French digital music company Believe is valued at 1.6 billion euros ($1.9 billion) after a bumpy first day of trading on the Euronext Paris stock exchange.
Still, the 1.9 billion valuation gives Believe a 4.3 ratio of enterprise value to 2020 revenue – close to Warner Music Group’s 4.8 based on Wednesday's closing price. Believe is hoping to build a larger footprint in an increasingly global music marketplace and keep pace with acquisition-hungry competitors.
"The funds raised will allow us to invest in our innovative technology platform and to implement our ambitious strategy of targeted acquisitions," founder and CEOBelieve says it will use 90 million Euros to repay funding from an existing credit agreement while it starts a new 170-million revolving credit facility that gives Believe ammunition for expansion.An unprecedented migration of private companies to public stock exchanges has changed the shape of the music business.
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