NextStage launches IPO with plans to create evergreen fund

The capital increase might be raised to a maximum of €44.9m in case of full exercise of the overallotment option.

The initial public offering was launched on Euronext Paris with an initial fixed price of €100 per share. The closings of the fixed-price offering and global placement are scheduled for 14 December. The range amount will be tightened to +/- 15% at least three days before the closing date.

The listing should enable the creation of an evergreen vehicle within NextStage, enabling longer-term interest to be generated for investors. It should also enable the firm to invest large sums into companies, aiming to build a portfolio of 40-50 businesses and reach an equity capital of €500m by 2020.

NextStage is also planning a €30m fundraise, enabling to increase the size of investment tickets, and to make five additional investments over the coming months, the GP said in a statement.

In case the transaction is limited to 75% of the lower price-range threshold, the company will adjust its investment plans accordingly and should be able to make a maximum of six investments, NextStage added.

With regard to its portfolio, the group is targeting a breakdown of 75% in the unlisted sector and 25% in the listed sector on Euronext or Alternext.

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