DJ LIGHTON announces highly successful IPO on Euronext Growth Paris.
LIGHTON
LIGHTON announces highly successful IPO on Euronext Growth Paris.
21-Nov-2024 / 17:51 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Press release
Paris, 21 November 2024
LightOn announces highly successful IPO
on Euronext Growth® Paris
First generative AI IPO in Europe
. Capital increase of EUR11.9m after exercise of the Extension Clause and which could be increased to EUR13.5m
in the event of the full exercise of the Over-allotment Option (the "Offering")
. Total demand of EUR15.2m, i.e. an oversubscription rate of 1.5 times
. Individual investor demand of EUR8.9m
. Market capitalisation of approximately EUR62m (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 EUR15.2m.
The total gross proceeds of the Offering stand at approximately EUR11.9m. 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 EUR4.2m) (the "Global Placement") and 65% in respect of the public
offering (through 6,379 individual investors, amounting to approximately EUR7.7m) (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 EUR13.5m.
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 EUR10.35 per share, LightOn's market capitalisation stands at EUR62m.
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
. Offering price
The Offering Price is EUR10.35 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 EUR11.9m after the full exercise of the Extension Clause and before the
potential exercise of the Over-allotment Option, corresponding to net proceeds of approximately EUR10.2m.
. 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. EUR4.2m 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. EUR7.7m 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. EUR10.2m 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 After full exercise of the Extension
Option Clause and the Over-allotment Option
% of Voting % of % of Voting % of
Shareholders Shares share rights voting Shares share rights* voting
capital rights capital rights
Igor Carron 1,065,600 17.7% 2,131,200 19.6% 1,065,600 17.3% 2,131,200 19.6%
Laurent 1,008,000 16.8% 2,016,000 18.6% 1,008,000 16.4% 2,016,000 18.6%
Daudet
Florent 403,200 6.7% 806,400 7.4% 403,200 6.5% 806,400 7.4%
Krzakala
Sylvain Gigan 403,200 6.7% 806,400 7.4% 403,200 6.5% 806,400 7.4%
Sub-total 2,880,000 47.9% 5,760,000 53.0% 2,880,000 46.7% 5,760,000 53.0%
founders
Investors 1,960,033 32.6% 3,920,066 36.1% 1,960,033 31.8% 3,764,066 34.6%
Former 16,933 0.3% 33,866 0.3% 16,933 0.3% 33,866 0.3%
employees
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% 10,863,932 100.0% Growth (retroactively taking into account the registration of the Shares in the name of the same shareholder for two years prior to the Listing) and the loss of double voting rights of Otium Venture attached to shares lent under the over-allotment option (stabilization) and without taking into account the possible exercise of BSPCEs and BSAs. . Lock-up and retention commitments . Company lock-up: 180 calendar days. . Shareholders lock-up:? The founders and employees have pledged to hold their shares for a period of 360 calendar days,corresponding to (i) 59.3% of the Company's share capital prior to the Offering; (ii) 47.9% of the Company'sshare capital subsequent to the Offering; - Other shareholders have pledged to hold their shares for a period of 180 calendar days, correspondingto 39.7% of the Company's share capital prior to the Offering; (ii) 32.1% of the Company's share capitalsubsequent to the Offering; . Indicative timetable
25 November 2024 Settlement-delivery of the Offering
26 November 2024 Start of trading on the Euronext Growth Paris market
Start of potential stabilisation period
19 December 2024 Deadline for exercising the Over-allotment Option
End of potential stabilisation period Liquidity contract The Company plans to enter into a liquidity contract at the end of the stabilisation period. This will be announced to the market in due course, in compliance with the applicable legal and regulatory requirements. Availability of the Prospectus Copies of the prospectus approved by the AMF on 7 November 2024 under number 24-475, comprising the registration document approved on 21 October 2024 under number I.24-012, the supplement to the registration document approved on 7 November 2024 under number I.24-015, and a securities note (including the summary of the prospectus), are available free of charge from LightOn (2 Pl. de la Bourse, 75002 Paris, France) and on the websites of LightOn (https://investir.lighton.ai) and the Autorité des marchés financiers (www.amf-france.org). The approval of the Prospectus should not be considered as a favourable opinion on the securities offered. Investors are invited to draw their attention to the risks relating to the business described in chapter 3 "Risk factors" of the registration document
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