Naxicap-backed Osmozis launches IPO with €8m capital increase

Alice Tchernookova
25 January 2017

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Naxicap-backed Osmozis, a French provider of wifi services in holiday resorts and camping sites, has launched its IPO on Euronext Paris Alternext.

The IPO should mean a capital increase of around €8m, which may be increased to €9.2m if the extension clause is fully exercised, increasing to €10.6m on full uptake of the overallotment option.

The indicative price range in the initial offering is fixed between €10.05-13.95 per share. The subscription period has been fixed between 23 January and 2 February 2017.

The capital increase will be spent paying 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.

Previous funding
In 2015, Gérard Tremblay and Yves Boulot, founding managers of Osmozis, courted investment from Naxicap Partners and Soridec, the latter of which had 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 the year 2015, according to a company release. The GP's investment was aimed to help the group continue its expansion outside of France, following the launch of Spanish brand Osmozis Iberia.

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

Company
Created 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.