See SPOT run.
Spotify opened at $165.90 using a direct listing model, which is different from most IPOs. There were no banks underwriting the offering. The stock closed down from the high at $149.01, more than 10% below the opening price.
Insiders can also trade the stock like anybody else because there is no lockout window as with most IPOs. That means that the early investors could sell their shares today to members of the public who choose to disregard the fact that Spotify has never turned a profit. Last year they lost almost $500 million.
It is concerning that they lose money when they pay musicians so little per stream. How will they make a profit when forced to raise their rates?
Personally, I really like Spotify's interface. But I stopped being a subscriber when I did some math and it didn't add up to a compensation model that was going to benefit the musicians that I personally listen to. If they fixed that, I'd subscribe again in a minute.