The New York Stock Exchange on Monday set the reference price for shares of music streaming service Spotify Technology at $132.

Spotify is pursuing an unusual direct listing to reach the public markets in place of an initial public offering, and shares are expected to start trading on Tuesday.

The reference price is not an offering price for the shares, nor is it the opening public price for shares of the Swedish technology company.

The opening public price will be determined by buy and sell orders collected by the NYSE from broker-dealers, the exchange said. Based on those orders, the opening price will be set based
on a designated market maker’s determination of where buy orders can be matched with sell orders at a single price.

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