Spotify Technology's SPOT, -3.01% stock opened at $165.90 on the New York Stock Exchange, or 25.7% above the reference price of $132. The first trade was executed at 12:43PM ET. Spotify went public via a direct listing, rather than a traditional initial public offering, so the company didn't raise money through the listing. Some analysts expect trading to be especially volatile in the early days and weeks of trading due to liquidity levels in the wake of the direct listing, which allowed existing investors to sell their shares.