VC-backed NFon sets price range for €200-239m IPO

The company expects a total issuance volume of up to €138m, including a €50m primary offering of 3,205,128 shares and a secondary offering of up to 5,641,025 existing shares, and an overallotment of up to 1,153,846 shares.

This would result in a post-money market cap of €200-239m and a free float of up to 68.9%.

NFon expects to realise €47.3m in proceeds from the listing to finance further growth. It has earmarked €15-20m for regional expansion in Europe with a focus on France, Italy, Belgium, Luxembourg and the Netherlands. An additional €10-15m will be used for research and development, €10-15m for marketing, and €5-10m for pursuing M&A opportunities.

More than 99% of the company's current share capital is held by German VC firms. Milestone Venture Capital is the largest shareholder with 35.77%, followed by Earlybird Venture Capital with 34.48%, MIG with 13.29% across two different vehicles, Bayern Private Equity with 6.4%, High-Tech Gründerfonds with 4.88% and BayBG with 4.84%. Software provider ASC Technologies holds the remaining 0.34%.

Founded in 2007, NFon is a cloud-based telephone system for companies including banks, insurance providers, transport providers and the food and beverage industry.

The company is headquartered in Munich and has additional offices in Mainz and 13 other European countries. It employs 150 people and generated revenues of €35.7m in 2017 with an adjusted EBITDA margin of 0.5%. The company has recorded a compound annual revenue growth rate of 30% between 2015 and 2017.

Berenberg is the sole global coordinator and is also mandated as joint bookrunner with Baader Bank and Oddo BHF.

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