Spotify’s public offering is not only notable because of its uncommon choice to list its shares directly on the stock market. The stock, which began trading today, also ranks among the most valuable internet companies to list in the U.S.
Its closing market value today was about $27 billion, according to Dealogic, putting it ahead of Twitter and Groupon, but behind Alibaba, Facebook, Snap and Google following their first trading days. That’s despite a stock price decline of about 11 percent today.
Spotify is also the most valuable tech IPO since Snap went public last year, closing its first day at nearly $29 billion. Spotify had the 25th-biggest first-day closing market cap out of companies in all sectors, according to Dealogic’s data, which goes back to 1995 and is not adjusted for inflation.
This article originally appeared on Recode.net.