Natixis CIB, in cooperation with Oddo BHF, Supports Exosens up to EUR 402.5mn Euronext Paris IPO

Exosens listed on Euronext Paris on June 7th, following a very successful IPO by means of private placement, confirming the market reopening.

Launched on June 3rd, pricing was set at EUR 20 per share, valuing the company at close to EUR 1bn. The size of the Base Deal was increased from its initial EUR 300mn to EUR 350mn on June 5th, thanks to strong demand from investors, and could reach up to EUR 402.5mn if the Over-Allotment Option is exercised. The offering includes a EUR180 mn capital increase allowing Exosens to finance its development while the remainder allows its main shareholder HLD to monetize its stake following its investment back in 2021.

Natixis CIB, in cooperation with Oddo BHF, has acted as Joint Bookrunner on this transaction, the largest IPO in France over the last three years.

Commenting on the transaction, Laurent Danino, Strategic Equity Capital Markets at Natixis CIB, said: 

When it comes to delivering a successful IPO, several factors must be in alignment – most importantly a compelling investment story and well-defined strategy, but in order to achieve the desired outcome, supportive market conditions and optimal parameters must be in play too. If European market has seen successful IPOs this year, some deals have also been postponed or cancelled and investors remain extremely selective. It is therefore a must have to present the right story at the right timing and with the right valuation. This IPO has been the opportunity to revisit the way deals are done (no retail offering, fixed price, short bookbuilding, etc…) and the test is clearly validated as demonstrated by the upsize in Base Deal after 2 days. It should pave the way to more IPOs adding in the French pipeline for the coming months.

Exosens is a high-tech group with c. €320m pro forma sales in 2023, over 85 years of experience in the innovation, development, manufacture and sale of high-end electro-optics technologies in the field of amplification, detection and imaging. It has an established global geographic footprint, offering products in over 50 countries. Exosens positions itself as a major innovator of electro-optics, with a portfolio of over 130 patents registered by the Group.

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