(BFM Bourse) – The Angevin company, specializing in protective equipment against the risks of explosions in industrial environments, announces the success of its IPO, which should be the last of 2023 in Paris. Stif will thus take its first steps on Euronext Growth this Wednesday.
Unless there are any surprises, Stif is closing the ball of IPOs for the year 2023. The Angevin company, specializing in protective equipment against the risks of explosions in industrial environments, announced Friday evening the success of its IPO on Euronext Growth.
The group therefore announces total gross proceeds from the operation of 10.35 million euros, of which 9 million euros were raised through a capital increase. In this context, 1.38 million new shares were issued. Stif also indicates that it has exercised an extension clause allowing it to raise an additional 1.35 million euros, with the sale of 207,692 existing shares by shareholders, on the basis of the firm price offer set upon the announcement of the operation at 6.50 euros.
In detail, the request related to 12.7 million euros from institutional investors for the overall placement. The company is particularly pleased with the “great” success of the operation among individuals with a demand of more than 2.6 million euros.
At the end of the operation, the capital of Stif is thus composed of 5,084,615 shares, which represents a market capitalization of approximately 33 million euros, based on an IPO price of 6.50 euros per share. The float represents 31.3% of Stif’s capital.
Anti-explosion panels
Founded in 1984, the company has historically specialized in components for handling bulk products, namely buckets for elevators or fittings for pneumatic transport. Then at the beginning of the 2010s, Stif took a first strategic turn by developing a range of protection products against dust explosions in industrial environments, under the Vigilex brand.
And since 2022, the group has diversified further, this time by offering a range of anti-explosion panels dedicated to battery energy storage systems (BESS). It is marketed under the Vigilex Energy brand. BESS is a technology that uses rechargeable batteries to store intermittent electricity produced by solar or wind farms and release it as needed. The BESS plays a key role enabling the storage of electricity produced by renewable energies such as solar and wind, explains Stif.
A “new story”
Stif therefore favored the Stock Exchange to finance its development in the market for securing battery energy storage systems. The company says it anticipates “a strong acceleration” in its turnover in the coming years, after having achieved 31.2 million euros in 2022.
“The funds raised provide us with the financial means to deploy our development strategy, particularly in the exponentially growing BESS market in the field of renewable energies. A new stage in the history of Stif opens today with the ambition to reach 80 million euros in turnover in 2027″, declared José Burgos, president and CEO of Stif.
By 2025, Stif is targeting a turnover of around 61 million euros, or average annual growth of 25% between 2022 and 2025. By 2027, the group aims to increase its turnover to business of around 80 million euros with a gross operating surplus (Ebitda) greater than 15% of turnover.
Coming back to the schedule of the operation, the settlement-delivery of the shares is scheduled for Tuesday, December 19 for the start of negotiations the next day, i.e. Wednesday, December 20, under the ISIN code FR001400MDW2 and the mnemonic code ALSTI.
Stif should, barring any surprises, put an end to IPOs in 2023 on the Paris market. This is a poor vintage in this area, with only 6 transactions recorded on Euronext Growth, the flagship compartment for small and medium-sized companies which hosted the vast majority of transactions for the year 2023.
On the regulated compartment of Euronext Paris, it is quite simply a blank year. The American cosmetics specialist Coty had in fact favored the professional compartment of Euronext (not accessible to the general public and therefore outside the regulated market), to offer itself a double listing in Paris (in addition to that in New York) at the end of September .
Sabrina Sadgui – ©2023 BFM Bourse