The music streaming giant will use Citadel Securities, as a market maker, and Morgan Stanley to set its opening price on the NYSE on Tuesday.

The New York Stock Exchange has set the reference price for Spotify Technology SA’s shares at $132.

Its shares are expected to start trading on Tuesday.

Incidentally, Spotify is pursuing an unusual direct listing to reach the public markets rather than take the traditional IPO route.

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, said the NYSE. Spotify Technology’s opening share 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. However, the reference price will play a part in Spotify’s eventual pricing.

Significantly, Spotify has not hired underwriters, a move that will save it millions of dollars in fees; it has instead hired Citadel Securities as a market maker and it will take the help of Morgan Stanley to set its opening price on the NYSE.

While their roles will be limited, the reference price will be used while building the order book.

Early on Tuesday, Citadel and Morgan Stanley will analyze investors’ buy and sell orders and then set an opening price for the stock.