April 3, 2018 / 4:54 PM / 17 days ago

Spotify shares open for trading at $165.90

NEW YORK (Reuters) - Spotify shares began trading on the New York Stock Exchange on Tuesday with an opening price of $165.90 per share.

A smartphone and a headset are seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration

The streaming music leader has structured the stock market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech companies with no immediate cash-raising needs.

Reporting by Chuck Mikolajczak; editing by Jonathan Oatis

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