According to Reuters, Spotify - trading as SPOT - had a largely stable first day of trading, and at closing time, the company's shares were trading at $149.01 per share, giving Spotify a massive market cap of $26.5 billion, bigger than Snap Inc. which made its stock market debut previous year.
At $26.5bn at the end of the first trading day, Spotify ranks in the top 10 largest USA tech listings.
Though in music circles, more attention will focus on if and when the record companies decide to sell the equity they acquired in Spotify as part of their original licensing deals.
"It is a success", Tom Cahill of Ventura Wealth Management said of the listing.
Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit.
"They are getting all the funding they need in the private market and they don't really need to go public as early", he said.
The growth - in line with global trends - was nearly entirely attributable to the rise in streaming subscriptions, according to the Recording Industry Association of America. The debut allowed Spotify to fulfil this promise and to expand the business. Among these streaming households, 43 per cent subscribe to a music service.ie, 26 per cent of all Swedish households subscribe to at least one music streaming service. Tiger Global was an early investor in both Facebook and LinkedIn. Perhaps that's a good starting point for the Spotify share to attract a broad group of investors domestically.
Spotify and Tencent's music subsidiary announced a share swap in December, taking minority stakes in each other ahead of expected stock market listings this year. Apple Music, the closest rival, in comparison has about 46 million subscribers.
Daniel Ek, Spotify's co-founder and chief executive, added in the Times report that the manner in which they went public reflected the company's self-image as a disrupter in the industry. This is where the company doesn't issue new shares or seek to raise money through the process of going public, instead it gives existing shareholders the option to sell their shares to the public.