CPE's Orège raises €20.1m in IPO

Ellie Pullen
05 July 2013

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Orège, the French sludge treatment company backed by Climate Change Capital Private Equity (CPE) and Oraxys, has raised €20.1m in a flotation of 6.2 million new shares on the NYSE Euronext Paris, valuing the company at €57.7m.

The shares sold at a price of €3.24 per unit and the offering comprised a global placement of 6 million shares allocated to institutional investors, as well as an open price offer of around 232,000 shares offered to the French public.

Following the IPO, CPE remains one of the largest shareholders of Orège. The firm owns a 22.7% stake in the company, equivalent to four million shares.

Luxembourg-based venture capital firm Oraxys owns a 6.2% stake in Orège, while Inocap holds 6.4%.

An over-allotment option of 543,500 shares has been granted by CPE and Oraxys, who will sell the units if the option is implemented for a total of €1.8m.

Inocap first invested in Orège in June 2008. Following this, CPE and Oraxys contributed a further €8m to the company in July 2011, with CPE providing €6m of the sum and Oraxys footing the remainder, according to unquote" data.

Société Générale has been appointed lead manager for the flotation, as well as joint bookrunner alongside Invest Securities.

Company
Orège is based in Jouy-en-Josas, with an additional research and development centre in Aix-en-Provence. Orège employs 40 staff and was founded in 2005.

The company provides effluent and sludge treatment technology to industrial and municipal customers. Its products aim to comply with new regulatory and environmental requirements.

Markets targeted by Orège include oil and gas, petrochemicals, agricultural food production and local authorities. The company recorded turnover of €1m for 2012, as well as an operating loss of €1.5m.

People
Pascal Gendrot is the CEO of Orège. Alex Betts is a managing director at CPE.