Believe successfully raises €300m in Paris IPO, giving TuneCore owner a market cap of €1.9bn


The world of independent distribution and services is hotting up.

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Earlier today (June 9), MBW broke the news that Independent music company [PIAS] and Universal Music Group (UMG) have struck a strategic global alliance.

Now, Paris-headquartered Believe has confirmed the success of its Initial Public Offering (IPO) on the Euronext Paris.

The company – the owner of TuneCore and various labels, as well as its own-branded indie services platform – has announced today (June 9) that through its IPO in Paris, it has officially raised approximately €300 million, and may end up raising approximately €330m in case of full exercise of its over-allotment option.

Believe shares will start trading on the regulated market of the Euronext Paris tomorrow (June 10, 2021) at 9am Paris time.

The company’s IPO offer price has been set at €19.50 per share, implying a market capitalization of approximately €1.9 billion ($2.3 billion) before the exercise of the over-allotment option.

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

That entire allocation has now been snapped up by investors.

In a media statement announcing the successful IPO today, Believe reports that it had strong demand from established investors in France and abroad.

The Fonds Stratégique de Participations (FSP), who had committed to place an order for shares in an amount of €60 million, was allotted 3,076,923 shares.

Settlement and delivery for the shares issued in Believe’s offering is expected to occur on June 11, 2021.

Upon completion of the IPO, Believe’s shareholding structure will be as follows:



Citi, J.P. Morgan and Société Générale are acting as Joint Global Coordinators and Joint Bookrunners, while BNP Paribas, Goldman Sachs, HSBC and UBS are acting as Joint Bookrunners.

Rothschild & Co is acting an independent financial advisor to Believe.

“This listing gives us the means 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 issued today, Denis Ladegaillerie, Founder and CEO of Believe, said his company is now “crossing a new threshold in its development by going public”.

Ladegaillerie stated: “The funds raised will allow us to invest in our innovative technology platform and to implement our ambitious strategy of targeted acquisitions.

“This transaction was also intended to build a solid and balanced shareholder base alongside TCV, our long-term shareholder.

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

“This listing gives us the means to accelerate our development by fulfilling our mission to develop independent artists and labels in the digital world with respect, fairness and transparency.”

Ladegaillerie continued: “I would like to thank our great teams, all of whom showed a great commitment in preparing our IPO and fulfilling our mission to serve artists and independent labels.

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

“Alongside TCV and the management team, their contributions have been essential to the development of Believe to date.”Music Business Worldwide



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