The Swedish music-streaming platform Spotify goes public on Tuesday, following in the footsteps of fellow “unicorns” Dropbox and Zscaler. The stock market is healthy and the timing seems good, but what are the risks?
Drew Houston and Arash Ferdosi stood in New York’s Times Square, surrounded by their associates who cheered and threw confetti in celebration. The two Dropbox founders high-fived, onlookers clapped, and the cameras flashed.
On March 23, the Nasdaq stock market welcomed Dropbox with open arms. Only a few minutes into trading and stock prices had risen over 50 percent. “A very exciting day for us,” said billionaire Houston. “A milestone,” said Matt Kennedy of Renaissance Capital, an IPO-focused analyst firm.
Read more: Music streaming Giant Spotify to list on NY Stock Exchange
The next unicorn approaches
In the wake of the Dropbox IPO, investors are turning their attention to another major startup about to go public. Spotify, the beloved music-streaming platform based out of Stockholm, opens for public trading on Tuesday. The media is hyping Spotify, the third unicorn to go public this year following Dropbox and the cybersecurity provider Zscaler.
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