Popular music streaming service Spotify took an unusual route to IPO, opting for a direct listing instead. This is where the company doesn't issue new shares or seek to raise money through the process of going public, instead it gives existing shareholders the option to sell their shares to the public.
This is a particularly attractive strategy for companies swimming in private funding, and could signal a viable approach for a number of other tech unicorns.
Read next: Everything you need to know about the Spotify IPO
The strategy certainly worked for the Swedish company, with shares - trading as SPOT on the New York Stock Exchange - 'popping' up to $165 (£118) on opening, way above its guide price of $132 (£93). They soon fell back a bit to $149 (£106) a share, but that still valued the company at $26.5 billion (£18.8 billion).
For context that's more than Snap's controversial IPO, which saw the social media company valued at $28 billion (£23 billion) at the close of its first day of trading last year. However its market cap has fallen dramatically since to nearer $19 billion (£13.5 billion). Twitter was valued at $24 billion (£17 billion) after a good first day back in 2013 and then fell to nearer $21 billion (£15 billion).
Spotify generated revenue of €4 billion (£3.5 billion) last year, up from €3 billion (£2.6 billion) the year prior, for growth of 39%. The company’s losses, however, more than doubled, reaching €1.25 billion (£1.1 billion) in 2017 versus €539 million (£470 million) in 2016.