The music streaming platform Deezer has set July 5 as its first day of listing on the Paris Stock Exchange via an SPAC (investment vehicle) held in particular by the Pinault family, we learned from the company on Thursday.
“
An IPO is something of a rebirth for a company.
It is also the success of a goal and a burst of energy
,” explained Deezer managing director, Spaniard Jeronimo Folgueira.
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The formal IPO will be "
subject
" to the approval of the general meetings of shareholders of Deezer and I2PO, scheduled respectively for June 29 and 30, according to the schedule approved by the Autorité des marchés financiers (AMF). .
This new listing project comes seven years after Deezer's first failed attempt to invest in the Paris stock market in 2015.
This time, the main shareholders of the French platform - in particular the Anglo-American billionaire Len Blavatnik who holds 43% of the shares - have chosen a less risky introduction system, via the SPAC I2PO, which has already raised funds on the stock market in the purpose of merging with a company and facilitating its listing.
This investment vehicle, founded by the Pinault family, businessman Matthieu Pigasse, and Iris Knobloch, former director of WarnerMedia who will take over the president of the Cannes Film Festival in July, should enable the platform to raise between 135 million and just over 400 million euros, I2PO reported.
A valuation of more than one billion euros
The valuation of Deezer would then reach 1.05 billion euros, i.e. a discount of 23% since the entry into the capital of the Mexican television group Azteca in 2020. Because, for the moment, the company is accumulating the losses which have reached 123 million euros last year for a turnover of 400 million euros.
Launched in 2007, the subscription music listening service claims nearly 30% of the market in France, but its 9.6 million subscribers only represent 2% of the global music streaming market, far behind the Swedish leader Spotify ( 31% market share), Apple, Amazon and Tencent, according to MIDiA.
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The strategy of Deezer, which wants to more than double its income by 2025, is therefore to bet on music and its technology, unlike Spotify which multiplies the launches of podcasts and the recommendations of playlists of background music.
To take advantage of the rapid growth of the global streaming market (+26.4% users in one year in the second half of 2021), Deezer also intends to join forces with players already established in several key markets to rely on existing customer bases, such as the operators Orange and SFR in France, and recently with RTL in Germany.
