83960
Music Giant Spotify Going Public
Music Giant Spotify Going Public

Music Giant Spotify Going Public

Music Giant Spotify Going Public

The New York Stock Exchange on Monday set the reference price for shares of music streaming service Spotify Technology SA at $132.
Spotify is pursuing an unusual direct listing to reach the public markets in place of an initial public offering, and shares are expected to start trading on Tuesday, Reuters reported.
The reference price is not an offering price for the shares, nor is it the opening public price for shares of the Swedish technology company.
The opening public price will be determined by buy and sell orders collected by the NYSE from broker-dealers, the exchange said. Based on those orders, the opening price will be set based on a designated market maker’s determination of where buy orders can be matched with sell orders at a single price. But the reference price will play a part in Spotify’s eventual pricing.
Though Spotify has not hired traditional underwriters - a move that will save it millions of dollars in fees - it has hired Citadel Securities as a market maker to set the opening price on the NYSE, with help from Morgan Stanley. While their roles will be limited, the reference price will be used while building the order book. Early on Tuesday, Citadel and Morgan Stanley will analyze investors’ buy and sell orders and then set an opening price for the stock.

Short URL : https://goo.gl/EMESvM
  1. https://goo.gl/Z1kBwe
  • https://goo.gl/gaJXxW
  • https://goo.gl/tWD8mT
  • https://goo.gl/f9nV1x
  • https://goo.gl/orhCax

You can also read ...

Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions
The European Union may opt for digital currencies in its...
Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.
Russia and Kazakhstan are temporarily stepping back on sales...
Secondary Forex Market: Corruption Loopholes Abound
Two goals set have been set for the recent establishment of...
EU foreign policy chief, Federica Mogherini, hailed the imposition of the blocking statute on Monday as a “consistent step forward”.
As it races to save the Iran nuclear deal, the European Union...
Deputy Economy Minister Defends Gov’t Forex Policy
The government’s policy to allocate dollars and euros to...
Hashtgerd Subway Station Construction Underway
Iranian authorities are pushing ahead with construction plans...
Colza Production Exceeds Expectations
The government has purchased more than 300,000 tons of colza...
Interbank Rate Tweak to Impact Interest Rates
Officials at the Central Bank of Iran have announced the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus