(News Bulletin 247) – Florentaise lost more than 4% on Euronext Growth Paris on Thursday for its stock market debut, reflecting investors’ current lack of appetite for IPOs, even when it comes to manufacturers of eco-innovative products.
The low-carbon soil specialist, the 13th company to list on Euronext this year, is currently losing 4.4% to 8.9 euros, below its IPO price of 9.44 euros.
Florentaise raised a total of 18 million dollars, thanks to the sale of 1.89 million new shares issued as part of a global offer. The operation values ​​the company at some 78 million euros.
Founded in 1973, the company has more than 600 references in its own brand or distributor brands, within the largest brands (Truffaut, Botanic, Système U, Lidl).
It now sells nearly one in five bags of potting soil in France to end consumers and covers 12% of the professional market in the sector.
Its patented wood fibers make it possible to dispense with peat, present in conventional potting soils, and thus emit between 20 and 50 times less greenhouse gases.
Its listing on the Florentaise Stock Exchange aims to enable it to pursue its development strategy based on its historical model of direct sales of potting soils.
The group intends in particular to strengthen its footprint in China with the installation of three new production units planned by 2025, after having recorded growth of more than 85% per year since 2020 in the country.
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