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During the recent podcast episode, senior tech specialist Evan New shed light on the mechanics behind Spotify's public offering. Unlike traditional IPOs where companies set an offering price for their stocks, Spotify utilized a direct listing approach, which involved a reference price of $132 set by the NYSE. This price was based on the stock's trading activity in the weeks leading up to the offering. The opening stock price exceeded expectations, marking a potentially significant milestone for the streaming giant, yet it fell slightly by the end of the trading day, reflective of the volatile market dynamics surrounding tech stocks.