A price update is given on shares of Spotify before the company's direct listing on the floor of the New York Stock Exchange in New York

NEW YORK (Reuters) – Spotify <SPOT.N> shares began trading on the New York Stock Exchange on Tuesday with an opening price of $165.90 per share.

The streaming music leader has structured the stock market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech companies with no immediate cash-raising needs.

(Reporting by Chuck Mikolajczak; editing by Jonathan Oatis)