Wednesday 18 October 2017

Deezer seeking €300m to take on Spotify rival

Deezer
Deezer

James Regan

Music streaming service Deezer said it expects to raise €300m from selling new shares when it lists on the Paris stock exchange later this month.

The company set a price target for the initial public offering of between €36.40 and €49.24. Deezer said an over-allotment option meant that could increase by up to 15pc.

Deezer said in a statement that the price of the shares would be set on October 27, with trading on Euronext Paris due to start on October 30.

The move will intensify the company's battle for subscribers with Spotify and Apple Music, as it seeks to expand its offering and improve its content. Deezer which was founded in 2007 in Paris, has around 6.3 million subscribers - less than half that of Spotify. (Reuters)

Irish Independent

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