Digital Music Firm Believe Lists on Euronext Paris, Raises €300 Million
Digital music company Believe has successfully completed its initial public offering (IPO) on Euronext Paris, raising approximately €300 million. The capital raised will support the company's growth and expansion strategies.
Believe, a digital music company, has announced the successful completion of its Initial Public Offering (IPO) with its shares admitted to trading on the regulated market of Euronext Paris. The offering raised approximately €300 million, with the potential to reach up to €330 million if the over-allotment option is fully exercised.
The offer price was set at €19.50 per share, valuing Believe at approximately €1.9 billion before the over-allotment option. The offering saw strong demand from both French and international institutional investors, as well as from the French public.
Proceeds from the IPO are intended to fund Believe's development and growth strategy. This includes continued international expansion, pursuing targeted acquisitions, and investing in its technology platform. Approximately €90 million of the proceeds will be used to repay existing indebtedness.
Founded in 2005, Believe focuses on supporting independent artists and record labels in the digital music landscape. The company aims to provide creators with the tools and services they need to thrive, emphasizing fairness and transparency.
Trading of Believe's shares on Euronext Paris commenced under a "when-issued" basis. The company plans to leverage the capital raised to accelerate its development and market position in the global digital music industry.