Music streaming service Deezer aims to raise €300m to challenge Spotify and Apple
Published 15/10/2015 | 08:48
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 today 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.
The company, which was founded in 2007 in Paris, has around 6.3 million subscribers - less than half that of Spotify.
Present in 180 countries but with the bulk of customers in France, around 4.8 million of Deezer's paying customers get access because the service is bundled with their mobile service from telecom operator Orange, also a Deezer shareholder.
The initial public offering (IPO) will allow Deezer to expand its offering, "drive deeper distribution through our telecom and manufacturer partnerships" and improve its product and content, Chief Executive Hans-Holger Albrecht said last month.