Spotify's shares open at $165.90 valuing the music streamer at $29 billion

The world's largest music streamer, Spotify, just went public with the first trade priced at $165.90. That is a 25.7% jump from the reference price of $132 placed on the stock by the NYSE last night. The full name of the company is Spotify Technology SA, and shares trade on the Big Board under the ticker symbol SPOT. At the opening price, Spotify has a valuation of $29 billion, 45% higher than the $20 billion valuation placed on the firm this past February.

This is an unusual IPO since Spotify has not hired any underwriters to help bring the company public. Under a plan being tested out ...