Spotify begins public trading under symbol SPOT

Spotify has said it chose a direct listing because it doesn’t need to raise more money. It also says the process is fairer to investors

Spotify's Ek acknowledged before the listing that it could be a volatile ride for the company.

The stock began trading at $US165.90 a share shortly after noon, resulting in a valuation of roughly $US30 billion. The stock fell below that price in its first minutes of trading, hitting as low as $162 a share.

In the long-run, Spotify's performance in the stock market will largely depend on its business performance and outlook.

Spotify has began trading on the New York Stock Exchange just moments ago.

After initially spiking as high as $US169, shares eventually slid to close at $US149.60, according to Markets Insider data.

Today's listing was what's called a direct listing, which is a speedier and less expensive process compared to an initial public offering. Direct listings are typically used for smaller launches, such as for a company emerging from bankruptcy or a public company's spinoff listing shares.

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Swedish music streaming service Spotify was set to hit the United States markets Tuesday with the ticker name SPOT. While Spotify's cumulative number of paid subscribers is growing, it's not growing as fast as Apple Music's.

The opening public price was determined by buy and sell orders collected by the NYSE from broker-dealers and a designated market maker's determination of where buy orders could be matched with sell orders.

"Normally, companies ring bells". But Spotify, which brought in $5 billion in revenue in 2017, is not profitable. Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment.

Most of what he discussed on the show were topics and statements he's said multiple times before, including in a public letter he posted on the company's website Monday - particularly looking back at the inspiration that led him to found the company in 2006. "While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company".

By comparison, Spotify expects its audience could top 200 million monthly users by the end of this year, with as many as 96 million of them paying for the service, according to a regulatory filing.

The Guggenheim analyst summarized the likely investor debates about the stock this way: "It remains unclear if competitors can replicate the experience or leverage engineering and technology resources to develop a similar or superior offering".

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