French firm Deezer set Thursday the share price for its initial public offering that aims to raise at least 300 million euros ($345 million) for the music-streaming service.
Deezer said it was issuing more than eight million new shares on the market to raise capital as it seeks to consolidate its position in the ultra-competitive industry.
It (Other OTC: ITGL – news) set the price between 36.40 euros and 49.24 euros per share, which will raise between 300 million euros and 406 million euros for the Spotify competitor.
Announcing the firm’s intention to launch an IPO, chief executive Hans-Holger Albrecht said Tuesday the music-streaming market “is growing faster now and set to become the main means of music distribution.”
Deezer’s Operations Director Simon Baldeyrou has said that the IPO would give the firm “greater visibility” and “a more diversified and more international base.”
Founded in 2007, the company raised its last private funding of 100 million euros from Russian-American billionaire Len Blavatnik in 2012.
With six million subscribers and 16 million individual users each month, Deezer is aiming to speed up its development, especially internationally, where the competition is fierce.
Its main rival, Sweden’s Spotify, claims 75 million users, of whom 20 million subscribe to its paying version.
Spotify is valued at more than $8 billion.
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