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Spotify has opened on the New York Stock Exchange on Tuesday (April 3)… with a market value of $29.5 billion, reports TechCrunch

With the current market value, stocks are valued at around $166 each.

Prior to the opening trades, analysts took note of Spotify’s impressive revenues, which was around $4.09 billion USD from 2017, up from 2016’s $2.95 billion USD. However, trades didn’t actually until 12:45 EDT, halfway through the trading day — a record for a public debut’s latest opening.

Despite the big news for the company, shares aren’t for sale on the stock market. Instead, the IPO is known as a “direct listing,” with the transactions coming from existing shareholders (employees and investors) selling shares directly to stock market investors.

It’s different from a traditional IPO where employees can’t sell shares for months, known as a “lock-up”.

This method could lead to increased volatility in its early days of trading, with the fluctuations dictated by the number of people selling. If people hold onto stock, it could drive prices up, while if too many sell, the opposite could happen.