Successful Initial Public Offering of LARGO, an Eco-responsible French Player in Refurbished Devices, on Euronext Growth
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LARGO (Paris:ALLGO) (FR0013308582 - ALLGO), an eco-responsible French player in the refurbishment of mobile devices, announces today the successful launch of its initial public offering on the Euronext Growth multilateral trading facility in Paris.
Christophe Brunot and Frédéric Gandon, Largo’s co-founders comment: «We are very pleased with the success of the operation. Largo's positioning, at the heart of the circular economy and 100% Made in France, has convinced many investors, both institutional and private. The reconditioning market is enjoying a positive dynamic that is supported by structural societal and environmental trends. The funds raised through the IPO will help us to consolidate our positions with distributors and to deploy growth levers that will enable Largo to become a key French player with telecom operators, to develop the e-commerce sales channel and to distribute a B2B offer to support companies' CSR policies. This is a new page in the history of Largo and we would like to express our sincere thanks to our teams, our partners and our investors, who have joined us or accompanied us since the beginning of our adventure ».
Price of the Offer
The price retained for the Global Offering (the "Global Offering") and the Open Price Offer (the "Open Price Offer" or "OPO", and together with the Global Offering, the "Offer") has been set at €13.35 per share, at the top of the indicative price range.
Result of the Offer
The total demand expressed amounted to 5,130,888 shares, of which 73.3% under the Global Offering (through 46 orders from French and foreign institutional investors, representing a demand of approximately €50.2 million) and 26.7% under the Open Price Offer (through nearly 9,843 orders from individual shareholders, representing a demand of approximately €18.3 million). In view of the strong demand observed, i.e. 68.5 million euros, the Company has decided to implement the Extension Clause in full.
Allocation of the Offer
In total, the number of shares allocated following the exercise of the Extension Clause amounts to 1,938,636 shares, allocated as follows:
- 1,669,838shares within the framework of the Global Offering mainly intended for institutional investors in France and in certain countries (with the exception of the United States of America, Australia, Canada and Japan), representing approximately 22.3 M€, i.e. 86.1% of the total number of shares allocated; and