Music distributor Believe has now gone public, but its first day on the markets was somewhat turbulent.
The day’s trading opened with Believe shares at €19.50, but they dropped during the day, reviving slightly for a closing price of €16, reported the Financial Times. It noted that the €19.50 offer price was already at the lower end of Believe’s planned range for the IPO. However, the report focused on the negative implications for the Euronext Paris exchange more than it did for Believe:
“The fact Believe is in a fast-growing sector that is popular among investors is likely to add salt to the wound.” Even at the lower price, Believe’s market cap is now €1.6bn (around $1.95bn). The company will be hoping the “targeted acquisitions” it is planning for the coming months will reinvigorate the share price.
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