Chase Coleman's Tiger Global Management owns almost $2 billion of Spotify Technology SA, making it one of the biggest shareholders of the music-streaming company that started trading Tuesday. "However, it's possible that the largest and best-known names - Uber, Airbnb - may choose this route if Spotify's listing is successful".
"Normally, companies ring bells". Instead, the company made the decision to simply list existing shares, which made it hard for anyone to predict the price the shares would initially go for. Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment.
"Nothing ever happens in a straight line the past 10 years have certainly taught me that", Ek, Spotify's co-founder and chief executive, wrote in a blog post on Monday evening. "While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company". It took a while for the market makers to sort this out.
Spotify is focused on building its subscriber base.
Google and Amazon are also attempting to muscle in on Spotify's business.
PARIS, FRANCE - JANUARY 06: In this photo illustration, the logo of the Swedish music streaming service Spotify is displayed on the screen of an iPhone on January 06, 2017 in Paris, France. The company has 157 million users worldwide with 71 million of them paying for a subscription, making it the leading music subscription service.
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The Guggenheim analyst summarized the likely investor debates about the stock this way: "It remains unclear if competitors can replicate the experience or leverage engineering and technology resources to develop a similar or superior offering".
That success hasn't come cheap.
Spotify had 4.09 billion Euros in revenue last year (or close to $5 billion), compared to 2.95 billion Euros (about $3.6 billion) the year before.
Bleeding money may not be enough to turn off investors, however. "So back in '98, '99, I was really thinking about how I could get all the music and do it in a legal way while at the same time compensating the artist".
"Even with all the buzz that it's going to be a great tech IPO year, they're still few and far between", says James Gellert, CEO of RapidRatings, which rates the financial health of public and private companies.
Spotify is a company that has been burdened with issues particularly in the latter half of its existence.