(BFM Bourse) – The defense nugget Exosens makes a remarkable debut on Euronext Paris. The stock is progressing significantly this Friday for its first stock market steps.
This is the event of the day at the Paris Stock Exchange. Exosens is taking its first steps this Friday within compartment A of Euronext Paris, reserved for large capitalizations of more than 1 billion euros.
“Carried out as part of a private placement with institutional investors, the IPO (initial public offering) generated strong demand from leading investors, in France and internationally,” welcomes the company also known by its former name Photonis.
Successful first stock market steps
The company specializes in the innovation, development, manufacturing and sale of advanced technologies in the field of amplification, detection and imaging. The group addresses complex issues in very demanding environments in the fields of defense, life sciences, nuclear power and industrial control.
And the enthusiasm of investors for the arrival of a new company in the defense sector is clearly visible. For its first inaugural steps on the Paris Stock Exchange, Exosens is currently jumping 17% to 23.44 euros compared to the firm price of 20 euros retained for this operation. The shares have been trading since Friday in the form of promises, that is to say shares which have not yet been created or delivered to investors, before their settlement-delivery which will be effective on Monday June 11. The shares will then be admitted to trading on the Euronext Paris market from June 12, under the ticker code “EXENS”.
Like Plansiware in mid-April, Exosens favored the private placement route for this “express” IPO. The company has benefited from the recent relaxation of IPO rules. Companies wishing to join the Paris market are no longer obliged to reserve part of their shares for individual investors. Previously, they were obliged to offer small holders a minimum of 10% of the overall amount of the operation.
At the current price, the market capitalization of Exosens amounts to approximately 1.20 billion euros, compared with the targeted valuation of 1.016 billion euros, based on the offer price set at 20 euros for this operation.
A request to meet
The enthusiasm for the IPO of the defense nugget was already perceptible from the opening of the offer on Monday, with an order book fully covered, over-allotment option included.
Two days later, on Wednesday, the specialist in electro-optical detection and imaging technologies decided to increase the size of the offer for its IPO in Paris, citing “strong investor demand”.
Thus, Exosens indicates that it has raised 350 million euros compared to 300 million euros initially targeted by the company. In detail, 8.50 million existing shares were sold, generating proceeds of 170 million euros. The offer was completed by an issue of new shares for an amount of 180 million euros, of which 46 million euros of shares were reserved for Bpifrance Participations so as to hold 4.50% of the capital of Exosens post-IPO.
The company will remain “controlled by the HLD Group”, the fund which bought Exosens after Bercy vetoed its sale in 2020 to the American Teledyne citing issues of “sovereignty and national security”.
The offer is likely to be supplemented by an over-allotment option, which could bring the total amount of the offer to 402.5 million euros in the event of exercise of this option, compared to 345 million euros initially announced. by Exosens. The exercise of this option seems to have already been acquired, according to management, which indicated having raised approximately “400 million euros with the over-allotment option”, on the air of Good Morning Business this Friday morning.
The funds raised by the defense nugget will “finance its strategy of innovation, development and external growth in fast-growing high-technology markets”.
“Photonis, then Exosens, reaches a stage of development which requires financing our long-term growth strategy, with new products and new applications. The funds raised will also be used to finance new acquisitions for our technology platform. This listing will allow us to finance this strategy”, declared its general director, Jerôme Cerisier on Good Morning Business.
For the 2024 financial year, Exosens is targeting organic growth in its turnover at the high end of a range of 15% to 20% compared to the pro forma turnover recorded for the financial year ended December 31. 2023. Taking into account acquisitions made in 2024, Exosens expects total sales growth of around 30% compared to 2023.
Also for the current year, the Exosens group plans to achieve an adjusted gross operating surplus (Ebitda) of at least 115 million euros, an objective which is understood without the acquisitions made in 2024.
Sabrina Sadgui – ©2024 BFM Bourse
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