(BFM Bourse) – The specialist in electro-optical detection and imaging technologies launched its IPO on Euronext Paris on Monday, following in the footsteps of Planisware a few months earlier. Exosens plans to arrive on the Paris Stock Exchange on Friday, with a price of 20 euros set for its action.
With the return of good weather, IPO projects are flourishing all over Europe. In Italy, luxury sneaker maker Golden Goose has confirmed that it is aiming to list on the Milan Stock Exchange this month, with a view to “strengthening the group’s capital structure and reducing its debt”.
This would then be the most important IPO on Italian soil since that of the gaming operator Lottomatica in May 2023, Bloomberg noted.
In Paris, the rating will also benefit from new blood. And this renewal will come from Exosens which launched its IPO on the regulated market of Euronext Paris this Monday. The specialist in electro-optical detection and imaging technologies has therefore revealed the terms of its IPO and has thus opened the possibility since Monday for institutional investors to participate in its offer.
A price of 20 euros per share
On May 23, the former Photonis indicated its intention to launch itself on the stock market with a view to “financing its strategy of innovation, development and external growth in fast-growing high-technology markets.”
Exosens shares are offered to them at a fixed price of 20 euros. The subscription period is reduced. Institutional investors will have until Thursday June 6 at 5 p.m. to participate in this operation.
This short firing window is more than enough for Exosens. A spokesperson told BFM Bourse that the entire order book had been covered since this morning, including the over-allotment option.
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.
Based on this price of 20 euros, Exosens is targeting a valuation of 1.016 billion euros, which allows it to knock on the door of compartment A of Euronext Paris, reserved for the largest capitalizations.
The size of the offer represents a total amount of 300 million euros. A maximum amount of 6 million existing shares will be sold, generating proceeds of 120 million euros, and will be accompanied by the issue of new shares for an amount of 180 million euros.
Certain investors committed to placing an order in the order book for an amount of 87 million euros, when Bpifrance Participations announced its intention to subscribe to this operation, so as to hold 4.50% of the capital of Exosens post-IPO.
The offer will also be supplemented by an over-allotment option targeting a maximum number of 2.25 million additional shares representing a maximum amount of 45 million euros.
As part of this IPO, Groupe HLD intends to sell part of its stake in Exosens. This investment fund, however, intends to retain a majority stake in the group it has supported since 2021, after Bercy vetoed its sale in 2020 to the American Teledyne citing “sovereignty and national security” issues.
The company develops and manufactures detectors and imaging solutions including traveling wave tubes, digital cameras, ion, electron, neutron and gamma detectors as well as light intensifier tubes. It targets the defense, industrial control, life sciences and nuclear instrumentation markets.
Number one in light amplification
Exosens has carried out targeted acquisitions in recent years to balance its markets, while the defense sector still remains in the majority and represents 66% of its turnover. For example, the company took over the Belgian Xenics, a specialist in infrared sensors and cameras, the German ProxiVision (ultraviolet detection), the Canadian Telops (cooled hyperspectral and infrared cameras) and the Israeli Elmul (ultraviolet detectors). electrons and ions). These are companies specializing in detection and imaging devices.
Thus, over the last three years, Exosens’ turnover has almost doubled, going from 166.2 million euros in 2021 to 318.8 million euros in 2023, when the gross margin of operating income (Ebitda) reached 29% last year.
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.
Still for the current year, the Exosens group plans to achieve an adjusted Ebitda of at least 115 million euros, a target which is understood without the acquisitions made in 2024.
In the medium term, Exosens plans to double its total turnover between 2023 (on a pro forma basis) and 2027, corresponding to an average annual growth rate of +18% over the period. The group is also targeting average annual growth in adjusted Ebitda in the high single-digit range (i.e. 6% to 9%) over the period 2025-2027.
Exosens securities will be listed on Friday June 7 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.
Sabrina Sadgui – ©2024 BFM Bourse