Speed Reads

stock 'n roll

Spotify broke the NYSE's rules when it went public this morning

Spotify's CEO wasn't around to ring the bell when Spotify opened on the New York Stock Exchange on Tuesday morning. That's because Spotify debuted in a self-acknowledged "risky" move, and CEO Daniel Ek doesn't want to get too excited about what he sees as "the second inning" of the streaming app's journey.

On Tuesday, SPOT became the biggest company to open without an IPO, TechCrunch reported. That means Spotify didn't set an initial public offering for investors to buy new stocks in the company. Instead, only Spotify insiders who owned stocks before the company went public could sell them Tuesday.

The NYSE bent its rules just to make this happen, per CNBC. And while an expert told CNN this unusual move probably won't happen often, future big-name debuts like Uber and Airbnb may try it if Spotify proves successful.

SPOT's existing shares debuted at $165.90 Tuesday morning, and they've fallen in the few hours since. Still, shares are hovering around $160, and The Wall Street Journal says that's far above the $132 reference price they were given Monday night.

Maybe it's time to break out that celebration playlist.