Stock in France-based Deezer, a rival to Spotify and Apple Music, began trading on the Euronext Paris stock exchange after a merger with I2PO SPAC.
as it operates in around 180 markets worldwide, saw its stock close down 30 percent at 6.00 Euros per-share after opening its first day of trading at 8.50 Euros. At one point earlier in the day, shares in Deezer were trading at 5.79 Euros.
The French music-streaming platform is available to customers in the U.S. and boasts an on-demand streaming music catalog of around 90 million songs. Through its Euronext Paris listing, Deezer is looking to continue its global market penetration with product innovation and brand differentiation, the company said on Tuesday.
“Through merging with I2PO and going public, we have created a solid foundation to execute our strategic plan, with the right capital, expertise, and network. With a highly competitive product, a clear strategy, and a renewed and experienced management team, we will make the most of this opportunity to create substantial shareholder value,” Deezer CEO Jeronimo Folgueira said in a statement.
Deezer received €143 million in fresh operating funds by merging with the I2PO blank cheque company, and brings to the combination earlier investors like UMG, Warner Music, Orange, Kingdom Holding, Eurazeo and French telecom billionaire Xavier Niel. Founded in 2007 in Paris, Deezer has a team of 600 employees in France, Germany, UK, Brazil and the US.
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