VC-backed Anevia raises €7.3m in IPO

Ellie Pullen
04 June 2014

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French video-on-demand software provider Anevia, backed by Innovation Capital and Seventure, has raised €7.3m in its IPO on the Euronext Paris, giving the company a market cap of €30m.

The business sold 600,650 shares in the offering at a price of €12.13 each, 561,478 of which were new shares. According to Anevia, the IPO was oversubscribed by 4.3x prior to the final share price being set and 3x once the final price was set.

Anevia originally set an initial price range of €9.93-12.13 per share, meaning the company was able to price its stock at the top end of its indicative price range. The firm's board of directors also chose to fully exercise the overallotment and extension options in the face of strong investor demand.

The company listed on the Euronext Paris Alternext yesterday (3 June) under the ticker "ALANV". Gilbert Dupont was appointed sponsor and lead bookrunner for the flotation.

Previous funding
Anevia first received funding in November 2005 when it secured €1.5m from Innovation Capital (then CDC Innovation).

The company's series-B round took place in April 2009. Seventure joined existing backer Innovation to inject €5.3m into Anevia.

Company
Founded in 2003, Anevia is headquartered in Gentilly with additional offices in Dubai, Singapore, Brazil and the US. The company develops software for live television and video-on-demand services. It is designed to reduce storage and bandwidth usage for operators.

Anevia generated revenues of €7.3m last year, which the company says is a 40% year-on-year increase.

People
Tristan Leteurtre is the CEO of Anevia and founded the company alongside EVP Damien Lucas. Seventure managing partner Bruno Rivet and Innovation managing partner Valéry Huot both sit on the company's board of directors.