Spotify has officially made its debut on the New York Stock Exchange.
The music streaming service went public Tuesday. According to The Verge, the company opened under the ticker SPOT at $132 a share, which puts its value at $23.5 billion.
Spotify took a somewhat unconventional approach for its public offering.
As we previously reported, the company won't issue new stock but instead will list its shareholders' existing shares directly on the exchange.
The move will save Spotify some big bucks in fees usually tied with going public. But analysts worried it could create trading volatility as investors try to settle on a price.
Spotify is currently the largest music streaming service in the world with more than 70 million paying customers.
