Spotify began trading at $165.90 a share, around 12:30pm, without the usual team of bankers at the ready. We caught up with NYSE COO to hear how it all went without them.
Spotify (SPOT) went public today with what is called a direct listing, bascially that means the stock can to trade on an exchange but the company did not have to pay expensive bankers that are typically present during a traditional initial public offering.
So it was incumbent upon the exchange to get it right.
And it seems they did
"We took our time and wanted to make sure we found the right price," said Stacey Cunningham is Chief Operating Officer of the NYSE Group (ICE) when we caught up with her on the NYSE floor today.
Spotify began trading at $165.90 a share, around 12:30pm, valuing the company at about $29 billion.
"We wanted to shake out the volatility and took our time taking time w opening process, said Cunningham.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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