Spotify stock begins trading at $132 a share, placing company valuation at $23.5 billion

Spotify, the world’s largest music streaming service, went public this morning trading under ticker name SPOT, opening at $132 a share. That puts the company value at $23.5 billion. That’s on target with what CNBC reported last month when it said Spotify shares were traded on private markets were for as high as $132.50 a share. Spotify’s last valuation was at $8.4 billion when it raised a financing round of $400 million back in 2015.

Sweden-based Spotify is available in 61 countries with an overall user base that includes ad-supported free listeners of 159 million, and 70 million paying users as of January 2018. The company was founded in 2006 by Martin Lorentzon and Daniel Ek, who remains its current CEO.

For its public offering,…

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