Paris-based global music streaming platform Deezer secured a public market listing on the Euronext Paris stock exchange, only to see its share price plummet on its first day of trading.
Deezer, a rival to Spotify and Apple Music as it operates in around 180 markets around the world, saw its shares close down 30% at 6.00 euros a share after opening its first day of trading at 8.50. euros. Earlier in the day, Deezer shares were trading at €5.79.
The French music streaming platform is available to users in the US and has an on-demand streaming music catalog of around 90 million songs. Through its listing on Euronext Paris, Deezer seeks to continue its global market penetration through product innovation and brand differentiation, the company said on Tuesday.
“By merging with I2PO and going public, we have created a solid foundation to execute our strategic plan with the right capital, experience and network. With a highly competitive product, a clear strategy and a renewed and experienced management team, we will seize this opportunity to create significant value for shareholders,” said Jeronimo Folgueira, CEO of Deezer, in a statement.
Deezer received €143 million in new operating funds from its merger with blank check company I2PO, bringing in previous investors including UMG, Warner Music, Orange, Kingdom Holding, Eurazeo and French telecom billionaire Xavier Niel.
Founded in 2007 in Paris, Deezer has 600 employees in France, Germany, the United Kingdom, Brazil and the United States.
Source: Hollywood Reporter
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