Having gone from rumoured IPO to confirmed IPO to scheduled IPO in super-speedy time, streaming service Deezer suddenly put the brakes on last night, and withdrew its initial public offering from the Euronext Paris stock exchange.
Deezer was due to float on Friday, looking to raise over €300 million with a €1 billion valuation. The money would have financed new marketing and expansion initiatives in an increasingly competitive marketplace, where the French firm competes head-on with the better financed Spotify and Apple Music (in its latest mega-bucks financial update, Apple announced quarterly net profits of $11.1 billion yesterday).
Posted on: 28/10/2015Categories: News from CMU Online