Deezer Looks to Raise $344 Million in Paris IPO
Streaming music service Deezer says it aims to raise at least 300 million euros ($344 million) via a listing on the Paris stock exchange later this month.
The company, which boasts 6.3 million subscribers in more than 180 countries, plans to sell around 8.2 million new shares in a deal that could value the company at around 1 billion euros, according to documents on the company's website Thursday.
Deezer was founded in 2007 by two young French entrepreneurs, Daniel Marhely and Jonathan Benassaya, who will remain minority shareholders after the IPO. The company is led since this year by Hans-Holger Albrecht, a former telecommunications and media executive from Germany.
"We are really just at the beginning of the streaming market service," said Hans-Holger in a statement. "There is still a lot of room for the company to grow."
Trading of Deezer shares is set to begin Oct. 30.