Why Spotify decided to go public now

Spotify provides joy on a daily basis for millions of people worldwide. Now, the music-streaming service is becoming a financial opportunity, not just a welcomed distraction. 

On Tuesday, Spotify began trading on the New York Stock Exchange under the ticker $SPOT. The stock opened at $165.9 per share, valuing it as $29.5 billion. Spotify's decision to go public has been expected as a way to return capital to early investors, but it comes with wariness from Wall Street and from Silicon Valley.  

SEE ALSO: Spotify says 2 million people figured out how to block ads for free

Spotify's IPO has been unconventional by most industry standards. For example, the company didn't work with bankers to sell shares through institutional investors. Instead, it's completing a direct listing. Additionally, while traditional IPOs feature executives on the trading floor to ring the bell and speak with reporters on why the stock is a worthy investment, Spotify's team was absent from the NYSE.  Read more...

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