Shares of Spotify Technology ended up 12.9 per cent on their first day of trade on the New York Stock Exchange (NYSE), a smooth debut that could pave the way for other companies looking to go public without the aid of Wall Street underwriters. Spotify shares opened at $165.90, up nearly 26 per cent from a reference price of $132 set by the NYSE late on Monday. The stock ended the session at $149.01, valuing the world's largest streaming music service at $26.5 billion. The direct listing was seen as a test case for other companies tempted to list without selling new shares, and for bankers that could lose out on millions of dollars in underwriting fees for future initial public offerings. "It's a fair market price. It's not manipulated or set by any puts and takes by banks or institutional investors," said Chi-Hua Chien, an early investor in Spotify who is now at San Mateo, California-based venture capital firm Goodwater Capital.