- IPO largely oversubscribed (190%)
- Offering price set at €16.84 per share
- Capital increase of €20.7 million
- Start of trading on 11 October 2016
ABEO, a designer of sports and leisure equipment, today announces the resounding success of its initial public offering (IPO) on the Euronext Paris market, compartment C (isin code: FR0013185857 – Ticker: ABEO). The IPO, which closed on 5 October 2016, received strong demand from around 40 institutional investors in France and abroad as well as retail investors. The company successfully raised €20.7 million, with a possible increase to around € 22.2 million in the event of exercise of the greenshoe option.
- The offer was subscribed nearly 2 times, with 2,030,737 securities applied for, in connection with the comprehensive placement (principally intended for institutional investors) and the open price offer (principally intended for individuals).
- Given this strong demand, ABEO's Board of Directors met today in order to set the price per share at €16.84 and resolved to fully exercise the extension clause.
- As part of the IPO, 1.226.665 shares were issued, representing total gross proceeds of €20.7 million (before exercise of the greenshoe option). At the IPO date, ABEO's market capitalisation amounted to €111 million and the public float represented 18.7% of its share capital.
- This transaction was supported in particular by Bpifrance,Investissement and Nobel (fund managed by Weinberg Capital Partners), who wanted to lend their support to ABEO's development project. Following the addition of these two funds as shareholders, it shall be recommended to the next general meeting to appoint two directors representing them respectively.
- Trading of ABEO shares is set to commence on 11 October 2016 at 9 am, CET time. Settlement-delivery of the shares issued under the IPO will take place on 10 October 2016.
- A liquidity agreement will be set up with CM-CIC Market Solutions as of the end of the stabilisation period, i.e. as of 7 November this year.
Olivier Estèves, ABEO's Chief Executive Officer, and Jacques Janssen, Managing Director, MADE the following comments: “We are delighted to announce the success of our initial public offering. The interest displayed by French and international investors proves the merits of our unique positioning on the sports and leisure equipment market, and reflects the trust placed in our growth strategy. This success also makes us particularly proud of the work completed by our teams in building a solid and profitable Group worthy of its leadership aspirations.
The funds raised will give us the financial means to step up our international expansion. We would like to thank our new individual and institutional shareholders who have placed their trust in our corporate manifesto. We would also like to thank all of our partners and employees for their commitment and contributions towards ensuring the success of this new milestone for ABEO.”
Financial intermediaries and advisers
CM-CIC MARKET SOLUTIONS - GILBERT DUPONT
Lead Managers and Joint Bookrunners
SPONSOR FINANCE
Advisor to the Company
LAMY LEXEL
Legal advisor
ACTUS FINANCE & COMMUNICATION
Financial communications
IPO terms
- Share codes
Name: ABEO
ISIN code: FR0013185857
Ticker symbol: ABEO
ICB classification: 3745 – Recreational Products
Listing market: Euronext Paris, compartment C
- Offering price
€16.84 per share on offer
- Number of shares issued
1,226,665 new shares were issued, including 159,999 as part of the full exercise of the extension clause.
Furthermore, the company granted a greenshoe option on a maximum of 91,199 shares. This option may be exercised until 4 November 2016 at the latest. Jalénia (holding company controlled by Olivier Estèves) has informed ABEO that it did not intend to dispose of the number of shares reserved for it in connection with the over-allocation option.
- Share allocation
Global placement (GP): 1,238,449 new shares allocated to institutional investors (i.e. around €20.9 million)
Open price offer (OPO): 79,415 new shares allocated to the public (i.e. around €1.3 million). A1 and A2 orders will be 100% satisfied.
- Schedule
| 10 October 2016 | Settlement-delivery of the new shares |
| 11 October 2016 | Trading starts on the Euronext Paris regulated market |
| 4 November 2016 | Closing date for exercise of the greenshoe option |
- Breakdown of share capital after IPO (100% issued and after exercise of the extension clause)
Shareholders Number
of shares%
of share capital%
of voting rightsJalenia / Olivier Estèves 3,056,972 46.51% 57.27% Serdon BV / Jacques Janssen 1,028,662 15.65% 9.71% Sub-total concert 4,085,634 62.17% 66.98% CM-CIC Investissement SCR 1,247,246 18.98% 21.21% Adora Holding 12,104 0.18% 0.23% Other historical shareholders 1,259,350 19.16% 21.44% FLOAT 1,226,665 18.67% 11.58% TOTAL 6,571,649 100.00% 100.00%
Availability of the prospectus
Copies of the prospectus, approved on 21 September 2016 under visa number 16-440 by the French Financial Markets Authority (AMF), comprising the Document de base filed on 14 June 2016 under number I.16-055, together with an offering circular and prospectus summary, are available free of charge on request from ABEO or may be downloaded from the ABEO (www.abeo-bourse.com) and AMF (www.amf-france.org) websites.
