(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 Exchange
The French group made this decision almost two years to the day after its entry into the Euronext Paris professional market, which it will therefore leave in a week.
Deezer had favored this particular compartment of the Parisian market in the context of this IPO. This compartment set up by Euronext at the end of 2007 houses “the securities which have been admitted to listing without a public offer, such as SPACs or by direct admission,” Damien Pelletier, director of admissions at Euronext Paris, reminded BFM Bourse.
It allows issuers to have their securities admitted to a regulated market without issuing or selling them to the public. It is part of the confidential compartments of the Paris Stock Exchange, along with the sanctions compartment, which isolates companies that have failed to meet their obligations, and the collective procedures compartment, in which Euronext groups together listed companies that are subject to collective procedures (safeguard procedure, receivership procedure or liquidation).
The flexibility of this professional compartment lends itself favorably to the arrival of SPACs, because the latter are exempt from a heavy and complex process of traditional IPO.
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 the purpose of 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 the current price of 1.70 euros, Deezer shares have even fallen by 80% compared to their initial price of 8.50 euros in July 2022.
Sabrina Sadgui – ©2024 BFM Bourse
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