PARIS, France (CelebrityAccess) – Believe, the digital music label services company behind Tunecore. announced plans to raise €300m with an initial public offering which is scheduled to start trading on June 9th.
Scaled back from an initial plan to raise as much as €500 million, the IPO will see Believe offer up to 15,384,616 shares priced between €9.50 euros and €22.50 per share, according to financial filings.
The IPO will be one of the most high profile offerings on the Paris market this year and is likely to be closely watched by investors as they try to gauge the market’s appetite for IPOs amid ongoing volatility sparked by the coronavirus pandemic.
“Our ambition is to become the global leader in developing independent artists and labels in the digital world. In the first quarter of 2021, Believe attracted the largest number of independent artists and labels since its creation. Over the past few weeks, we have met with a number of
investors who have understood why Believe is ideally positioned to benefit from the digitalisation of the music market and the rise of independent artists and labels,” said Denis Ladegaillerie, Founder and CEO of Believe.
This is notably the case of the Fonds Stratégique de Participations (FSP), which will invest 60 million euros to participate in this IPO. This transaction aims to build a solid and balanced shareholder base alongside TCV, our historical long-term shareholder specialising in technology companies, at a time when Believe is accelerating its development driven by its profitable growth trajectory. It will allow us to finance our growth, in particular through targeted acquisitions. Developing an innovative technological platform, having the best digital expertise on the market, with local teams close to artists and independent labels to build relationships of trust with them based on respect, transparency and fairness: these are the fundamental elements serving our ambition,” Ladegaillerie added.
Believe’s assets include Tunecore, which they acquired in 2015, as well as multiple indie labels and a standalone label services division, offering distribution, marketing, analytics, and consulting services.