Spotify isn't pricing it, they aren't even selling shares. The initial pricing will come directly out of the order book whenever it lists. It's really unusual. Read the plan of distribution section:

https://www.sec.gov/Archives/edgar/data/1639920/000119312518...

> because Morgan Stanley is not acting as an underwriter, it will not have engaged in a book building process, and as a result, it will not be able to provide input to the DMM that is based on or informed by that process

> The Registered Shareholders may sell their ordinary shares covered hereby pursuant to brokerage transactions on the NYSE at prevailing market prices at any time after the ordinary shares are listed for trading thereon.

Plus:

> prior to the opening trade, there will not be a price at which underwriters initially sold ordinary shares to the public as there would be in an underwritten initial public offering

As I said, this should be fun to watch!

"We'll give you a share for $20"

"I'll take it!"

"No, we're not selling"

> Unlike an initial public offering, the resale by the Registered Shareholders is not being underwritten by any investment bank. The Registered Shareholders may, or may not, elect to sell their ordinary shares covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the New York Stock Exchange (the “NYSE”) at prevailing market prices.

So essentially early investors will be the ones [potentially] selling. The pricing should be highly volatile.

Let say it is valued at $20B with shares at $20. What is stopping an early investors selling 1 shares at $1000, market valued at 1 Trillion, and get someone to buy that 1 shares?

My point is since there is no new shares, unless the early investor are really rushing to offload. Selling would be limited.