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French Streaming Service Deezer’s Stock Plunges in Public Debut on Paris Exchange
Jem Aswad Senior Music EditorThe French audio streaming service Deezer made its debut on the Paris Euronext market Tuesday and immediately plunged 35% from its €8.5 opening, rising slightly to level off at around €6.2 by late in the afternoon.Earlier this year the company, which is one of the world’s largest streaming services despite a relatively low U.S. profile, merged with a special-purpose acquisition company (SPAC) with an eye toward going public at a $1.13 billion valuation.
