Music service Deezer is looking to raise at least €300m (£222m) from an initial public offering on the Paris stock market as it looks to take the fight to rivals Spotify and Apple Music.
The French music service intends to sell up to 8.2m new shares at between €36.40 and €49.24 each, with a target of raising €300m.
“The IPO is a landmark moment in the history of Deezer that will allow us to consolidate our position as a leading global, independent audio streaming service and bring our offering to music lovers around the world,” said Hans-Holger Albrecht, chief executive officer of Deezer. “The IPO will allow us to accelerate our growth and continue to play a leading role at the forefront of the music streaming revolution.”
Trading of Deezer’s shares on Euronext in Paris is expected to start on 30 October.
Loss-making Deezer, which recently launched its first UK TV ad campaign, made revenues of €142m last year and expects to see a 35% increase in 2015.
The company claims 6 million subscribers and 16 million individual users each month.
It’s main rival, Sweden’s Spotify, claims 75 million users, of which 20 million subscribe to its paid-for product.
Deezer was founded in 2007 by Daneil Marhely and in 2012 Len Blavatnik’s Access Industries, which owns Warner Music, took a minority stake acquired for $130m.
Other shareholders include Orange, the French mobile operator, and music groups Universal, Sony, Warner, and EMI. Xavier Niel, the French telecoms entrepreneur, also has a stake.
In October, Deezer has struck deals with TalkSport to offer Premier League and FA Cup matches on its streaming service in the UK, and with Sport1.fm to provide match commentary from the Bundesliga on its service in Germany.
