Global law firm White & Case LLP advises Exosens on its initial public offering (IPO) on Euronext Paris.
The IPO will enable Exosens to reduce debt in order to increase financial flexibility and support its development and growth strategy. Exosens will be listed on the regulated market of Euronext Paris on June 7, 2024, the date of first listing of its shares.
The €300 million offering includes a €180 million capital increase and a €120 million sale of existing shares. The offering may be increased by €45 million if the over-allotment option is exercised in full.
The prospectus received approval from the French financial markets authority on May 31, 2024 and the IPO will be carried out exclusively by way of a private placement, following the recent revision of the General Regulations of the French financial markets authority.
Bpifrance Participations has undertaken to subscribe to new shares to be issued by Exosens to hold 4.50% of its post-IPO share capital. Other French and international cornerstone investors, including CDC Tech Premium, Janus Henderson UK Limited and WCM Investment Management LLC, have committed to place orders totaling €87 million in the private placement. Following the IPO, HLD will remain the controlling shareholder of the company.
Exosens is a high-tech company with more than 85 years of experience in the innovation, development, manufacturing and sale of high-end electro-optical technologies for amplification, detection and imaging. It generated revenue of €318.8 million (on a pro forma basis) for the year ended December 31, 2023 and has around 1,600 employees.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Max Turner, Estelle Philippi, Alexandre Jaurett and Jean Paszkudzki, and associates Boris Kreiss, Sébastien Caciano, Claire Sardet, Hugo Chevillot and Tamila Bellache.
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