Deezer targeting Apple and Spotify with IPO

Music streaming business Deezer is seeking at least €300m in a Paris share sale, valuing the company at as much as €1.1bn as it tackles Spotify and Apple’s more recent products.

The IPO, trading is targeted to begin at the end of this month, would value the French company at €900m to €1.1bn after it sells 8.2m new shares at €36.40 to €49.24 apiece.

Existing shareholders, including founder Daniel Marhely, Idinvest Partners, and French telecommunications tycoon Xavier Niel, may sell stakes through an over-allotment option representing as much as 15% of the sale, Deezer said.