The Latest: Spotify debuts with a boom, opening at $165.90

SAN FRANCISCO (AP) — The Latest on Spotify’s Wall Street debut (all times local):

12:50

Spotify debuts on the market with a boom, opening at $165.90 in an unusual “direct listing.”

The shares quickly wobbled in their first hour of trading, though remain well above the NYSE’s reference price of $132.

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11:20 a.m.

The market is still awaiting Spotify’s highly anticipated public debut as the streaming music service goes through with its unusual “direct listing”.

The NYSE had set a reference price of $132 for the stock, though the actual price will be determined by shareholders. The Swedish company’s use of a “direct listing” allows its early investors and employees to sell as many shares as they want whenever they want.

The company has traded between $48.93 and $132 over the last 12 months through private transactions, and indications Tuesday showed it could trade as high as $155.

The company, with more than 71 million subscribers, is not raising any money through the IPO.