Among the majors, Sony had the largest share in the company, with about 5.7 percent, according to Spotify's prospectus.
Dropbox shares surged over 35% to $28.48 on their first day of trading on 23 March and last night closed at $31.59, valuing the business at $12.9 billion. Investors considering buying shares should take a long-term view and ensure their holding is only a small part of a well-diversified portfolio, ' commented Laith Khalaf, senior analyst at stock broker Hargreaves Lansdown.
Personal details stored online are being hacked and then sold off - allowing the purchaser to access someone's subscription to Spotify for a tiny fraction of the above-board pricetag, says the Dark Web Market Price Index. Based on the total number of shares outstanding after the listing, Spotify has a market value of about $27.8bn.
The company reported almost $5 billion in revenue for 2017, according to its initial prospectus, though still posted an operating loss of $461.3 million for the year.
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After hitting an intra-day low of $134, which was just above the reference price set on Monday before their debut on the floor, they were rebounding, paring their initial drop to trade -1.41% lower at $139.
But Spotify faces rising competition, most notably from Apple, which launched its own service in 2015 to seize a slice of the booming streaming market.
The digital music giant bypassed many traditional steps in listing as a public company. Netflix is worth about $122 billion.
At the end of 2017, Spotify had 157 million monthly active users and 71 million premium subscribers. But it may not be enough to carry the company to big profits, he said in his report on Wednesday rating the shares "neutral".