<i>"Some on Wall Street are puzzled as to why Spotify would want to go public without raising money"</i><p>I'm not sure it's that puzzling - they wanted liquidity, but don't need any more cash so don't want to dilute the existing equity.<p>Also worth noting a stat lower down the article that's a different point of view to the "down 10%" of the headline:<p><i>'$132 was used as a “reference point,” valuing the company at $23.5 billion. Since there was no IPO price, that demarcation is being used to say that Spotify traded up about 13% on its first day.'</i><p>Credit to them for doing something non-typical that fits what they needed. It seems like it's gone according to plan so far.