The shares were trading at around 17.77 euros by 0725 GMT, down from their initial public offering (IPO) price of 19.50 euros.
Believe operates partly by targeting lesser-known singers outside the ranks of top global stars. It helps to distribute music via deals with platforms such as Spotify, Apple Music and Amazon, and is looking to expand globally and into new areas such as classical music.
Believe had already priced its IPO at the bottom of an indicated price range, amid a mixed reception for market debuts in Paris and elsewhere this year.
This week commodities broker Marex Spectron pulled its planned London IPO due to difficult market conditions.
Bankers told Reuters that investors are increasingly choosing to focus on bigger names and excluding mid-cap companies from their plans.