Digital music company Believe plans Paris stock market listing
By Sudip Kar-Gupta
PARIS, May 10 (Reuters) - Digital music company Believe on Monday announced plans for a Paris stock market listing aiming to raise around 500 million euros ($608 million) to finance its expansion.
Believe's digital music brands include TuneCore, Believe Distribution Services, Nuclear Blast, Naïve, Groove Attack and AllPoints, which compete in a sector dominated by the likes of Spotify SPOT.N, Apple Music AAPL.O. and Amazon AMZN.O.
"In the last decade, streaming has changed how people discover music, paving the way for the rise of independent artists and labels," said Believe's founder and chief executive Denis Ladegaillerie.
He said Believe had a unique model that could help the evolving needs of each independent artist and label at all levels of development in the digital world.
Investment banks working on the Believe initial pubic offering include Citigroup C.N, JP Morgan JPM.N, SocGen SOGN.PA, BNP Paribas BNPP.PA, Goldman Sachs GS.N, HSBC HSBA.L, UBS UBSG.S and Rothschild.
Last month, Spotify's shares fell after its forecast of subdued current quarter paid subscriber numbers overshadowed upbeat first-quarter growth in countries such as the United States and India.
Spotify has seen a sharp rise in subscribers during the pandemic as people stayed at home due to lockdowns, but faces growing competition from Apple Music, Amazon Music and smaller rivals.
($1 = 0.8226 euros)
(Reporting by Sudip Kar-Gupta; Editing by Jan Harvey and Jane Merriman)
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