Spotify's IPO gave it a market valuation of $26.5 billion

039;Stranger Returns'

The stock rose 19% to US$156.80 at 2.07pm in New York from the $132 reference price set by the New York Stock Exchange well before the price discovery process started. And among the streaming households, nearly half subscribe to a music service, a high figure also internationally. Its closest competitor, Apple Music, only has 36 million subscribers, reported CNBC.

Since launching its streaming music service a decade ago, the Stockholm-founded company has overcome heavy resistance from big record labels and some major music artists to transform how the industry makes money.

Spotify CEO Daniel Ek who founded the company, emerged as the day's biggest victor.

Wall Street welcomed Spotify to public trading with one of the best tech stock debuts in recent memory, but some analysts say investors should moderate their expectations for the music streaming giant's shares in the coming days.

Sony said in a statement that wholly-owned unit Sony Music Entertainment had sold 17.2 percent of its 5.71 percent in Spotify when it debuted on the New York Stock Exchange on Tuesday. It follows the Trump administration's plans to slap steep tariffs on $50 billion worth of Chinese imports.

The direct listing allows Spotify to avoid some of the frustrations that companies have when listing publicly. If this works, many companies may use Spotify's IPO as a benchmark.

Outrageous way Meghan Markle dumped first husband revealed
A former friend reportedly describes her a "social climber" who is "controlling" and "fastidious". "It could be hard for her". Harry, 33, and Markle, 36, have invited 600 guests to their wedding, although the names of the guests are still secret.

What's unusual about Spotify's direct listing on the stock market this week is that company insiders are not required to hold onto their shares - in what's called the lock-up - for an extended period of time.

With a couple of exceptions, Spotify's investors were free to unload their shares in the almost 12-year-old company. As I mentioned during our Investor Day, our focus isn't on the initial splash.

"So while [Tuesday] puts us on a bigger stage, it doesn't change who we are, what we are about, or how we operate".

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.

Around 30 million shares in the world's largest music streaming service, which has more than 140m active users, were traded on opening day.

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