Shares in the first NFC specialist to go public were oversubscribed by five times and the offer price was set at the high end of the range at €8.30 per share, netting the firm €69m and giving it a market capitalisation of €261m.
NFC and contactless technology specialist Inside Secure has successfully completed its initial public offering and its shares have begun trading on the NYSE Euronext Paris exchange, using the ticker symbol INSD.
The company announced its IPO on 7 February with a price range of €7 to €8.54. On the day, shares were oversubscribed five times and the offer price was set at €8.30, at the higher end of the range, valuing the company at €261m.
An additional €10.3m may also now be raised, bringing the total to €79.3m, if an over-allotment option granted by Inside Secure to joint lead managers and joint bookrunners BNP Paribas and Natixis is exercised in its entirety.
“The strong demand for our shares illustrates the confidence of investors in our business model, our strategy and the outlook for the growth of Inside Secure on its markets,” says Rémy de Tonnac, Inside’s CEO. “We are one of the pioneers of near field communication (NFC) technology which marks a real technological and social breakthrough in the mobile phone world and beyond. Thanks to the support of our shareholders and our unique positioning, Inside Secure has all the assets it needs to continue to innovate and to pursue its development on its markets.”
• Inside Secure has ended its first day of trading up 10.84% at €9.20.