Spotify's long-awaited stock market debut could see it fetch a valuation of more than $25bn (£18bn), based on secondary market trading in the music streaming company’s shares.

Manhattan Venture Partners (MVP), a New York bank that specialises in “grey market” trading for large private companies, said Spotify shares had been trading hands for as much as $150 in the last two weeks, a price that values the company at around $26.5bn.

Spotify had previously disclosed that shares had been trading at between $90 and $132.50 in January and February, a range that suggested a valuation of around $20bn, but a swell in demand in recent weeks is believed to have boosted the price.

Jared Carmel, a managing partner at MVP, said he had overseen several trades at higher valuations than had been previously disclosed and that a potential shortfall in the number of insiders selling shares could ratchet up their price.