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Spotify inventory market debut strikes a chord with traders

Spotify’s opening act on Wall Avenue struck a chord with traders betting that the unprofitable firm’s trend-setting music streaming service will keep its early lead over Apple and different highly effective challengers.

After a number of hours of anticipation Tuesday morning, Spotify’s shares traded as excessive as $169 of their inventory market debut earlier than falling again barely. The inventory closed at $149.01 — properly above its earlier excessive of $132.50 in offers labored out throughout Spotify’s 12-year historical past as a privately held firm.

The inventory market’s heat welcome left Spotify with a market worth of about $27 billion, in response to FactSet. By comparability, Web radio station Pandora Media’s market worth stands at $1.

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