NAVYA Launches Its Initial Public Offering on the Regulated Market of Euronext Paris
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NAVYA (the “Company”) (Paris:NAVYA), a leading company in the autonomous vehicle market and in smart and shared mobility solutions, announces the launch of its initial public offering on the regulated market of Euronext Paris (Compartment B).
The French financial markets authority (Autorité des marchés financiers) (the "AMF") granted visa number 18-309 on July 11, 2018 for the prospectus relating to the initial public offering of the Company’s shares, which consists of an English-language registration document (document de base), registered on June 5, 2018 under no. I. 18-048, an English-language securities note (note d’opération) and an English- and French-language summary of the prospectus (included in the securities note) (the "Prospectus").
The indicative offering price range has been set at €9.00 to €12.00 per share (the "Indicative Offering Price Range"). The first day of trading on the regulated market of Euronext Paris on a when-issued shares basis (promesses d'actions) is expected to be July 20, 2018.
Christophe Sapet, Chief Executive Officer of NAVYA stated: “I’m delighted to announce the launch of NAVYA's initial public offering on Euronext’s regulated market in Paris, a key step in its strong development. From the forefront of the urban autonomous mobility revolution, the funds we intend to raise will enable NAVYA to maintain its technological leadership, expand its organization and invest in strategic adjacent markets, paving the way for a wider adoption of our solutions while pursuing further international expansion to become a global leader in the autonomous vehicle market".
Reasons for the Offering
The Offering and the listing of the Shares on Euronext Paris are intended to finance the Group’s growth strategy consisting of, in decreasing order of priority:
1) maintaining its technological leadership through investment in software and research and development;
2) capitalizing on potential for growth in the autonomous vehicle market by expanding its sales and marketing teams;
3) supporting growth by expanding production capacity; and
4) investing in adjacent markets and monitoring acquisition opportunities.
NAVYA’s principal assets
With more than 200 employees in France (Paris and Lyon) and in the United States (Saline, Michigan) and its unique combination of robotic, digital and driving technologies at the highest level, NAVYA has built several key assets to become a leading company in the autonomous vehicle market and in smart and shared mobility solutions.
Leading autonomous technology proven in the real world
NAVYA has one of the most experienced autonomous vehicle R&D teams in the world, with a dedicated R&D center based in Paris and an engineering center based in Vénissieux, France. As of March 31, 2018, NAVYA employed 61 employees dedicated to the development of its autonomous vehicles. Leveraging over 10 years of R&D experience, NAVYA has developed deep in-house technological expertise which it applies to its autonomous vehicles, including in-house three-dimensional mapping, proprietary localization technology, deep learning and obstacle detection, driving systems and decision making technology, security and safety and fleet management capabilities.
NAVYA’s autonomous vehicles use sensor technologies, which allow highly accurate perception of their environment, such as LiDAR and camera technologies. This suite of sensors provides NAVYA’s vehicles with multiple redundancy across all functions, making its vehicles highly reliable. NAVYA continuously monitors service information and data from its autonomous vehicles through its Supervision Center located in Villeurbanne, France.
A business model with focus on the rapidly monetizable autonomous shuttle market and upside potential in robocabs
NAVYA’s AUTONOM SHUTTLE is primarily targeted for use at private sites1. Private sites are already addressable because autonomous vehicles are permitted to operate on them without regulatory constraint, whereas autonomous vehicle manufacturers, including NAVYA, are dependent on the future evolution of the regulatory framework in relation to the operation of autonomous vehicles on public roads.
Sales of the AUTONOM CAB, the first robocab on the market, will be underpinned by NAVYA’s partnerships, including with Keolis in the U.S. and France and RAC in Australia. These partnerships will enable NAVYA to roll out fleets of vehicles that will operate on public roads in city centers once the regulatory framework has been established. Given the uniqueness of the AUTONOM CAB, it benefits from a favorable lead-time as compared with competitors. This will enable it to target the optimal locations for the deployment of its AUTONOM CAB. Many jurisdictions are currently in the process of adapting the applicable regulatory framework to facilitate the development of autonomous vehicles. It is however unknown whether and when the regulatory framework will evolve ultimately to permit the operation of Level 5 autonomous vehicles2 on public roads on a large-scale basis.
In addition to vehicles sales, NAVYA derives a part of its revenues from services provided to customers, including software and mapping licenses, fleet supervision and management and maintenance. Sales of vehicles accounted for 90% of NAVYA’s revenues in 2017, with the remaining 10% attributable to services, and the Company expects the latter to increase in future periods as the deployed base of its autonomous vehicles increases.