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Analysis

Spotify Opens Door To Direct Listings Among Tech Unicorns

By Tom Zanki (April 3, 2018, 10:20 PM EDT) -- Music streaming giant Spotify saw shares gain Tuesday after completing an unusual direct listing — in which the company curtailed the role of investment banks and went public without raising money — potentially setting a precedent for certain companies to follow, experts say.

Spotify, represented by Latham & Watkins LLP, began trading under symbol SPOT on the New York Stock Exchange, which set an opening reference price of $132. During a traditional initial public offering, underwriters set the IPO price and allocate shares to institutional investors.

Shares of Spotify opened at $165.90 in early afternoon trading, about 26 percent above its...

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