France’s Spotify rival Deezer loses ground on its stock market debut

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PARIS : Shares in French music streaming platform Deezer fell 6 per cent on their Paris market debut on Tuesday.

Deezer opened at 8.50 euros, before heading down, trading at 7.99 euros per share by 0707 GMT.

In April, Deezer announced plans for a stock market listing in Paris in a deal valuing the business at just over 1 billion euros ($1 billion), with a Special Purpose Acquisition Company (SPAC) 12PO set up for the deal.

In 2015, Deezer had to postpone initial IPO plans due to market conditions.

Deezer’s larger rivals include Spotify, which carried out its initial public offering in 2018.

($1 = 0.9600 euros)

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