PARIS (Reuters) -Digital music company Believe, which scouts out singers and helps them to launch online, on Tuesday said it had set the price range for its initial public offering (IPO) in Paris at 19.50 to 22.50 euros per share.

Believe, which aims to raise around 300 million euros ($366.8 million) – below the 500 million euros initially planned – said in a statement the price range would give the company a market capitalisation of 1.9 billion euros to 2.1 billion euros.

The company said it expected the final pricing to take place on June 9, with trading in shares due to start from June 10. About 15%-18% of the group will be floated, depending on the price range at which shares are sold, its chief executive said.

Believe is behind best-selling artists in France like rapper Jul and has been acquiring labels like German hip hop specialist Groove Attack. The company operates partly by targeting lesser-known singers outside the ranks of top global stars.

The group helps to distribute music by striking deals with listening platforms such as Spotify, Apple Music and Amazon, and is looking to expand its reach globally and also in new areas such as classical music.

It has made 18 acquisitions in the past six years.

($1 = 0.8179 euros)

Reporting by Mathieu Rosemain and Matthieu Protard; Editing by Jan Harvey

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