Spotify shares closed at about $149 on Tuesday following the company’s first partial day of public trading, giving the company a market capitalization of $26.5 billion.

Spotify’s stock was closely watched throughout the day because of the unusual process behind the company’s listing. Instead of a typical IPO, which gives companies a chance to raise money, Spotify opted for a direct listing, which simply offers existing stockholders the chance to cash out on their investment.

Furthermore, Spotify did not work with an underwriter on the listing. That can help a company save in underwriting fees and make the process more accessible to the public. But it also exposes firms to potential volatility, as underwriters can help stabilize a stock’s day-one performance.

Given the relative success of Spotify’s first day on the public markets, there’s a chance more private companies could follow the company’s lead and choose to go with a direct listing instead of a traditional IPO. But the allure of raising money through a standard IPO will likely prove a powerful draw.

Here’s how Spotify’s five biggest pre-existing investors did during the company’s first day as a publicly traded firm, based on their holdings before the day began.

Spotify Co-founder Martin Lorentzon (12.2%)

Martin Lorentzon helped found Spotify more than a decade ago in Stockholm in 2006. He currently serves as Spotify’s vice chairman and has a 12.2% stake in the company, which is now worth about $3.2 billion.

Tencent (9.1%)

Spotify and Tencent Music Entertainment, which is the music subsidiary of Chinese conglomerate Tencent Holdings Ltd., made investments in one another at the end of last year. Tencent’s stake in Spotify is now valued at $2.4 billion.

Spotify CEO Daniel Ek (8.8%)

Spotify co-founder and CEO Daniel Ek started the company in 2006, before it officially launched in 2008. Ek’s 8.8% stake in Spotify is now worth $2.3 billion.

Tiger Global Management (7.2%)

Investment firm Tiger Global Management is the fourth-largest Spotify stakeholder with a 7.2% stake in the company. That’s now valued at about $1.9 billion after Tuesday’s direct listing.

Sony (5.7%)

Several record companies have a stake in Spotify, but Sony’s 5.7% stake is the largest among them. Its share of the company is now worth $1.5 billion.

流媒体音乐服务商Spotify上周二上市，经过约半天的交易最终收于149美元，公司市值达到265亿美元。

由于采用了非常规上市方式，Spotify上市当天一直倍受关注。该公司没有走通常的IPO程序——它跳过了融资的步骤，选择直接上市，进而把投资套现的机会送给了原有股东。

此外，Spotify也没有通过承销商上市。这样做为它省下了承销费，并让公众更容易参与该公司的上市过程。但由于承销商可以帮上市公司稳定首发当日的股价，所以这也可能让Spotify的股价出现波动。

鉴于Spotify在股市的第一天较为成功，其他非上市公司也有可能效仿它的做法，选择直接上市而不是传统的IPO。但标准IPO程序在融资方面的诱惑力仍可能产生强大的吸引力。

我们按照上市前的持股数量估算了上市当天Spotify的五大原有投资者所持股份的价值。

联合创始人马丁·诺兰森（持股12.2%）

2006年，也就是十多年前，马丁·诺兰森在斯德哥尔摩参与创立了Spotify。如今他是公司副董事长，持有12.2%的股份，目前价值约32亿美元。

腾讯（持股9.1%）

去年底，Spotify和中国互联网巨无霸腾讯旗下的腾讯音乐娱乐集团实施了交叉投资。腾讯持有的Spotify股份目前价值24亿美元。

CEO丹尼尔·埃克（持股8.8%）

联合创始人、首席执行官丹尼尔·埃克2006年创立了Spotify，后者于2008年正式投入运营。埃克持股8.8%，目前价值为23亿美元。

老虎环球基金（持股7.2%）

投资公司老虎环球基金是Spotify第四大股东，持股比例为7.2%。上周二Spotify直接上市后，这些股份的价值约为19亿美元。

索尼（持股5.7%）

几家唱片公司都持有Spotify的股份，其中持股最多的当属索尼。它手中5.7%的股份目前价值15亿美元。（财富中文网）

译者：Charlie

审校：夏林