Twitter was valued at $24 billion (£17 billion) after a good first day back in 2013 and then fell to nearer $21 billion (£15 billion).
The company even chose Scandinavian minimalism for the listing - no executive turned up to fly the company's flag for the debut, and it turned down the tradition of new companies ringing the opening bell at the New York Stock Exchange. But Spotify is based in Stockholm, Sweden, not Switzerland.
The Guardian reported that Spotify made a commitment to early backers that they would have the chance to cash in on their investment.
Tencent Music is reportedly preparing for an initial public offering later this year.
Shares in Spotify were trading Wednesday afternoon down $9.01, or 6 percent, at $140.04.
Like some other major recording labels, Sony Music owns a big chunk of Spotify. Revenue of $5 billion previous year was up 39% from 2016. Investors had initially pegged the company's value at $30 billion when the market opened.More news: India imposes curfew after clashes leave 20 dead in Kashmir
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In the United States, the largest music market, revenue from recorded music grew a robust 16.5 percent in 2017, marking the first time since 1999 at the dawn of online music that the business has expanded for two years in a row. That followed several analyst reports that gave the company's stock lukewarm ratings.
Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit.
The company reported almost $5 billion in revenue for 2017, according to its initial prospectus, though still posted an operating loss of $461.3 million for the year.
Spotify's founder and CEO, Daniel Ek, said in a blog post Monday that the listing wasn't supposed to be the most important day for the company.
Last month, Spotify announced that it is aiming for 200 million monthly users by the end of this year, with around 96 million paying subscribers.