April 3, 2018 / 4:51 PM / a year ago

Spotify shares open for trading at $165.90

A price update is given on shares of Spotify before the company's direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson

NEW YORK (Reuters) - Spotify (SPOT.N) shares began trading on the New York Stock Exchange on Tuesday with an opening price of $165.90 per share.

The streaming music leader has structured the stock market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech companies with no immediate cash-raising needs.

Reporting by Chuck Mikolajczak; editing by Jonathan Oatis

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