流媒體音樂服務商Spotify上周二上市，經過約半天的交易最終收于149美元，公司市值達到265億美元。

由于采用了非常規上市方式，Spotify上市當天一直倍受關注。該公司沒有走通常的IPO程序——它跳過了融資的步驟，選擇直接上市，進而把投資套現的機會送給了原有股東。

此外，Spotify也沒有通過承銷商上市。這樣做為它省下了承銷費，并讓公眾更容易參與該公司的上市過程。但由于承銷商可以幫上市公司穩定首發當日的股價，所以這也可能讓Spotify的股價出現波動。

鑒于Spotify在股市的第一天較為成功，其他非上市公司也有可能效仿它的做法，選擇直接上市而不是傳統的IPO。但標準IPO程序在融資方面的誘惑力仍可能產生強大的吸引力。

我們按照上市前的持股數量估算了上市當天Spotify的五大原有投資者所持股份的價值。

聯合創始人馬丁·諾蘭森（持股12.2%）

2006年，也就是十多年前，馬丁·諾蘭森在斯德哥爾摩參與創立了Spotify。如今他是公司副董事長，持有12.2%的股份，目前價值約32億美元。

騰訊（持股9.1%）

去年底，Spotify和中國互聯網巨無霸騰訊旗下的騰訊音樂娛樂集團實施了交叉投資。騰訊持有的Spotify股份目前價值24億美元。

CEO丹尼爾·?？耍ǔ止?.8%）

聯合創始人、首席執行官丹尼爾·?？?006年創立了Spotify，后者于2008年正式投入運營。埃克持股8.8%，目前價值為23億美元。

老虎環球基金（持股7.2%）

投資公司老虎環球基金是Spotify第四大股東，持股比例為7.2%。上周二Spotify直接上市后，這些股份的價值約為19億美元。

索尼（持股5.7%）

幾家唱片公司都持有Spotify的股份，其中持股最多的當屬索尼。它手中5.7%的股份目前價值15億美元。（財富中文網）

譯者：Charlie

審校：夏林

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Spotify shares closed at about $149 on Tuesday following the company’s first partial day of public trading, giving the company a market capitalization of $26.5 billion.

Spotify’s stock was closely watched throughout the day because of the unusual process behind the company’s listing. Instead of a typical IPO, which gives companies a chance to raise money, Spotify opted for a direct listing, which simply offers existing stockholders the chance to cash out on their investment.

Furthermore, Spotify did not work with an underwriter on the listing. That can help a company save in underwriting fees and make the process more accessible to the public. But it also exposes firms to potential volatility, as underwriters can help stabilize a stock’s day-one performance.

Given the relative success of Spotify’s first day on the public markets, there’s a chance more private companies could follow the company’s lead and choose to go with a direct listing instead of a traditional IPO. But the allure of raising money through a standard IPO will likely prove a powerful draw.

Here’s how Spotify’s five biggest pre-existing investors did during the company’s first day as a publicly traded firm, based on their holdings before the day began.

Spotify Co-founder Martin Lorentzon (12.2%)

Martin Lorentzon helped found Spotify more than a decade ago in Stockholm in 2006. He currently serves as Spotify’s vice chairman and has a 12.2% stake in the company, which is now worth about $3.2 billion.

Tencent (9.1%)

Spotify and Tencent Music Entertainment, which is the music subsidiary of Chinese conglomerate Tencent Holdings Ltd., made investments in one another at the end of last year. Tencent’s stake in Spotify is now valued at $2.4 billion.

Spotify CEO Daniel Ek (8.8%)

Spotify co-founder and CEO Daniel Ek started the company in 2006, before it officially launched in 2008. Ek’s 8.8% stake in Spotify is now worth $2.3 billion.

Tiger Global Management (7.2%)

Investment firm Tiger Global Management is the fourth-largest Spotify stakeholder with a 7.2% stake in the company. That’s now valued at about $1.9 billion after Tuesday’s direct listing.

Sony (5.7%)

Several record companies have a stake in Spotify, but Sony’s 5.7% stake is the largest among them. Its share of the company is now worth $1.5 billion.