Music group Believe’s IPO is ready to test the Paris market

Believe it or not, a French company that has billed itself as a new kind of music label for the streaming era has returned its shape. Initial public offering What will be a key test for the Paris market this year.

The IPO is one of the highest profiles in the Paris market, with about 30 flotations in the pipeline as it seeks to recover from the instability caused by Covid-1 and the epidemic.

Already announced include OVH, Aramis, a cloud computing provider, online seller of second-hand cars, a unit of carmaker Stellantis, and Parts Holding Europe, an auto parts distributor.

So far this year, seven listings have been priced in Paris, raising সং 8,428 million for companies, according to data provider Delogic. That leaves the market on track, surpassing the 49 4,494 million raised last year in eight IPOs but shy of pre-epidemic levels.

In 2012, eight IPOs raised ে 2.9 billion in France, leaving the country behind the United Kingdom, which had € 7.7 billion in 30 lists, according to Delogic. It was unaffected by the U.S. market, the largest for IPOs, with 214 listings in 1999 raising € 55.6bn.

Founded in 2005, Faith seeks to reach out to the public to capitalize on the enthusiasm of new investors for the music sector, which has grown after two decades of decline due to the replacement of CD sales of subscription-based streaming services, including Spotify, Dzire and Apple Music.

However, the company has backtracked on its initial plan to raise 500 million, saying it would raise 300 300 million instead of making strong demands from investors.

Chief executive Dennis Ladegelli said he decided to raise less money because the response from investors was that they had opted for a phased approach where it would wait until next time to raise funds for the acquisition from 2023.

“This will be less than our existing shareholders, and will create an opportunity to create a more robust value for our new shareholders,” he explained in a call to reporters. “So it was a wise choice and let us come back to finance the market [acquisitions] In 2024 or 2025. “

Believe working with independent musicians and music labels to increase popularity through social media and keep their work on streaming music platforms. Unlike the most traditional theatrical labels that focus on the biggest musical instruments, Billy provides services for more established artists from believing individuals such as the wider French rapper Jules and the Australian band Parcel.

By raising M300 million, Faith will receive enough money to further its expansion plan through 2023 through both biological growth and acquisitions. It previously pledged to spend ১০ 100 million per year from 2022 to 2022, compared to 12 6,126 million from 2018 to 2018.

Assume that the index price range was set between হয়েছিল 19.50 and 22.50 per share, which would cost the group দিতে 1.9 billion once the IPO is completed.

The final price will be set on June 9, and the shares are due to start trading on June 10.

Citigroup, JPMorgan and Society Gunarel are working as joint global coordinators and joint bookers, while Rothschild & Co is acting as an independent financial advisor.

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