French music streaming service Deezer announced on Thursday that it wants to raise at least €300 million (£194 million) through a public listing in France before the end of the month.
The startup said it will offer 8,241,758 new shares at anywhere between €36.40 (£26.92) and €49.24 (£36.41) per share, meaning the listing could be worth anywhere between €300 million (£221 million) and €406 million (£300 million).
Analysts cited by Reuters said the company’s valuation could be between €900 million (£665 million) and €1.1 billion (£813 million), making it France’s latest tech unicorn.
“The IPO will allow us to accelerate our growth and continue to play a leading role,” CEO Hans-Holger Albrecht said in a statement on Thursday.
Deezer will make its shares available to investors in France and abroad through a domestic subscription, which will close on 26 October, and an international one, which is scheduled for the day after.
The French music streaming site, founded in 2007, is a Spotify rival as it offers similar streaming options through both a free tier and a paid premium one. But according to its website, Deezer has 16 million monthly active users and 6 million paying subscribers compared to the 75 million active users Spotify has, with more than 20 million of those subscribing to its paid tier.
Deezer completed its last round of funding back in 2012, raising €100 million ($US110 million, £70 million) from billionaire Leonard Blavatnik’s Access Industries and Idinvest Partners.
The company has focused on expanding in Europe and emerging markets since launching in 2007, teaming up with mobile phone companies to help sell its premium tier. It finally entered the US in late 2014, partnering with Sonos and Bose, and is now available in more than 180 countries.
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