(Bloomberg) -- A direct listing by Spotify Technology SA, owner of the world's largest paid music service, opened at $165.90 per share as trade tensions and Trump's tweets pushed tech stocks lower in recent days.
- The stock was expected to trade at a market value of about $25 billion, Bloomberg reported, according to people familiar with the matter
- Analysts released mostly bullish research on the music-streaming company ahead of its unusual offering
- Spotify received its first buy rating, from RBC Capital Markets, after M Science praised its subscriber growth potential, while Gabelli today gave the company its first hold on margin concerns
- Unlike a traditional IPO, in which a set number of shares are sold to a known list of investors before trading starts, Spotify's first public share price was determined by the supply and demand in its NYSE opening
- Spotify's 12-month target price based on data compiled by Bloomberg was $167 per share at the time of reporting
- NOTE: Earlier, Why Spotify Doesn't Want a Stock Pop on Its First Day of Trading
To contact the reporter on this story: Meghan Genovese in Los Angeles at mgenovese@bloomberg.net.
To contact the editor responsible for this story: Lauren Berry at lberry4@bloomberg.net.
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