(BFM Bourse) – The French music streaming platform has decided to transfer its shares listed on the professional compartment to the classic compartment of Euronext Paris.
Deezer will open a new page in its stock market history by allowing the general public to carry out transactions on its shares listed on the Paris Stock Exchange.
The French music streaming platform announced on Monday that its board of directors has decided to implement the transfer of all of its ordinary shares from the professional compartment to the general compartment of Euronext Paris.
With this in mind, Deezer explains that its board of directors has decided to reallocate 120,000 ordinary shares, so that they can be placed as part of a public offering in France, taking the form of a fixed-price offer at a price of 1.66 euros per ordinary share.
Thus, the Euronext compartment transfer would come into effect on the date of settlement-delivery of the ordinary shares sold under the offer scheduled for July 8. It will be confirmed by a notice published by Euronext Paris following the closing of the offer.
Two years after its arrival on the stock market
The French group took this decision two years almost to the day after its IPO on the professional compartment of Euronext Paris, which it will therefore leave in a week.
Deezer had favored this particular compartment of the Parisian market as part of this IPO. This compartment set up by Euronext at the end of 2007 houses “values which have been admitted to listing without a public offer, such as SPACs or by direct admission”, reminded BFM Bourse Damien Pelletier, director of admissions at Euronext Paris.
It allows issuers to admit their securities to a regulated market without issue or sale to the public. It is part of the confidential compartments of the Paris Stock Exchange with the sanctions compartment, which makes it possible to isolate companies which have failed to fulfill their obligations and the collective procedures compartment, within which Euronext brings together listed companies subject to collective procedures (safeguard procedure, judicial recovery procedure or judicial liquidation).
The flexibility of this professional compartment lends itself favorably to the arrival of SPACs, because the latter are exempt from a cumbersome and complex traditional IPO process.
The French music streaming platform had in fact wanted to put all the chances on its side by relying on the SPAC (an investment vehicle specially created for an acquisition) I2PO, seven years after a first failed attempt due to unfavorable market conditions.
But this patience was not rewarded, the French music streaming platform had experienced chaotic inaugural exchanges, with a title which had plunged by almost 30% on Tuesday July 5, 2022.
At current prices of 1.70 euros, Deezer shares have even fallen by 80% compared to their introductory price set at 8.50 euros in July 2022.
Sabrina Sadgui – ©2024 BFM Bourse
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