After a few hours of behind-the-scenes trading, the official debut public price for Spotify (SPOT) has been revealed at $166 per share, resulting in a market cap worth $29.6 billion.
According to Yahoo Finance, "Shares of the company traded hands for as much as $131 per share during the first quarter, and the Financial Times reported Monday that will likely take until midday on Tuesday for the stock to open for trading".
The company has traded between $48.93 and $132 over the last 12 months through private transactions, and indications today showed it could trade as high as $155. The company is using a so-called direct-listing process.
One letter can make a world of difference, as the New York Stock Exchange demonstrated Tuesday morning.
Ek is a startup veteran who launched his first company at the age of 14. It is unclear how many shares insiders will offer up for sale or how much demand there will be for them, market experts say. Spotify has also made it clear that it intends to remain focused on adding more subscribers instead of making money for now.
Chi-Hua Chien, managing partner at California-based investment firm Goodwater Capital, told Reuters that he thinks the company was trading at a "fair market price".
The company, with more than 71 million subscribers, is not raising any money through the IPO. It surpass Apple Music, Pandora, Google Play Music, Amazon Music Unlimited, Tidal and iHeart Radio, among others.
Ek said he isn't concerned about the competition - for now.
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The visit - on which she was accompanied by her father, mother, and two brothers - was kept tightly under wraps. She has also written a book, spoken at the United Nations and met with refugees. "Don't think about me".
"We are about twice the size of [Apple] so I think we've still got some room and I'm very happy with the growth that we're seeing in our business".
Still, the company isn't profitable.
Losses for last year were 1.2 billion Euros ($1.47 billion), which compares to 539 million Euros ($661 million) the year before.
Lots of eyes will be on the Spotify stock symbol when it goes on the board later today, and not just because of the tricky valuation. The company has said it pays almost 70 percent of its revenue to the music community.
Normally, companies ring bells. That makes it hard for investors to know if the listing will be a hit with investors or a total flop. For example, the company didn't work with bankers to sell shares through institutional investors. By going public through a direct listing, Spotify will avoid the hefty fees that are typically earmarked for banks.
There was concern such a listing could make for a volatile entry into the public market.
A reference price has been set at $132 per share, but actual trading prices could vary widely for the Swedish streaming behemoth, depending on the buy and sell orders collected by the stock exchange from broker-dealers.