Shares in Spotify opened at $165.90 a share, well above a reference price of $132. As the session wore on, the price dropped more than 10% to close at $149.01, for a valuation of $26.5bn
At $26.5bn, Spotify ranks in the top 10 largest US tech listings
Spotify, which started offering its music service in 2008 as an upstart music platform, is now available in 65 countries
Spotify posted a loss of €1.23bn last year despite making revenues of €4bn