Spotify debuts on NYSE, valued at $29.5 billion

Spotify debuts on the market with a boom, opening at $165.90 in an unusual “direct listing.”

The shares quickly wobbled in their first hour of trading, though remain well above the NYSE’s reference price of $132.

The company has traded between $48.93 and $132 over the last 12 months through private transactions, and indications Tuesday showed it could trade as high as $155.

The company, with more than 71 million subscribers, is not raising any money through the IPO.

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