Streaming music service Deezer has withdrawn its IPO from Euronext Paris, citing "market conditions". Deezer said it still has sufficient financing to continue its growth strategy and will look at alternative financing options in future. Deezer was expected to announce the pricing of its IPO on 27 October and start trading 30 October. The company aimed to raise around EUR 300 million from the offering.
Deezer CEO Hans-Holger Albrecht told French paper Les Echos that the recent weak quarterly results from Netflix and Pandora had raised fear among investors. While Pandora uses a different business model than Deezer, its poor numbers suggested that consumers were moving more towards services such as Spotify and Apple, Deezer's main competitors. Albrecht said all options are still on the table for Deezer to raise financing, including seeking a private investor or even considering a sale of the company if offers emerge.
