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€18 million raised
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Market capitalisation of €78 million
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13th listing on Euronext in 2023
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Alumni of Euronext's FamilyShare programme
Euronext today congratulates Florentaise, French leader in low-carbon soils, on its listing on Euronext Growth Paris (ticker code: ALFLO).
Founded in 1973, Florentaise is France's leader and pioneer in low-carbon soils and eco-innovative growing mediums. Florentaise has more than 600 own-brand and private-label products available at major retailers (Truffaut, Botanic, Système U, Lidl). The company sells close to one in five bags of all bags of potting soil that are sold to end consumers in France and serves 12% of the professional market. Florentaise's products have also been selected for major urban projects such as the Olympic Village for the 2024 Olympic Games, the Louis Vuitton Foundation, the Forum des Halles in Paris and the City of Angers. The Group markets patented wood fibres Hortifibre® and Turbofibre® which allow users to avoid the use of peat, present in traditional potting soils and resulting in 20 to 50 times reduced greenhouse gas emissions.
The IPO of Florentaise on Euronext Growth Paris aims to allow the company to pursue its development strategy centred around its original business model of direct sales for potting soils in France and China and leasing Florentaise's production facilities to other potting soil makers in Europe and North America. This model, which combines rental income and maintenance costs, has already led to the commercialisation of seven machines to leading potting soil makers in the UK and the Netherlands. The Group intends to strengthen its footprint in China with the installation of three new production units planned by 2025, with a growth rate of over 85% per year since 2020 in this country.
Florentaise was listed through the admission to trading on 12 April 2023 of 8,248,693 ordinary shares making up its equity and of 1,891,893 new shares issued under a Global Offering[1].
The admission and issue price of Florentaise shares was set at €9.44 per share. Market capitalisation was approximately €78 million on the day of listing. The IPO raised €18 million altogether.
Jean-Pascal Chupin, CEO of Florentaise, said: “We are very proud to begin today, with this IPO, a new chapter in the history of Florentaise. While we have accelerated our business significantly over the last few years, we are constructing our development with a long-term vision and ambition to provide efficient solutions with the greatest positive impact for the planet. Our teams are strongly committed to continue the pursuit of growth and innovation, and this is also the project we wish to convey to the shareholders who are joining us.”
Caption: Jean-Pascal Chupin, CEO of Florentaise, and Chloé Chupin, Executive Vice President France and CSR, rang the bell during a ceremony this morning, with their teams and in the presence of Frédéric Boiffin, Director Listing, Grand Ouest – Arc Atlantique region (France) at Euronext, to celebrate the IPO of Florentaise.
