It’s not much of a secret that Wall Street isn’t as enthusiastic about Spotify’s IPO as some others, but this might be taking things too far.
The New York Stock Exchange (NYSE) tried to honor the company’s Swedish roots by flying that country’s flag to celebrate the IPO Tuesday. Problem is: It accidentally flew the Swiss flag instead.
Extremt mycket lol på Wall Street när NYSE hissar en schweizisk flagga. $SPOT#sthlmtechpic.twitter.com/snA6P1i7OX
— sven carlsson (@svenaxel) April 3, 2018
It took about 15 minutes for the exchange to notice and correct the error.
The Swiss and Swedes are actually accustomed to the confusion at this point. Back in 2013, the countries teamed up to launch a contest in China to find ways to help people differentiate the two. (Remember… Swiss = chocolate, watches, and cheese. Swedes = Spotify, Volvo, and Abba.)
The NYSE later sheepishly admitted to the error in good humor.
The NYSE responds: "It was a momentary ode to our neutrality in the process of price discovery." #cleverhttps://t.co/IHRmYvU24L
— Carl Quintanilla (@carlquintanilla) April 3, 2018
Daniel Ek and Martin Lorentzon, both Swedes, founded Spotify in 2006. The company took the music industry in a new direction and it’s hoping to do the same with IPOs, opting for a direct listing, rather than the standard offering.
Direct listings forego a lot of the regulatory issues and big bank backing that usually accompany an IPO. The NYSE even changed its rules to allow the listing. That has sparked some whispers that big banks are less than enthused about the listing.
“Normally, companies ring bells. Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment,” Ek said in a blog post. “Our focus isn’t on the initial splash.”