Osmozis prices IPO at €10.5 per share

Alice Tchernookova
06 February 2017

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Naxicap Partners- and Soridec-backed Osmozis, a French provider of multi-service wifi networks for campsites and holiday villages in Europe, has priced its IPO on Euronext Paris at €10.5 per share.

The capital increase is expected to be €8.2m and may increase to €9.4m if the overallotment option is fully exercised. Trading should begin on 8 February 2017, according to a company statement.

Earlier this month, the GP published its prospectus, which projected a capital increase of €8-9.2m, growing to €10.6m on full uptake of the overallotment option. The initial price range had been fixed between €10.05-13.95 per share, with subscription closing on 2 February.

The capital increase will be used to pay down Osmozis's debt, which on 31 August amounted to €4.8m net, before hitting €6.8m in December the same year. The IPO proceeds will also fund future financing, including around €3m to support organic growth. A certain amount will be dedicated to external growth, with a continued expansion across Europe, the company stated.

Currently operating in five EU countries, it will look to double the number of covered camping/holiday spots it covers over the next five years. Overall, the group is targeting €20m in revenues by the year 2020, compared to a current €8.2m.

CM-CIC Market Solutions acted as bookrunner for the listing, while Deloitte acted as financial auditor. D'hoir Beaufre Associes provided legal advice.

In 2015, Gérard Tremblay and Yves Boulot, founding managers of Osmozis, courted investment from Naxicap and Soridec, the latter of which first invested in the group in 2009. Both GPs jointly invested €3m, a company release said.

At the time of acquisition, Osmozis counted 45 employees and was claiming 30% year-on-year growth, with €6.5m in turnover for 2015, according to a company release. The GP's investment was aimed to help the group continue its expansion outside France, following the launch of Spanish brand Osmozis Iberia.

Prior to the IPO, Osmozis's management held a stake of around 78% in the company.

Founded in 2005 and based in Clapiers, near Montpellier, Osmozis is a provider of wifi services in holiday resorts and camping grounds. The group currently registers €8.2m in revenues.

Osmozis claims it provides wifi services to around 1,000 sites across Europe.