Believe launches €300 million IPO

Believe launches €300 million IPO

Believe has launched its IPO and trading is set to start on the Euronext Paris exchange on June 10.

The Paris-based digital music company plans to raise around €300 million when it goes public.

Last month, Believe suggested it would raise up to €500m from the IPO to drive its growth strategy. The company also has access to a €170m credit facility. 

The public offer went live today (June 1) and is set to close on June 9. Shares are expected to be in the price range of between €19.50 and €22.50. The pricing is expected to be confirmed on June 9.

Denis Ladegaillerie, founder and CEO of Believe, said: "Our ambition is to become the global leader in developing independent artists and labels in the digital world. In the first quarter of 2021, Believe attracted the largest number of independent artists and labels since its creation. Over the past few weeks, we have met with a number of investors who have understood why Believe is ideally positioned to benefit from the digitalisation of the music market and the rise of independent artists and labels. 

“This is notably the case of the Fonds Stratégique de Participations (FSP), which will invest €60 million to participate in this IPO. This transaction aims to build a solid and balanced shareholder base alongside TCV, our historical long-term shareholder specialising in technology companies, at a time when Believe is accelerating its development driven by its profitable growth trajectory. It will allow us to finance our growth, in particular through targeted acquisitions. Developing an innovative technological platform, having the best digital expertise on the market, with local teams close to artists and independent labels to build relationships of trust with them based on respect, transparency and fairness: these are the fundamental elements serving our ambition. Participating in this IPO, the first one of a Next 401 company [in France], is also an investment in the success of tomorrow's artists and independent labels.”

author twitter FOLLOW Andre Paine

For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter

subscribe link free-trial link

follow us...