Apr 3, 2018 - Business

Spotify's un-IPO goes smoothly

Spotify stock closed its first day of trading at $149.01 per share, giving the music streaming giant a market cap of around $26.6 billion. That's well off Spotify's opening price of $165.90 per share, but we didn't see the up-and-down volatility spikes that some had anticipated given that this was a direct listing rather than a traditional IPO.

Bottom line: The process appears to have gone smoothly, which could prompt other well-known private companies to pursue direct listings. It also is the second "unicorn" in the past month to go public at a valuation higher than what it received in the private markets, following Dropbox.

Data: Money.net; Chart: Axios Visuals

Go deeper: Spotify's un-IPO has arrived

What's next

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Kobe Bryant on court for the Los Angeles Lakers during the Sprite Slam Dunk Contest on All-Star Saturday Night, part of 2010 NBA All-Star Weekend at American Airlines Center in Dallas in February 2010. Photo: Jed Jacobsohn/Getty Images

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Go deeperArrow10 mins ago - Sports

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Photo: Alex Wong/Getty Images

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Illustration: Sarah Grillo/Axios

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