These investors are often called “underwriters”. In an IPO, or as its more precisely known, a “f ull commitment underwriting,” the company (or “issuer”) actually raises money through selling new shares of stock to a group of investors, usually banks. Remember, Spotify did not offer shares in an “initial public offering,” they used an untried method called a “direct public offering.”
However–Spotify is a particularly interesting stock for a number of reasons, mostly having to do with the nature of the initial offering. Stocks go up, stocks go down, can’t pick a top and can’t pick a bottom. Guest post by Chris Castle of Music Tech Solutions
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