On Spotify’s Wall Street Debut, New York Stock Exchange Flies Wrong Flag
New York: When people showed up for Spotify Technology SA’s market debut on Tuesday morning something was amiss: there was a Swiss flag flying in front of the New York Stock Exchange, but the world’s No. 1 streaming music company is based in Sweden.
Within minutes, the NYSE, which is owned by Intercontinental Exchange Inc, noticed the mistake and put up the correct flag, alongside two American flags and beneath a massive Spotify banner, but not before it began trending on social media.
Even the NYSE posted on Twitter about the flap.
“We hope everyone enjoyed our momentary ode to our neutral role in the process of price discovery this morning,” the exchange tweeted, referring to both Switzerland’s historic stance as a neutral country and the exchange’s role in price setting.
We hope everyone enjoyed our momentary ode to our neutral role in the process of price discovery this morning
— NYSE (@NYSE) April 3, 2018
— NYSE (@NYSE) April 3, 2018
The consulates of both Sweden and Switzerland’s also weighed in on the mix-up before the opening bell.
You may have heard that Sweden’s music streaming giant @Spotify went public yesterday: the day started out with a flag mishap (Sweden & Switzerland – same same, right? ) & ended with success: https://t.co/5GpYh9tLEQ Via @Forbespic.twitter.com/Hqv5JlaS34
— swedennewyork (@swedennewyork) April 4, 2018
It’s @Spotify‘s big day! The company is going public and @NYSE intended to pay homage to the company’s Swedish roots, but flew our flag instead It only took 15 minutes to fix this mistake, but no worries our Nordic friends are humble and we are neutral, so no tiff will ensue pic.twitter.com/9k8wAtYVBQ
— Swiss Consulate NY (@SwissCGNY) April 3, 2018
As did others
Good morning! Pictured is Sweden and Switzerland. Sweden is the longer one up north. Countries have not united, so Spotify remains Swedish. pic.twitter.com/iJFqGEzcwU
— Sweden.se (@swedense) April 4, 2018
— Swiss Intl Air Lines (@FlySWISS) April 4, 2018
In an attempt to honor Swedish Spotify going public, the New York Stock Exchange of course puts up a Swiss flag. pic.twitter.com/OvQQuDl0CT
— Christian Christensen (@ChrChristensen) April 3, 2018
The New York stock exchange tried to put up the Swedish flag as a good will gesture to Spotify. It put up the Swiss flag instead. https://t.co/w5COBdSKvN
— Lucas Shaw (@Lucas_Shaw) April 3, 2018
Spotify’s debut was unusual in that it was the NYSE’s first direct listing.
That meant Spotify employees and investors were able to sell their shares, but the company was not looking to raise additional capital.
Spotify did not hire investment banks as underwriters and did not undertake an investor road show, as is typical in an IPO.Instead a market maker collected all of the buy and sell orders and balanced them out to come up with an opening price of $165.90, valuing the world’s No. 1 streaming music service at around $30 billion.
Spotify shares ended the day below their opening price, however.
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