Exosens’ IPO

Cleary Gottlieb is representing the underwriters in Exosens’ initial public offering, which launched on June 3, 2024, and priced on June 6, 2024.

Exosens’ shares began trading on Euronext Paris on June 7, 2024, and the transaction is expected to close on June 11, 2024.

The offering was conducted on a private placement basis, the second consecutive French IPO with this structure (i.e., without a retail tranche and hence a longer offering period), after the Planisware IPO in April on which Cleary advised the issuer, including in relation to the necessary regulatory reform adopted in March 2024, and in discussions with the AMF regarding its first implementation in a French IPO.

The IPO consists of a primary offering of approximately €180 million and a secondary offering of approximately €170 million. If the over-allotment (greenshoe) option is exercised in full, the total offering will amount to approximately €402.5 million. The shares are being offered in France and outside of France in a private placement to institutional investors, including under Rule 144A in the United States. BNP Paribas, Citigroup, and J.P. Morgan are acting as joint global coordinators and joint bookrunners. CA-CIB, Natixis, and Société Générale are acting as joint bookrunners.

Acquired by Groupe HLD in 2021, Exosens has more than 85 years of experience in the innovation, development, manufacturing, and sale of high-end electro-optical technologies in the field of amplification, detection, and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors, and light intensifier tubes. Exosens is internationally recognized as a major innovator in optoelectronics, with over 10 production and R&D sites in Europe and North America and over 1,600 employees.