Spotify: shares set for market debut on NYSE this Tuesday
(CercleFinance.com) - Shares of Swedish music streaming service Spotify are set to begin trading today on the NYSE under the symbol "SPOT".
Unlike an initial public offering, this direct listing relates to the registration of the resale of up to 55.7 million of the company's ordinary shares by registered shareholders identified in the prospectus.
The opening price will be determined by buy and sell orders collected by the NYSE from broker-dealers: based on such orders, the designated market maker will determine an opening price.
The New York Stock Exchange set the reference price for the shares at 132 dollars, in the upper part of recent private transactions.
Research firm Morningstar values the company's market capitalization at a 21 billion dollars.
However, looking at the fundamentals, Morningstar said it is not sufficiently confident that it will generate excessive returns on capital over the next 10 years.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Unlike an initial public offering, this direct listing relates to the registration of the resale of up to 55.7 million of the company's ordinary shares by registered shareholders identified in the prospectus.
The opening price will be determined by buy and sell orders collected by the NYSE from broker-dealers: based on such orders, the designated market maker will determine an opening price.
The New York Stock Exchange set the reference price for the shares at 132 dollars, in the upper part of recent private transactions.
Research firm Morningstar values the company's market capitalization at a 21 billion dollars.
However, looking at the fundamentals, Morningstar said it is not sufficiently confident that it will generate excessive returns on capital over the next 10 years.
Copyright (c) 2018 CercleFinance.com. All rights reserved.