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Music streaming giant Spotify has beat early targets with two upward revisions to its indicated opening price, raising its price per share from US4132 suggested yesterday to a range of US$160 – US$165 per share ahead of the first day of trading on the New York Stock Exchange.

Following two upgrades ahead of the music streaming firm’s public listing., Spotify could now be valued between $28.5 billion and $29.4 billion or more.

Morgan Stanley and Citadel Securities acted as financial adviser for the unconventional listing and as designated market maker on the exchange floor. The advisors are working together to match buying interest and willingness of Spotify shareholders to sell to determine the opening price.

“To go to the next phase [Spotify] will have to stop talking out of both sides of its mouth, which it does at the moment. And stop being so friendly to the record companies… So far they’ve been treading a very fine line between being the dramatic new future of the music business but simultaneously being the biggest friend of the old music industry by giving record labels a platform to build out of decline,” Mark Mulligan, industry analyst said.

Spotify opted for a direct listing on the New York Stock Exchange rather than a traditional IPO, heightening the uncertainty around its trading debut. The company has warned that its shares price could be volatile.

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