KXIP vs KKR Live Score

"Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years", Ek wrote.

The company skipped the traditional initial public offering process - in which the firm and potentially some existing investors offer a certain amount of shares at a valuation they think the market can handle.

No Initial Public Offering means that there are no investment banks to underwrite (or sponsor) and price the offering.

Among the majors, Sony had the largest share in the company, with about 5.7 percent, according to Spotify's prospectus.

In the case of Spotify, it has opted for a so-called "direct listing".

Spotify's stock got off the ground with the help of advisers Goldman Sachs Group, Morgan Stanley and Allen & Co and designated market maker Citadel Securities. But it may not be enough to carry the company to big profits, he said in his report on Wednesday rating the shares "neutral".

A trading post sports the Spotify logo on the floor of the New York Stock Exchange on April 3. But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year.

Of course, the most likely reason for the dearth of sellers is that shareholders thought the offered prices were simply too low.

Spotify shares closed 13pc on the reference price give ahead of its IPO yesterday.

This is to prevent the market being flooded with shares, but will not apply in this instance.

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So there are a lot of reasons why trading in these shares will be more choppy than usual.

CNBC passes along the analyst's take on Spotify.

The first, most obviously, is to save money.

Spotify shares opened at $165.90, giving the Stockholm-based company a market value of nearly $30 billion.

The direct listing allows Spotify to avoid some of the frustrations that companies have when listing publicly.

For the big labels, the question of whether - and when - to sell their Spotify equity ties in with a potential risk when it comes to dealing with their artists.

Spotify stock ended its second day of trading at $145.87 down $4.79 or 2.11%.

Spotify shares were last at $160.32, up 21 per cent. Its shares are down 80% from the IPO price.

And, having looked at those examples, Spotify might legitimately ask how much worse it can do. Spotify is a Swedish company, but the NYSE mistakenly flew the Swiss flag next to the company's logo.