(Adds context about IPOs in Paris)
LONDON/PARIS, June 8 (Reuters) - French digital music company Believe expects to price its initial public offering at the bottom of the indicated price range, a bookrunner on the listing said on Tuesday, amid a mixed reception for market debuts in Paris this year.
Believe said last week it planned to sell a maximum of 15.4 million shares within a range of 19.50 to 22.50 euros per share, giving the group a valuation of 1.9 billion euros at the lower price.
Believe manages artists who distribute their music online and has launched best-selling singers in France like rapper Jul.
It is kicking off its IPO after car parts distributor PHE cancelled its share sale last week, citing unfavourable market conditions.
Books were covered on the full deal size for Believe’s IPO and are expected to close on Wednesday, bookrunner Citigroup said.
The company last week reduced the amount it planned to raise by 40% to 300 million euros. Believe managers said this was not due to a lack of investor appetite, but in order to not dilute existing shareholders any further.
After a slow start to the year for French IPOs, when markets elsewhere in Europe and the United States were busier, several companies are now competing for investors’ attention.
Second hand car group Aramis set the price range for its share sale on Tuesday, saying it hoped to raise between 446-481 million euros and was targeting an overall valuation of between 1.9 billion and 2.3 billion euros. ($1 = 0.8210 euros) (Reporting by Carolyn Cohn and Sarah White Editing by Rachel Armstrong, Kirsten Donovan)