VC-backed Viadeo to list in Paris

Viadeo has set an indicative price range of €17.10-20.90 for the IPO, which is due to take place on 2 July. Shares are expected to start trading on Euronext Paris on 7 July.

The company will be offering 1,716,982 new shares in the IPO, while some existing shareholders will sell 125,127 shares to finance the exercise of call options, which they had previously concluded with other backers. Based on the mid-point of the indicative price range, Viadeo is aiming to raise around €35m in the offering, which could rise to €46.3m should both the extension clause and overallotment option be exercised – and still assuming a float price in the middle of the range.

Backers Idinvest, Ventech and BPI France will be subject to a staggered lock-up period: a strict 180-day lock-up, then 66% of shares for an additional 90-day period, then 33% of shares for another 90-day period. Other shareholders are subject to the standard 180-day lock-up.

In 2004, business angel federation Agregator provided €5m in seed funding for Viadeo. In 2006, Idinvest and Ventech committed a combined €5m in exchange for a minority stake. In September the following year, the two investors injected an additional €5m into the professional social network.

BPI France (then FSI) injected €10m into the firm in a €24m round in 2012, with the remaining capital coming from existing investors Idinvest and Ventech, as well as new investors Jefferies & Company, Allianz and backers in the Middle East.

Founded in 2004 and based in Paris, Viadeo is a global professional social network akin to LinkedIn. The company claims to have 60 million members worldwide and to be the first professional network in China with 20 million users there. The business posted a €30.1m turnover, a net loss of €13.1m and an adjusted EBITDA of €1.1m in 2013.

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• IDInvest Partners (AGF Private Equity)
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