The Musical Service Deezer billionaire BLOVTNITER before the IPO was estimated at € 1 billion

By the end of the year, the French musical striming service Deezer will conduct the initial placement of shares on the EURONEXT Paris Stock Exchange, according to the company's website.

The head of Deezer Hans-Holger Albrecht did not say how much the company plans to attract as part of the transaction, writes The Wall Street Journal (WSJ). According to analysts, which is given by the publication, the service expects € 1 billion.

The company plans to direct the received funds to the development and increase in the share in the market of streaming services. For IPO, Deeezer will issue new shares, it is not planned to sell the shares of current shareholders.

One of the largest shareholders of the service is the Leonard Blavnik Foundation Access Industries, which in 2012 invested € 100 million in Deezer.

Deeezer was founded in 2007, it has 6 million subscribers, 3.7 million of which are paid for subscription. It is available in 180 countries of the world, including in Russia. The world's largest streaming musical service, Spotify, 20 million subscribers. According to WSJ, both services are now competing with Apple Music, which was launched in June 2015.

Leonard Blavatnik in 2015 headed the rating of the richest people of Great Britain, compiled by the Sunday Times. Its fortune is estimated at £ 13.17 billion ($ 20 billion). Blavatnik is the founder of the Holding company Access Industries, which controls Warner Music Group and Lyondellbasell Industries NV, the largest polypropylene manufacturer.