Failed 2024

    Believe (Public Markdown)

    Paris-listed digital-music distributor Believe IPOed at €19.50 in 2021, then was taken private at €15 in 2024 after a value-destructive public-market journey — a major French IPO failure.

    Founded → Closed

    2005 → 2024

    Funding Raised

    $338M

    Industry

    Music/Digital Distribution

    Country

    France

    Full Analysis

    Paris-based Believe is France's largest independent digital music distributor. Its 2021 Euronext IPO valued the company at €1.9B at €19.50/share. By 2024 the stock had fallen significantly and a take-private offer at €15/share by a consortium led by Warner Music and EQT was accepted, ending the public-markets chapter at a destroyed-value outcome for IPO investors. A defining French public-market failure of the post-2021 cycle.

    Could This Failure Have Been Prevented?

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