(News Bulletin 247) – The specialist in electro-optical detection and imaging technologies announces that it is aiming for an listing on Euronext Paris. Exosens plans to raise funds of around 180 million euros to finance its growth.

Will the success of Planisware’s IPO last April be emulated? In any case, a new suitor is knocking on the door of the Paris Stock Exchange. This is the electro-optical equipment supplier Exosens which indicated this Thursday the approval of its registration document by the Financial Markets Authority (AMF). This is the first step before arriving in Paris.

Formerly known as Photonis, Exosens explains that it is aiming to raise funds of around 180 million euros during this planned IPO. The Mérignac-based company is counting on this new money to reduce its debt and “finance its strategy of innovation, development and external growth in fast-growing high-tech markets”.

The company develops and manufactures detectors and imaging solutions including traveling wave tubes, digital cameras, ion, electron, neutron and gamma detectors as well as light intensifier tubes. It targets the defense, industrial control, life sciences and nuclear instrumentation markets.

The company has been supported since 2021 by the HLD Group, after Bercy vetoed the sale in 2020 of the former Photonis to the American Teledyne citing “sovereignty and national security” issues.

As part of this IPO, Groupe HLD intends to sell part of its stake but intends to retain a majority stake in the group it has supported since 2021. Note that Bpifrance Participations has announced its intention to subscribe to this operation, so as to hold 4.50% of the capital of Exosens post-IPO.

Exosens therefore confirms information from La Lettre which announced last February of the French technology group’s intentions to launch on the stock market this year.

Number one in light amplification

Exosens has carried out targeted acquisitions in recent years to balance its markets, while the defense sector still remains in the majority and represents 66% of its turnover. For example, the company took over the Belgian Xenics, a specialist in infrared sensors and cameras, the German Proxvision (ultraviolet detection), the Canadian Telops (cooled hyperspectral and infrared cameras) and the Israeli Elmul (ultraviolet detectors). electrons and ions). These are companies specializing in detection and imaging devices.

Thus, over the last three years, Exosens’ turnover has almost doubled, going from 166.2 million euros in 2021 to 318.8 million euros in 2023, when the gross margin of operating income (Ebitda) reached 29% last year.

For the 2024 financial year, Exosens is targeting organic growth in its turnover at the high end of a range of 15% to 20% compared to the pro forma turnover recorded for the financial year ended December 31. 2023. Taking into account acquisitions made in 2024, Exosens expects total sales growth of around 30% compared to 2023.

Still for the current year, the Exosens group plans to achieve an adjusted Ebitda of at least 115 million euros, a target which is understood without the acquisitions made in 2024.

In the medium term, Exosens plans to double its total turnover between 2023 (on a pro forma basis) and 2027, corresponding to an average annual growth rate of +18% over the period. The group is also targeting average annual growth in adjusted Ebitda in the high single-digit range (i.e. 6% to 9%) over the period 2025-2027.