Shares of music streaming service Spotify Technology SA are set to begin trading on Tuesday.
The Swedish company skipped a conventional initial public offering (IPO) and is listing shares directly on the New York Stock Exchange with few of the safeguards provided by investment banks that would normally manage the process.
Shares were last indicated to trade between $150 and $160. That compared with the reference price, an early estimate of the level at which supply and demand could be balanced, set by NYSE late on Monday at $132.
Multi-billion dollar tech companies who are looking to list without issuing new shares may be looking at Spotify`s debut as a test case for the IPO alternative. Here is how technology companies have fared following recent IPOs: Company IPO Date IPO Price First-day Pct change
pct change since IPO
Snap 28-Feb-17 $17 44% -18%
Mulesoft 16-Mar-17 $17 46% 159%
Cloudera 27-Apr-17 $15 21% 46%
Blue Apron 28-Jun-17 $10 0% -82%
Roku 27-Sep-17 $14 68% 120%
Dropbox 22-Mar-18 $21 36% 43%
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)