VC-backed Supersonic raises €50m in IPO

Ellie Pullen
10 April 2014

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French medical imaging specialist Supersonic Imagine has listed on the Euronext Paris with a market cap of €182.6m, having raised €50m in its IPO.

The company sold 4.27m new shares at a price of €11.7 apiece. According to Supersonic, total demand reached €63.8m in the offering.

At the time of Supersonic's original IPO announcement, a consortium of the company's backers agreed to collectively subscribe to 27% of the gross proceeds of the offering, equivalent to up to €16.5m at the top end of the previous indicative price range.

The consortium consisted of Auriga Partners, Edmond de Rothschild Investment Partners (EdRip), BPI France, Omnes Capital, Wellington Partners, Alto, Mérieux Participations, NBGI Private Equity and Kuwait Life Sciences Company.

Supersonic has confirmed that a syndicate of existing shareholders in the company subscribed to €15m worth of shares in the offering.

Conditional dealings commenced today (10 April) on the Euronext Paris under the ticker "SSI". Admission to the main market is expected to take place on 15 April.

Previous funding
Supersonic is backed by venture firms Auriga, Omnes, NBGI, EdRip, Wellington, Ixo Private Equity and Alto, as well as state-owned investor BPI France. According to unquote" data, the company has completed at least five funding rounds.

The first took place in March 2006, when Auriga, Omnes, NBGI and BioAm injected €10m into the company. Omnes (then Crédit Agricole Private Equity) led the round.

This was followed by a second round in November 2008, led by new backer EdRip. Supersonic's four existing investors joined EdRip to collectively invest €20m in the company, with EdRip providing €7m of the total, according to unquote" data.

In May 2009, Ixo (then Isco Gestion) and Wellington provided Supersonic with a €6m investment in an extension of the company's EdRip-led €20m series-B round the previous November.

In November 2010, all previous investors joined new backer BPI France (then FSI Régions) in supplying a further €34.5m in funding for the company's series-C round. BPI France led the round, investing via its €139m InnoBio fund.

Industrial holding company Mérieux also took part in the round as a new investor. According to unquote" data, new backers BPI and Mérieux, alongside the Canon Corporation, provided approximately €15.5m of the total amount raised, with existing backers supplying the balance of €19m.

In April last year, all previous backers returned alongside new investors Alto and Kuwait Life Sciences for a €28m series-D round. BPI led the round and provided €14m of the total amount.

Company
Founded in 2005 and based in Aix-en-Provence, Supersonic develops medical imaging products for ultrasound systems.

The company generated turnover of €16.9m in 2013 and employs around 120 staff.

People
Jacques Souquet is the founder and CEO of Supersonic.