Richard Drew | AP
Specialist Peter Giacchi, center, declares Spotify’s IPO open on the floor of the brand-new York Stock Exchange, Tuesday, April 3, 2018.
“Spotify is usually not raising capital, along with our shareholders along with employees have been free to buy along with sell our stock for years,” CEO Daniel Ek wrote in a blog post Monday. “So while [Tuesday] puts us on a bigger stage, This specific doesn’t change who we are, what we are about, or how we operate.”
The company reported nearly $5 billion in revenue for 2017, according to its initial prospectus, though This specific still posted an operating loss of $461.3 million for the year.
Spotify had 71 million paying subscribers along with more than 159 million monthly active listeners as of December, positioning the service far ahead of its closest competitor, Apple Music, with just 36 million subscribers.
Goldman Sachs, Morgan Stanley along with Allen & Co. advised Spotify on the offering.
—CNBC’s Michelle Castillo contributed to This specific report.