Move with confidence. MARIA:W
Move with confidence. MARIA:L
Move with confidence. MARIA:B
Move with confidence. MARIA:C
Move with confidence. MARIA:K
Move with confidence. MARIA:W
Move with confidence. MARIA:E
ARE WATCHING SPOTIFY THIS
MORNING, AS WORLD'S LARGEST
MUSIC STREAMING SERVICE MAKES
PUBLIC DEBUT, SKIPPING INITIAL
PUBLIC OFFERING LIFTING
DIRECTLY ON NYSE SETTING SPOT
70'S REFERENCE PRICE 132
DOLLARS A SHARE.
JOINING US NOW TO WEIGH IN
WALK US THROUGH NYSE GLOBAL
HEAD OF LISTINGS, THANKS FOR
JOINING, HOW DOES IT WORK IN
TERMS OF PUTTING THE PRICE
TOGETHER RIGHT NOW YOU DON'T
THINK GOING TO HOPE RIGHT AWAY
RIGHT?
BECAUSE IT IS GOING TO TAKE
SOME TIME TO COME TO THAT.
>> I IT WILL TICK A WHILE TO
DISTINGUISH DIFFERENT FROM IPO
AND DIRECT LIFTING IPO YOU
HAVE A COMPANY OLE CHIEF AMONG
BENEFITS IPO YOU HAVE A
COMPANY GOING TO RAISE CAPITAL
USE THAT CAPITAL TO GROWN
BUSINESS POSSIBLY RETURN TO
SHAEFRMDZ SO THEY CAN INVEST
IN NEXT WAVE OF TECHNOLOGY
COMPANIES TO RAISE BRAND AND
PROFILE SPOTIFY NOT FOCUSED ON
THOSE THEY WANT BENEFITS OF A
PUBLICLY TRADED COMPANY SO
THEY ARE FOCUSED ON JUST BEING
LISTED, HAVING LIQUIDITY USING
SHARES THROUGHOUT TO ACQUIRE
OTHER COMPANIES, THAT IS A
DIFFERENT MODEL IT IS GOING TO
TAKE A WHILE ON TRADING FLOORS
TO GET THAT STOCK UP, BECAUSE
YOU DON'T HAVE INVESTMENT BANK
YOU HAVE IN IPO YOU DON'T HAVE
STABILIZATION AGENT SUPPORTING
STOCKS.
>> YOU HAVE PEOPLE WHO OWN
SHARES AS PRIVATELY HELD
COMPANY RIGHT NOW SELLING
SHARES TO THE PUBLIC; IS THAT
CORRECT?
?
SIMPLY AS THAT?
>> ONLY PEOPLE THAT CAN SELL
STOCK CURRENT SHAERNLDZ
STOCK CURRENT SHAERNLD
STOCK CURRENT SHARENLD
STOCK CURRENT SHAREHOD
STOCK CURRENT SHAREHOLD
STOCK CURRENT SHAREHOLDER
STOCK CURRENT SHAREHOLDERS.
>> SOMEBODY HAS TO GO ON THE
FLOOR SET PRICE OF THE SHARES.
>> GOING TO SEE ON TRADING
FLOOR ON TRADING FLOOR,
ROBINSONS PRICE SET AT 132
DOLLARS LAST NIGHT NO SHARES
TRADED AT THAT AMOUNT WE'RE
GOING TO SEE MARKET OPEN 9:30
GOING TO SEE IN OTHER WORDS
COMING IN, WE ARE GOING TO
GATHER ALL THE BUY AND SELL
WHEN INSTITUTIONAL PENSION OR
RETAIL MOM AND POP INVESTORS,
FIND WHERE THE MARKET CLEARING
PRICE IS DISCOVERED MAY TAKE A
WHILE ALIBABA LARGEST OF ALL
TIME TOOK TO 12:30 BOB MUELLER
TO OPEN THIS COULD EVEN TAKE
LONGER.
MARIA: DOES THIS MEAN THAT
YOU LOSE IN TERMS OF OF THE
FEES BANKERS DEFINITELY LOSE
WHO IS NOT GETTING MONEY THAT
ORDERLY YOU EMPLOY EITHER FROM
IPO.
