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Deezer eyes Spotify's crown with €300 million IPO

Music streaming service Deezer said that it intends to raise at least €300 million through a public listing in France before the end of the month.

After filing for an IPO on Euronext in September, it has further revealed that it will offer 8,241,758 new shares at anywhere between €36.40 and €49.24 per share, leading to a worth between €300 million and €406 million.

Reuters has also cited analysts who said that the company's valuation could be between €900 million and €1.1 billion.

Deezer’s shares will be made available to investors in France and abroad through a domestic subscription that will close on 26 October. An international subscription is also scheduled for the day after.

While Deezer’s estimated valuation makes it one of the newest unicorns in France, it may still need to take further strides to conquer the dominance of Spotify in the music streaming space.

Deezer currently has 16 million monthly active users and 6 million paying subscribers, a measly amount compared to Spotify’s 75 million active users and more than 20 million spaying for its premium service.

Since Deezer launched in 2007, teaming up with mobile phone companies has been its strategy to help sell its premium offering. From beginning in Europe, the startup has just entered the US in late 2014, partnering with Sonos and Bose.

Deezer is now available in more than 180 countries.