Circuits Assembly Online Magazine - Icape’s Paris IPO Increases Capital €17M

FONTENAY-AUX-ROSES, FRANCE – Icape Group’s IPO on the Euronext Growth market in Paris led to a capital increase of approximately €17 million (US$17.3 million) and a market capitalization of approximately €136.7 million.

The firm says a dozen acquisitions are in sight, representing additional revenue of €73.5 million.

“This success is a key moment in the history of the Icape Group. Despite the high volatility of the financial markets, the value proposition and strategy of the Icape Group have convinced institutional, industrial and financial investors, as well as many retail investors. With solid fundamentals proven over more than 20 years and reinforced by the new resources granted by the listing, we are convinced the Icape Group will be able to fully play its role as a consolidator in a large and growing market, and thus position itself even more as one of the world's leading players in the distribution of printed circuit boards," said Thierry Ballenghien, founder and president, Icape.

“The funds raised thanks to the success of our IPO will allow us to accelerate the external growth strategy. We have already engaged in advanced discussions with a dozen international targets, constituting a pipeline of potential acquisitions estimated at €73.5 million in additional revenue. At the same time, the Icape Group intends to pursue and consolidate its organic growth strategy, while activating strong levers to improve profitability through, in particular, an optimization of purchasing and marketing costs, as well as a better absorption of structural costs," said Cyril Calvignac, CEO, Icape.

This IPO, as well as the provision of a new credit line dedicated to its external growth requested from its banking syndicate, aims to provide Icape with the financial means necessary to deploy its external growth strategy through the acquisition of moderate-sized companies, whose revenue is less than €20 million, with a large portfolio of local customers, a gross margin of more than 25%, and with growth potential.

The company reported consolidated revenue of €169 million in 2021.

Ed.: €1 = US$1.02