VC-backed Supersonic aims for €60m IPO

The company has set its indicative price range at €11.7-14.3 per share. Up to 4.3 million new shares will be sold in the offering, meaning the company could raise up to €61.1m if the share price settles at the top end of the indicative range.

An increase option of up to 641,025 additional new shares and an overallotment option of up to 737,179 new shares have been granted, meaning a further €9.1m and €10.5m could be raised respectively.

A consortium of the company's backers have agreed to collectively subscribe to 27% of the gross proceeds of the offering, equivalent to up to €16.5m at the top end of the price range. The consortium consists of Auriga Partners, Edmond de Rothschild Investment Partners (EdRip), BPI France, Omnes Capital, Wellington Partners, Alto, Mérieux Participations, NBGI Private Equity and Kuwait Life Sciences Company.

The company expects its shares to commence trading on the regulated market of the Euronext Paris on 15 April. The offering comprises a public offering in France in the form of an open price offering (OPO) and a global placement aimed predominantly at institutional investors in France and other countries, with the exception of the US.

Supersonic is backed by venture firms Auriga, Omnes, NBGI, EdRip, Wellington, Ixo Private Equity and Alto, as well as state-owned investor BPI France. According to unquote" data, the company has completed at least five funding rounds.

The first took place in March 2006, when Auriga, Omnes, NBGI and BioAm injected €10m into the company. Omnes (then Crédit Agricole Private Equity) led the round.

This was followed by a second round in November 2008, led by new backer EdRip. Supersonic's four existing investors joined EdRip to collectively invest €20m in the company, with EdRip providing €7m of the total, according to unquote" data.

In May 2009, Ixo (then Isco Gestion) and Wellington provided Supersonic with a €6m investment in an extension of the company's EdRip-led €20m series-B round the previous November.

In November 2010, all previous investors joined new backer BPI France (then FSI Régions) in supplying a further €34.5m in funding for the company's series-C round. BPI France led the round, investing via its €139m InnoBio fund.

Industrial holding company Mérieux also took part in the round as a new investor. According to unquote" data, new backers BPI and Mérieux, alongside the Canon Corporation, provided approximately €15.5m of the total amount raised, with existing backers supplying the balance of €19m.

In April last year, all previous backers returned alongside new investors Alto and Kuwait Life Sciences for a €28m series-D round. BPI led the round and provided €14m of the total amount.

Founded in 2005 and based in Aix-en-Provence, Supersonic develops medical imaging products for ultrasound systems.

The company generated turnover of €14m in 2012 and employs around 120 staff. Jacques Souquet is its founder and CEO.

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• Topics
• Healthcare
• France
• Exits
• France
• IPO
• Andera Partners
• Omnes Capital
• Wellington Partners
• Alto Partners
• NBGI Private Equity