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Spotify To Begin Publicly Trading On U.S. Markets
Topic Started: Apr 3 2018, 05:20 PM (110 Views)
Webster
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note: linked from main markets thread for 3 April 2018

(The Guardian - 8:06am) In less than 90 minutes, music streaming site Spotify will join the US stock exchange. You can get up to speed quickly with our explainer, which outlines why the popular service (which has never turned a profit) could be worth up to $25bn - and why today’s listing could be particularly lively....
-Read more: https://www.theguardian.com/business/live/2018/apr/03/markets-fall-china-us-tariffs-trade-war-ftse-dow-spotify-listing-business-live?page=with:block-5ac36dcfe4b0ea82609d4992#block-5ac36dcfe4b0ea82609d4992
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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--Getting first indications for Spotify $145 - $155 (Sally Shin, CNBC San Francisco Bureau Chief - 3 April 2018)
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) Those early prices suggest that Spotify could be worth around $27bn, I think. Not too shabby, given the company hasn’t made a profit out of its 157 million customers.
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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--#Spotify shares indicated at $150-160...so about +26% pop on where shares trading at top end in private transactions earlier in 2018 #TicTocNews (Caroline Hyde, Bloomberg TV - 3 April 2018)

--@spotify shares set to price at $165/share well above the expected $132/share from yesterday - suggests strong investor demand @BBCBusiness (Kim Gittleson, BBC News - 3 April 2018)
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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--Not a single #Spotify share has changed hands yet - and already the "price" has gone up almost $30. (John Sinclair Foley, Reuters - 3 April 2018)
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) Spotify’s likely market valuation is pushing closer to $30bn, as its unconventional ‘direct listing’ continues to play out on the trading floor

There are 178.1 million Spotify shares in existence (although the company is only offering around a third to New York investors today). So if today’s listing hits $170, as seems possible, the company could be worth several billion dollars more than forecast.
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) SPOTIFY VALUED AT ALMOST $30bn
AT LAST! Spotify is finally trading, after more than three hours of intense discussions on the Wall Street trading floor. Shares have opened for trading at $165.90, sharply higher than the $132 which had been suggested.

That, by my maths, values Spotify at around $29.5bn.
-Read more: https://twitter.com/zerohedge/status/981210873778917377
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) The Wall Street Journal says Spotify has hit the markets with a bang: Spotify Technology roared onto the public market Tuesday as the music-streaming giant pulled off an unusual method of going public. The stock opened at $165.90 and traded in a close range immediately after. With an opening value of $29.55 billion, Spotify is poised to become the third-largest U.S.-listed tech IPO on record, according to Dealogic.

That ‘unusual method’ involved spurning the investment banks who would have underwritten the company’s shares (providing a safety net for the market debut), in return for a large fee.
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) Spotify’s shares are bouncing around in early trading, as investors weigh up whether to buy in at today’s opening price. They’ve just slipped below $164, from the opening price of $165.9. Early days, though....
-Read more: https://www.marketwatch.com/story/spotifys-stock-indicated-at-150-to-160-or-higher--as-it-kicks-off-unorthodox-direct-listing-2018-04-03?mod=mw_share_twitter
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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--Wowzers #spotify debuts on the @NYSE with a share price of $165.90 - the music streaming service is worth $29.5 billion - more than Twitter! (Danni Hewson, BBC Radio 5 Live - 3 April 2018)

--Spotify's opening price of $165.90 gives it a valuation of $30b. I'd say that's pretty punchy. Universal Music parent Vivendi is valued at EU27b, probably with a conglomerate discount though. (Alex Webb, Bloomberg Business - 3 April 2018)
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(BBC News) Spotify shares fall back
After that quite impressive debut earlier, Spotify shares have now lost some ground. The stock opened at $165.90 but has now fallen as low as $155 on the New York Stock Exchange.
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) Laith Khalaf, senior analyst at stockbroker Hargreaves Lansdown, says Spotify has a ‘great story’; even so, people should be cautious when investing.

He explains: ‘Spotify is floating on the stock market at a pretty inauspicious time for the tech industry, which has been rocked by the Facebook data scandal and now potentially faces greater regulation as a result. Donald Trump’s tweeted attacks on Amazon don’t help lift sentiment towards the sector either.

Despite the downbeat mood music, Spotify shares changed hands on the market at a substantial premium to the highest price previously paid in private transactions, indicating significant investor demand for the stock. It’s still early in the US trading session however.

The attraction of the music-streaming service probably lies in Spotify’s strong market share and rapidly growing revenues. It may be some time before Spotify actually turns a profit though, as the company is resolutely prioritising growth over profit, and will be channelling money into investing in services and building further scale.

Unlike its main competitors Apple and Amazon, Spotify is focused on music streaming, so it doesn’t benefit from the network effects of a wider ecosystem. However the company has already carved out a dominant role, and has demonstrated its ability to leverage scale by renegotiating agreements with music labels, boosting its gross margin from 12% to 21% since 2015.
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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Webster
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(The Guardian) Spotify may have bucked the trend with its direct listing, but its ownership structure is depressingly familiar, says our financial editor Nils Pratley.

Its founders are wedded to keeping vice-like control via a share structure with unequal voting rights. For unequal, read unfair: Daniel Ek and Martin Lorentzen own 38.9% of the ordinary shares but they have created “beneficiary certificates” with super-charged voting rights that only they can own. Include those holdings and Ek and Lorentzen have 80.4% of the votes.

As the prospectus is obliged to concede: “If our founders act together, they will have control over the outcome of substantially all matters submitted to our shareholders for approval, including the election of directors.” Put another way, for as long as the duo stick together, they are unsackable.

-Read more: https://www.theguardian.com/technology/nils-pratley-on-finance/2018/apr/03/spotifys-direct-listing-breaks-the-mould-unlike-its-governance
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'Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that.' - Bill Shankly, Liverpool F.C.
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