Imagine is a public firm, as CEO Denis Ladegaillerie rings bell on Paris inventory market debut
Distribution and services company Believe officially went public today (June 10) and debuted this morning on Paris Euronext.
The company spent 14.35% of its equity through its IPO and raised EUR 300 million in the process.
After the IPO, TCV will continue to hold 41.67% of Believe, while the music company’s founder and CEO Denis Ladegaillerie will hold 12.62%. Another major shareholder, Ventech, will own 17.08%.
Believe has so far chosen not to capitalize any additional over-allotment of shares, raising a total of € 330 million and issuing 15.7% of its company.
However, the firm reserves the right to do so through stabilization agent JP Morgan until July 9th.
Believe has valued its IPO at 19.50 euros per share, which corresponds to a market capitalization of 1.9 billion euros.
The institutional investors in the IPO included the Stratégique de Participations (FSP) fund, which acquired shares valued at 60 million euros.
Believe opened today on Euronext at € 18.40 per share and ended the day at € 16.05.
Denis Ladegaillerie rang the bell for Believe’s public debut this morning at a Euronext meeting in Paris.
In a subsequent statement, Ladegaillerie, which founded Believe in 2005, said: “With the IPO, Believe is breaking new ground in its development. With the funds raised, we can invest in our innovative technology platform and implement our ambitious strategy of targeted acquisitions.
“This transaction should also build a solid and balanced shareholder base alongside TCV, our long-standing shareholder. We are pleased to welcome Fonds Stratégique de Participations (FSP), a long-term investor helping the development of French champions, and Sycomore Asset Management, a leading player in responsible investment.
“With the IPO, Believe crosses a new threshold in its development.”
Denis Ladegaillerie, Believe
“This listing gives us the opportunity to accelerate our development by fulfilling our mission to develop independent artists and labels in the digital world with respect, fairness and transparency.”
Ladegaillerie added: “Thanks to our historical investors for their support – especially Ventech and XAnge, thanks to our artists and labels for their loyalty and trust. Thanks to our fantastic teams for their dedication and commitment. Many thanks to our partners for their willingness to continue developing innovations with us.
“We have an exciting journey ahead of us and I can hardly wait to shape the future together with you and build the world’s leading provider of independent artists and labels in the digital world with you.”
Believe wants to spend up to 100 million euros annually on acquisitions in 2021, 2022 and 2023, confirmed the Ladegaillerie.
Believe’s consolidated sales reached $ 124 million in the first quarter of 2021 (which Believe calls the “most productive” quarter of all time).Music business worldwide