Deezer IPO had a not-so-good first day. It opened at €8.50 per share ($8.72) on the Euronext Paris exchange and closed at €6.52; a 35% drop. The overall performance of the stock is expected to be weighed on its weekly or monthly performance, and not daily price movements.

Deezer remains positive about its listing as it recently merged with I2PO, which brought in a new €143m funding; via cash held by I2PO and Private Investment in Public Equity (PIPE) with exiting backers such as Universal Music, Orange, Access Industries, and Warner Music.

“Through merging with I2PO and going public, we have created a solid foundation to execute our strategic plan, with the right capital, expertise, and network,” was CEO Jeronimo Folgueira’s pitch. “With a highly competitive product, a clear strategy, and a renewed and experienced management team, we will make the most of this opportunity to create substantial shareholder value.”

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