>> WELL, THE ECONOMICS ARE
DIFFERENT BUT DOES NOT
NECESSARILY IMPACT NEW YORK
STOCK EXCHANGE, IN A MATERIAL
WAY.
THE BANKERS ARE COMPENSATED
FOR ROLE THEY PLAY IN THE
TRANSACTION BUT DIFFERENT THAN
HOW COMPENSATED IN IPO.
>> DOES RECEPTION OF THIS
OFFERING DOES IT SAY ANYTHING
ABOUT THE BROADER MARKET
APPETITE TECHNOLOGY STOCK OR
IS IT REALLY SPECIFIC TO
SPOTIFY AND POPULARITY OF THAT
SERVICE.
>> I THINK SPECIFIC TO SPOTIFY
A LOT OF COMPANIES GO PUBLIC
TO RAISE CAPITAL, INTO THEFY
HAS CAPITAL, WHAT THEY WANT
ARE BENEFITS OF BEING A
PUBLICLY TRADED COMPANY THERE
IS A FINITE UNIVERSE OF
COMPANIES THAT FIT WITHIN THAT
BUCKET, SO I DON'T THINK IT IS
A TREND OR A HALLMARK FOR
THINGS TO COME.
>> THEY SAY BUY STOCK IN
COMPANIES THAT CREATE PRODUCTS
YOU KNOW AND LOVE I KNOW AND
LOVE SPOTIFY SO DO TO MANY
MILLIONS OF OTHER PEOPLE.
>>.
DAGEN: I DON'T SAY THAT IT
TOURJZ YOUNG PEOPLE TO MAKE
BUT MANY DECISIONS YOU BUY A
HOT RETAILER GOES COLD IN
THREE MONTHS I NEVER PREACH
PETER LYNNCH LEGS PANTYHOSE.
>> NOT BUYING INTO THAT WHEN
COMPANIES GIVING SPOTIFY A RUN
FOR MONEY IF ANY AMAZON?
WHAT IS IT.
>> A LOT OF COMPANIES, AMAZON
APPLE PANDORA STREAMING MUSIC
SPACE SPOTIFY IS WORLD'S
LARGEST STREAMING PLATFORM BUT
THERE IS COMPETITION OUT
THERE.
>> YOU THINK BIG ENOUGH REALLY
CHALLENGE SPOTIFY.
>> TIME WILL TELL.
>> HOW ARE LIT
>> HOW ARE LIST
>> HOW ARE LISTIN
>> HOW ARE LISTINGS
>> HOW ARE LISTINGS LO
>> HOW ARE LISTINGS LOOK
>> HOW ARE LISTINGS LOOKIN
>> HOW ARE LISTINGS LOOKING
>> HOW ARE LISTINGS LOOKING W
>> HOW ARE LISTINGS LOOKING WE
SEE -- AN INCOULD COME AS SOON
AS SUMMER WHAT ARE YOU LOOKING
ANOTHER IN TERMS OF BACKLOG.
>> FIRST OF ALL, LAST YEAR WAS
A GREAT YEAR FOR IPO MARKET
FOR THE O NEW YORK STOCK
EXCHANGE, UP NEARLY 100
COMPANIES RATE 33 BILLION THIS
YEAR EVEN WITH MARKET
VOLATILITY WE HAD STRONGEST
FIRST QUARTER OVER A DISTRICT
OF COLUMBIA NEW YORK STOCK
EXCHANGE HAD BEST JAN 225-YEAR
HISTORY, AND LOOKING OUT BY
SEE BUSY APRIL A BUSY MAY A
BUSY SECOND HALF OF THE YEAR
NOT JUST TECHNOLOGY COMPANIES,
IT IS COMPANIES ALL SECTORS
GEOGRAPHIES.
>> WHO IS MORE.
>> DOMESTIC WE HAVE A LOT OF
LARGE INTERNATIONAL COMPANIES
LOOKING TO COME TO THE U.S.