Deezer plans to raise EUR300m in IPO

French music streaming business Deezer said it expects to raise €300m from an initial public offering on the Paris Stock Exchange which would value the company at up to €1.1bn.

The Spotify and Apple Music rival said it plans to sell up to 8.2m new share at €36.40 to €49.24 each.

Chief executive officer Hans-Holger Albrecht said. “The IPO will allow us to accelerate our growth and continue to play a leading role at the forefront of the music streaming revolution.”

The company, which was founded in 2007 and has around 6m subscribers, said it expects net proceeds of around €291m.

BNP Paribas and Bank of America Merrill Lynch are joint global coordinators and joint bookrunners for the listing, while Citigroup and Societe Generale are joint bookrunners.

In the first half of this year, revenue at Deezer grew 41% to €93m, but the group posted a loss of €9m.

In 2012, Deezer raised €100m in funding from investors including US-based Access Industries, which is owned by Sunday Times Rich List-topper Len Blavatnik; other investors include telecoms company Orange.