Spotify shareholders appeared reluctant to sell much stock last week ahead of the company’s public listing, say investors and brokers, suggesting the price will jump when shares begin trading on Tuesday.
The music streaming service was still allowing private trades last week, a highly unusual move so close to a public listing. But investors were finding it difficult to pick up big blocks of stock, despite bids of close to $140 per share, equivalent to a fully diluted valuation of roughly $27 billion, higher than the roughly $25 billion at which shares were trading in previous weeks. Several smaller deals got done at roughly $120 or $130 per share, brokers said.
