Deezer stock listing: Why did the Spotify rival crash on its first day of trading?
The 1.1 billion euro French unicorn sunk to a valuation of just 677 million euros on its first day of trading.
Back in April, when French music streamer Deezer announced it would go public via a special purpose acquisition company (SPAC), there were high hopes for its offering. At the time, Deezer was widely valued at around €1.1 billion (about $1.12 billion), making it a rare French unicorn. But after yesterday’s debut on the French markets, the company’s stock crashed, giving the streamer a valuation of around €677 million (about $690 million). So, what happened?