NEW YORK (CelebrityAccess) When Spotify announced its unconventional IPO rollout, it promised an unconventional and exciting ride. Instead, it’s been a nice, boring steady rise in stock price.
So noted Recode, which admitted that it was one of the outlets that predicted Spotify would nosedive out of the gate. Instead, SPOT stock has risen 40 percent since its inception 100 days ago.
Not that there’s anything wrong with that, but Spotify touted an unusual IPO launch, cutting out the traditional role of Wall Street with a “direct listing.” It posted available shares on the NYSE and let the market figure out the fair price rather than selling first to Wall Street suits before the rest of us.
Recode admitted it’s “a success story that should empower Silicon Valley startups to similarly tiff the big banks if they feel so inclined..”
That there wasn’t a nosedive is “good news for any other billion-dollar startups who want to loosen Wall Street’s grip on them – but were scared of whether they’d suffer for their gumption.”
SPOT is currently trading at 190.02 after a 52-week low of $135.51.