Deezer opened at 8.50 euros, before heading down, trading at 7.99 euros per share by 0707 GMT.
In April, Deezer announced plans for a stock market listing in Paris in a deal valuing the business at just over 1 billion euros ($1 billion), with a Special Purpose Acquisition Company (SPAC) 12PO set up for the deal.
In 2015, Deezer had to postpone initial IPO plans due to market conditions.
Deezer's larger rivals include Spotify, which carried out its initial public offering in 2018.
($1 = 0.9600 euros)
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)