LIGHTON
LIGHTON announces highly successful IPO on Euronext Growth Paris.
21-Nov-2024 / 17:51 CET/CEST
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This press release may not be distributed directly or indirectly in the United States of America, Canada, Australia or Japan. Press releaseParis, 21 November 2024LightOn announces highly successful IPO
on Euronext Growth® Paris
First generative AI IPO in Europe - Capital increase of €11.9m after exercise of the Extension Clause and which could be increased to €13.5m in the event of the full exercise of the Over-allotment Option (the “Offering”)
- Total demand of €15.2m, i.e. an oversubscription rate of 1.5 times
- Individual investor demand of €8.9m
- Market capitalisation of approximately €62m (before the exercise of the Over-allotment Option)
- Settlement-delivery scheduled for 25 November 2024
- Start of trading on Euronext Growth® Paris on 26 November 2024
LightOn, a leading European player in generative AI for businesses[1], is announcing the large success of its IPO with a view to list its shares on the Euronext Growth® Paris market (ISIN: FR0013230950, ticker: ALTAI-FR).Igor CARRON and Laurent DAUDET, co-CEOs and co-founders of LightOn, said:We would like to express our heartfelt thanks to all our new shareholders, both individual and institutional, who contributed to the great success of this transaction.This fundraising will enable us to step up our sales momentum, strengthen our teams and invest more in innovation to enrich our generative AI platform, Paradigm.We are looking forward to deploying the transformative power of our generative AI technology to new customers both in France and internationally and to radically transform business uses. Together we are ushering in a new technological era that will push the boundaries of the possible!Total demand amounted to 1,467,052 shares representing a demand of approximately €15.2m.The total gross proceeds of the Offering stand at approximately €11.9m. Following the exercise of the Extension Clause, 1,150,000 new shares were subscribed, of which 35% in respect of the global placement (through orders from institutional investors, amounting to approximately €4.2m) (the “Global Placement”) and 65% in respect of the public offering (through 6,379 individual investors, amounting to approximately €7.7m) (the “Public Offering”).The Company’s free float[2] represents for 19.1% of its share capital before the potential exercise of the Over-allotment Option.The number of new shares could be increased by a maximum of 156,000 additional new shares in the event of the exercise of the Over-allotment Option granted to Portzamparc (BNP Paribas Group) until 19 December 2024, which would increase the amount of the Offering to €13.5m.The number of shares constituting the Company’s share capital after completion of the Offering and before exercise of the Over-allotment Option amounts to 6,006,966. On this basis, and taking into account the initial public offering price of €10.35 per share, LightOn's market capitalisation stands at €62m.In accordance with the indicative timetable of the transaction, the settlement-delivery of the new shares is scheduled for 25 November 2024 and the trading of LightOn shares on the Euronext Growth® Paris market will begin on 26 November 2024 under ISIN FR0013230950 and ticker ALTAI-FR.Transaction details- Characteristics of the shares
- Name: LightOn
- Ticker: ALTAI-FR
- ISIN: FR0013230950
- Listing market: Euronext Growth® Paris
- ICB classification: 10101015 – Software
- LEI Code: 9695002GVC14VHLFIH85
- Eligible for PEA and PEA-PME equity savings plans and “Innovative Company” qualification by Bpifrance
The Offering Price is €10.35 per new share. - Size of and gross proceeds from the Offering
1,150,000 new shares were issued under the Offering after the full exercise of the Extension Clause and before exercise of the Over-allotment Option. Total gross proceeds from the Offering is €11.9m after the full exercise of the Extension Clause and before the potential exercise of the Over-allotment Option, corresponding to net proceeds of approximately €10.2m.- Allotment of the Offering (excluding the potential exercise of the Over-allotment Option)
The new shares will be allocated as follows:- 407,941 new shares, allocated as part of the Global Placement, to institutional investors, i.e. €4.2m and approximately 35% of the total number of shares allocated;
- 742,059 new shares, allocated as part of the Public Offering to individual investors, i.e. €7.7m and approximately 65% of the total number of shares allocated. A1 orders (from 1 share to 250 shares inclusive) will be fully allocated and A2 orders (over 250 shares) will be allocated up to 60%.
- Reasons for the Offering – use of funds raised
LightOn will use the net proceeds of the capital increase, i.e. €10.2m after full exercise of the Extension Clause and before potential exercise of the Over-allotment Option, to pursue the following objectives, after the full repayment (principal + interest) of the 2018 OCAs:- approximately 60% of the net proceeds from the fundraising, following redemption of the 2018 OCAs, will be used to invest in the Company's development: expansion of the sales and marketing force, associated sales expenses and recruitment of engineers;
- approximately 40% of the net proceeds from the fundraising, following redemption of the 2018 OCAs, will be used to finance technological investments, with the development of new Paradigm functionalities (development of agents, multimodal RAG capacities, etc.), the fine-tuning of specialised models for priority sectors and geographies, and the purchase of computing capacity for R&D purposes.
- Post-transaction breakdown of share ownership
Following the IPO, LightOn’s share capital break-down will be as follows (on a non-diluted basis): | | After full exercise of the Extension Clause but not the Over-allotment Option | After full exercise of the Extension Clause and the Over-allotment Option | | | | Shareholders | Shares | % of share capital | Voting rights | % of voting rights | Shares | % of share capital | Voting rights* | % of voting rights | | Igor Carron | 1,065,600 | 17.7% | 2,131,200 | 19.6% | 1,065,600 | 17.3% | 2,131,200 | 19.6% | | Laurent Daudet | 1,008,000 | 16.8% | 2,016,000 | 18.6% | 1,008,000 | 16.4% | 2,016,000 | 18.6% | | Florent Krzakala | 403,200 | 6.7% | 806,400 | 7.4% | 403,200 | 6.5% | 806,400 | 7.4% | | Sylvain Gigan | 403,200 | 6.7% | 806,400 | 7.4% | 403,200 | 6.5% | 806,400 | 7.4% | | Sub-total founders | 2,880,000 | 47.9% | 5,760,000 | 53.0% | 2,880,000 | 46.7% | 5,760,000 | 53.0% | | Investors | 1,960,033 | 32.6% | 3,920,066 | 36.1% | 1,960,033 | 31.8% | 3,764,066 | 34.6% | | Former employees | 16,933 | 0.3% | 33,866 | 0.3% | 16,933 | 0.3% | 33,866 | 0.3% | | Other[3] | 289,855 | 4.8% | 289,855 | 2.7% | 289,855 | 4.7% | 289,855 | 2.7% | | Public | 860,145 | 14.3% | 860,145 | 7.9% | 1,016,145 | 16.5% | 1,016,145 | 9.4% | | Total | 6,006,966 | 100.0% | 10,863,932 | 100.0% | 6,162,966 | 100.0% | 10,863,932 |
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