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Jeantet advises COGELEC on its initial public offering on the regulated market of Euronext Paris

Cyril Deniaud , Clémence Gagneux , Jean-Guillaume Follorou , Gabriel Di Chiara

Paris, on June 18, 2018. Jeantet advised COGELEC, the French leader in access control systems for building complexes, on its initial public offering on the regulated market of Euronext Paris, for a total of € 38.7 million (including € 20.9 million through the issuance of new shares and € 17.8 million through the sale of existing shares).

Following the subscription period opened as from May 29, 2018, the subscriptions related to 5,476,276 shares, meaning that the offering was 1.8 times oversubscribed, in particular thanks to the support of leading European institutional investors.

As part of the offering and after the full exercise of the extension clause, 3,292,275 shares have been offered at an offering price of € 11.75 per share. On this basis, COGELEC has a market capitalization of € 104.6 million.

Alongside this issuance of new shares, SRC, COGELEC’s majority shareholder, sold 1,512,667 existing shares for a total of € 17.8 million (which may be increased up to € 20.9 million in the event of the full exercise of the over-allotment option), bringing COGELEC’s free float to 37% of its share capital.

Settlement-delivery of the shares offered occurred on June 15, 2018. The shares have been admitted for continuous trading on the regulated market of Euronext Paris since June 18, 2018 (ISIN FR0013335742 / ticker COGEC).

The main purpose of the offering and admission of COGELEC’s shares to trading on the regulated market of Euronext Paris is to finance the Group’s development. In addition, its status as a listed company should give COGELEC greater visibility on its markets.

This IPO is the first one implemented by a company following Euronext’s training program FamilyShare for family companies, partnered with Jeantet through Jeantet Family, the legal and tax expert entity dedicated to family-owned businesses co-headed by Philippe Portier (Jeantet) and Valérie Tandeau de Marsac (VTM Conseil).

Gilbert Dupont and Midcap Partners acted as Joint Lead Managers and Bookrunners. Sponsor Finance acted as company advisor.

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Jeantet (deal counsel) : Cyril Deniaud, partner, and Clémence Gagneux, associate (Corporate / Capital market law department), with Jean-Guillaume Follorou, partner, and Gabriel di Chiara, associate, on tax law issues and with Laurianne Hôo, associate, on labor law issues.