m). The third biggest shareholder of the stock available for sale today is TCV – whose 9.62m shares make up 17.26% of the 55.7m.

The remainder of the SEC-registered shares (15.4%) are owned by Spotify employees and other shareholders.

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