However the reference worth will play an element in Spotify’s eventual pricing. Although Spotify has not employed conventional underwriters – a transfer that may put it aside tens of millions of in charges – it has employed Citadel Securities as a market maker to set the opening worth on the NYSE, with assist from Morgan Stanley.
Whereas their roles will probably be restricted, the reference worth will probably be used whereas constructing the order ebook.
Early on Tuesday, Citadel and Morgan Stanley will analyze traders’ purchase and promote orders
after which set a gap worth for the inventory.