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

Deezer SA

05/07/2022 08:11

PARIS, July 5 (Reuters) - Shares in French music streaming
platform Deezer  DEEZR.PA  fell 6% 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  SPOT.N , which
carried out its initial public offering in 2018.
    ($1 = 0.9600 euros)

 (Reporting by Dominique Vidalon;
Editing by Sudip Kar-Gupta)
 ((sudip.kargupta@thomsonreuters.com;))