Consider efficiently raises €300m in Paris IPO, giving TuneCore proprietor a market cap of €1.9bn

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The world of independent sales and services is getting hot.

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This morning (June 9th) MBW spread the news that the independent music company [PIAS] and Universal Music Group (UMG) have entered into a strategic global alliance.

Believe, headquartered in Paris, has now confirmed the success of its initial public offering (IPO) on Euronext Paris.

The company – owner of TuneCore and various labels as well as its own indie service platform – announced today (June 9) that it has officially raised around € 300 million through its IPO in Paris and may end up collecting around € 330 million if the over-allotment option is exercised in full.

Believe shares will trade on the Euronext Paris Regulated Market tomorrow (June 10, 2021) at 9 a.m. Paris time.

The company’s offering price for the IPO was set at € 19.50 per share, which corresponds to a market capitalization of approximately € 1.9 billion (US $ 2.3 billion) prior to the exercise of the over-allotment option.

As reported last week, Believe’s indicative IPO price range was between € 19.50 and € 22.50 per share with an initial issue of 15,384,616 new shares.

This entire allocation has now been used up by investors.

In a press release today announcing the successful IPO, Believe reports strong demand from established investors in France and abroad.

The Stratégique de Participations (FSP) fund, which had undertaken to order shares in the amount of € 60 million, received 3,076,923 shares.

Settlement and delivery of the shares issued by Believe in the offering is expected to take place on June 11, 2021.

After the IPO is completed, Believe’s ownership structure will be as follows:

Citi, JP Morgan and Société Générale act as Joint Global Coordinators and Joint Bookrunners, while BNP Paribas, Goldman Sachs, HSBC and UBS act as Joint Bookrunners.

Rothschild & Co is acting as the independent financial advisor to 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.”

Denis Ladegaillerie, Believe

In a statement released today, Denis Ladegaillerie, Founder and CEO of Believe, said that his company “is now crossing a new threshold in its development with the IPO”.

Ladegaillerie explained: “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.

He added: “We are pleased to welcome Fonds Stratégique de Participations (FSP), a long-term investor supporting the development of French champions, and Sycomore Asset Management, a leader in responsible investment.

“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 continues: “I would like to thank our great teams, who all worked with great dedication to prepare our IPO and fulfilled our mission to serve artists and independent labels.

“I would also like to thank our historic shareholders Ventech, XAnge, GP Bullhound and Thierry de Passemar, who have stood by us for many years and fully played their role as committed shareholders in the first phase of our development.

“Together with TCV and the management team, your contributions have been essential to the development of Believe so far.”Music business worldwide

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