Risk factors
The reader's attention is drawn to Chapter 4 “Risk factors” of the Document de base filed with the AMF under number I.16-055, and to section 2, “Risk factors entailed in the offer”, in the offering circular approved on 21 September 2016 under number 16-440.
Read more at www.abeo-bourse.com
| À PROPOS D'ABEO |
| ABEO is a major player in the sports and leisure (“sportainment”) market. The Group posted turnover of €148 million for the year ended 31 March 2016, 66% of which was generated outside France, and has around 1,000 employees. ABEO is a designer, manufacturer and distributor of sports and leisure equipment. It also provides assistance in implementing projects to professional customers in the following sectors: specialised sports halls and clubs, leisure centres, education, local authorities, construction professionals, etc. ABEO has a unique global offering, and operates in a wide variety of market segments, including gymnastics apparatus and landing mats, team sports equipment, physical education, climbing walls, leisure equipment and locker room fittings. The Group has a portfolio of strong brands which partner sports federations and are featured at major sporting events, including the Olympic Games. |
Contacts
For any questions relating to this press release or the ABEO Group, please contact:
ACTUS finance & communication
Investor relations – France Bentin investor@beo.fr Tel: +33 (0)1 53 67 36 39
Press relations – Serena Boni presse@beo.fr Tel: +33 (0)1 53 67 36 39
Important notice
This press release and the information included herein do not constitute an offer of sale, purchase or subscription or the solicitation of a sale, purchase or subscription order for ABEO shares (the “Shares”) in any country. No shares have been or will be offered in France prior to obtaining the approval of the French Financial Markets Authority (the “AMF”) for a prospectus comprising the Base Document (“document de base”) that is the subject of this press release and an offering circular (securities note) to be submitted to the AMF at a later date.
The dissemination, publication or distribution of this release in certain countries may constitute a breach of applicable statutory and regulatory provisions. Accordingly, persons who are physically located in such countries in which this release is disseminated, distributed or published must enquire about and comply with such local restrictions.
Specifically:
This release amounts to a promotional communication and not a prospectus within the meaning of Directive 2003/71/EC issued by the European Parliament and Council on 4 November 2003, as amended, specifically by Directive 2010/73/EU issued by the European Parliament and Council on 24 November 2010, as amended and as transposed in each Member State of the European Economic Area (the “prospectus Directive”).
In the case of European Economic Area Member States other than France (the “Member States”) which have transposed the Prospectus Directive, no action has been undertaken or will be undertaken in order to enable a public offering of securities that renders the publication of a prospectus mandatory in any of those Member States. As a result, the Shares may be offered in Member States solely: (a) to legal entities that are qualified investors as defined in the Prospectus Directive, or (b) in other cases that do not require ABEO to publish a prospectus under Article 3(2) of the Prospectus Directive.
This release has not been disseminated or approved by an “authorised person” within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a result, this release is solely addressed and intended for (i) persons outside the United Kingdom, (ii) investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (iii) the persons referred to in Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or (iv) any other person to whom this release may be addressed in accordance with the law (the persons listed under points (i), (ii), (iii) and (iv) are jointly designated as the “Eligible Persons”). The securities are only intended for Eligible Persons and any invitation, offer or agreement relating to the subscription, purchase or acquisition of the securities can only be addressed to or entered into with Eligible Persons. Any person other than an Eligible Person must refrain from using or relying on this release and the information that it contains. This release does not amount to a prospectus approved by the Financial Services Authority or by any other regulatory authority in the United Kingdom within the meaning of Section 85 of the Financial Services and Markets Act 2000.
This release does not constitute an offer of transferable securities or any kind of solicitation to purchase or subscribe to transferable securities or to any solicitation to sell transferable securities in the United States. The transferable securities that are the subject of this release have not been and will not be registered within the meaning of the US Securities Act 1933 as amended (the “US Securities Act”) and cannot be offered or sold in the United States without registration, or an exemption from the registration requirement, pursuant to the US Securities Act. The Shares have not been and will not be registered under the US Securities Act and ABEO does not intend to perform any public offering of its shares in United States.
