Spotify ipo price12/11/2023 They shop the stock around to institutional investors such as pension funds to gauge demand and set the IPO price. In an IPO, investment banks underwrite the offering - shares to be offered by the company for sale - and act as intermediaries between the firm and the public. “We want to be as transparent as possible and give everyone equal access to information about the company,” he said. “This is because I think the traditional model of taking a company public just isn’t a very good fit for us.” Eschewing middlemen, Spotify chose to go public using a “direct listing” instead of an initial public offering. So you won’t see us ringing any bells or throwing any parties,” said Ek during last month’s investment presentation. “For us, going public never really been about the pomp or the circumstance of it all. CEO Daniel Ek also didn’t mingle with traders on the floor and did not give interviews to TV reporters.Īnd Spotify is proud of doing it this way. When trading on its stock commenced, no Spotify executive rang the bell on the New York Stock Exchange. It live-streamed the investment presentation to the public instead of giving access only to Wall Street analysts. It didn’t sell any of the company’s own shares - some existing shareholders chose to sell their stock instead. Spotify, the world’s largest music streaming service, went public last week in a very unusual way. Wharton's David Wessels and University of Florida's Jay Ritter discuss why Spotify chose a direct listing to go public.
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