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Spotify’s public market debut is on par with the largest VC-backed IPOs of the decade

Spotify’s ferocious public debut Tuesday was the second largest this decade for a formerly venture capital-backed company.


Spotify began its first day of trading as a public company at $165.90, up from the NYSE’s estimated price of $132 per share set on Monday. Initial trades gave the music streaming company a $30 billion market cap, though it closed its first trading day with a $26.5 billion market cap on shares that closed at $149.01 apiece.

The music streaming giant’s ferocious debut was the second largest this decade for a formerly venture capital-backed company. Indeed, it trails only Facebook, which hit the public markets in 2012.

Here’s where Spotify’s direct listing stacks up against the largest VC-backed IPOs by initial market cap since 2010.

1. Facebook [NASDAQ: FB]

Date of IPO: May 18, 2012
Initial market cap: $81.3 billion
Initial share price: $38
Capital raised in IPO: $16 billion
Current market cap: $466.3 billion
Headquarters: Menlo Park
Founded: 2004

For more on Facebook, visit its free profile.

2. Spotify [NYSE: SPOT]

Date of debut: April 3, 2018
Initial market cap: $29.5 billion
Initial share price: $165.9
Capital raised: $0
Headquarters: Stockholm
Founded: 2006

For more on Spotify’s direct listing, view our datagraphic and our analysis of the company’s exit.

3. JD.com [NASDAQ: JD]

Date of IPO: May 21, 2014
Initial market cap: $26 billion
Initial share price: $19
Capital raised in IPO: $1.8 billion
Current market cap: $57.5 billion
Headquarters: Beijing
Founded: 1998

For more on JD.com, visit its free profile.

4. Snap [NYSE: SNAP]

Date of IPO: March 2, 2017
Initial market cap: $19.7 billion
Initial share price: $24
Capital raised in IPO: $3.4 billion
Current market cap: $18.9 billion
Headquarters: Los Angeles
Founded: 2010

For more on Snap, visit its free profile.

Snap IPO: Evan Spiegel during the company's public offering. (NYSE)

5. Twitter [NYSE: TWTR]

Date of IPO: November 7, 2013
Initial market cap: $14.2 billion
Initial share price: $26
Capital raised in IPO: $1.8 billion
Current market cap: $21.4 billion
Headquarters: San Francisco
Founded: 2006

For more on Twitter, visit its free profile.

6. Groupon [NASDAQ: GRPN]

Date of IPO: November 4, 2011
Initial market cap: $12.8 billion
Initial share price: $20
Capital raised in IPO: $700 million
Current market cap: $2.4 billion
Headquarters: Chicago
Founded: 2008

For more on Groupon, visit its free profile.

7. Dropbox [NASDAQ: DBX]

Date of IPO: March 23, 2018
Initial market cap: $9.2 billion
Initial share price: $29
Capital raised in IPO: $756 million
Current market cap: $12.9 billion
Headquarters: San Francisco
Founded: 2007

Here’s more on Dropbox’s recent IPO.

Dropbox CEO Drew Houston on the day of the company's public offering. (NASDAQ)

8. Rocket Internet [ETR: RKET]

Date of IPO: October 1, 2014
Initial market cap: $8.2 billion
Initial share price: $52
Capital raised in IPO: $2 billion
Current market cap: $4.9 billion
Headquarters: Berlin
Founded: 2007

For more on Rocket Internet, visit its free profile.

9. Qudian [NYSE: QD]

Date of IPO: October 18, 2017
Initial market cap: $7.9 billion
Initial share price: $24
Capital raised in IPO: $900 million
Current market cap: $3.9 billion
Headquarters: Beijing
Founded: 2014

For more on Qudian, visit its free profile.

10. Zynga [NASDAQ: ZNGA]

Date of IPO: December 16, 2011
Initial market cap: $7 billion
Initial share price: $10
Capital raised in IPO: $1 billion
Current market cap: $3.1 billion
Headquarters: San Francisco
Founded: 2007

For more on Zynga, visit its free profile.

  • kate-clark-1.jpg
    Written by Kate Clark
    Kate Clark was a staff writer at PitchBook.

    A Seattle native, Kate attended the University of Washington where she studied journalism and international studies. She previously wrote about the Indian startup ecosystem in Bengaluru and freelanced in the Seattle area. Follow her on Twitter @KateClarkTweets.
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