Spotify shares dip on first day of trading

The first day of trading Spotify shares yesterday was highly anticipated and they opened at $165.90, more than a quarter higher than the $132 guide price set by the New York Stock Exchange the day prior.

Eventually, the music streaming firm's shares lost ground to close at $149.01. That makes the Swedish company worth about $26 billion, according to a BBC report. Spotify's first-day valuation ranks among the 10 largest for a technology company's debut, behind firms including Facebook and Alibaba.

Spotify used an unconventional process to go public: Instead of issuing new shares, early investors sold their existing holdings. By the end of the day, about 30 million shares had traded hands.

Read more from BBC.