The Latest: Market awaits first Spotify trades

The Latest: Market awaits first Spotify trades
FILE - In this Feb. 11, 2012, file photo, Spotify CEO Daniel Ek arrives at the Pre-Grammy Gala & Salute to Industry Icons with Clive Davis honoring Richard Branson, in Beverly Hills, Calif. The Swedish company will make its stock market debut Tuesday, casting a spotlight on its early lead in music streaming. Ek sought to manage expectations, saying he expects a bumpy road. (AP Photo/Vince Bucci, File)

SAN FRANCISCO (AP) — The Latest on Spotify’s Wall Street debut (all times local):

11:20 a.m.

The market is still awaiting Spotify’s highly anticipated public debut as the streaming music service goes through with its unusual “direct listing”.

The NYSE had set a reference price of for the stock, though the actual price will be determined by shareholders. The Swedish company’s use of a “direct listing” allows its early investors and employees to sell as many shares as they want whenever they want.

The company has traded between .93 and over the last 12 months through private transactions, and indications Tuesday showed it could trade as high as .

The company, with more than 71 million subscribers, is not raising any money through the IPO.