PARIS—Shares in French music-streaming service Deezer fell in their first day of trading, a fresh sign of the difficult environment facing startups and loss-making companies.
The Paris-based competitor to music-streaming services including Spotify Technology SA saw its shares fall by more than a quarter on Tuesday, the company’s first day on Paris’s stock exchange. The tumble, down more than 30% at one point, came after the company struck a SPAC deal in April valuing it at roughly $1.1 billion.