However, Spotify is now entwined in an increasingly competitive music-streaming business, where nearly all of its main competitors are owned by tech giants whose music-streaming services are not their core business.
Co-founder and CEO Daniel Ek said earlier this week that the float puts Spotify on "on a bigger stage".
The reference price is not an offering price for the shares, nor is it the opening public price for shares of the Swedish technology company. That followed several analyst reports that gave the company's stock lukewarm ratings.
It's not the first time fraudsters have targeted Spotify-an MBW investigation in February revealed how a Bulgarian playlist-maker scammed the Spotify payout system for months past year. However, the company also envisions a future where independent acts will forego big labels and work with Spotify directly for distribution.
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This is a particularly attractive strategy for companies swimming in private funding, and could signal a viable approach for a number of other tech unicorns. Some 91 percent of Spotify's 178 million shares were tradable, a much higher percentage than typical in a traditional IPO.
The service already hosts podcasts and radio shows, and it's easy to imagine Spotify will eventually venture into more exclusive content, akin to Taylor Swift's Spotify-only music video for her newest single, "Delicate". To date, the platform has 71 million premium subscribers.
As of December, Spotify revealed it had more than 71mn paying subscribers alongside 159mn monthly active listeners, driving its revenue that reached just short of $5bn in 2017. "At the same time we see limited pricing power as free alternatives will persist, and that is in the here and now".
Normally, companies ring bells.