The FINANCIAL — Euronext congratulated écomiam, a family business that is France’s third largest specialised frozen-food distributor, on its listing on Euronext Growth (ticker code: ALECO).
Founded in 2009, écomiam is a family business specializing in the distribution of fresh frozen foods. It operates a 27-outlet network based primarily in Brittany and in the Pays de la Loire region in western France. The Group’s business is built on strong ethical values and it is attuned to contemporary consumer trends, offering products that are 100% French, fair traded, and accessible. It offers customers a Click & Collect option and a website that guarantees home delivery within 48 hours. Listing on Euronext Growth will finance expansion into most other regions in continental France.
écomiam (ticker code ALECO) was listed on 9 October through the admission to trading of the 3,381,688 shares making up its capital. This includes the 1,095,238 new shares issued as part of a Global Offering, before possible exercise of the over-allotment option.
The admission and issue price was set at €11.55 per share. Market capitalisation was €39 million on the day of listing, and the offering raised a total of €12.6 million.
The IPO was a resounding success with French and international investors, both institutional and individual. Total demand came to 3,481,559 shares, including 2,685,130 for the Global Placement and 796,429 for the Open Price Offer, with the number of shares offered oversubscribed 3.7 times (OPO: 8.4 times).
Daniel Sauvaget, Chairman and CEO of écomiam, said: “We are delighted with the enthusiastic response to our IPO. We would like to extend warm thanks to our institutional and individual investors for their trust and overwhelming support, as well as to the partners who have been at our side for several months and who have done so much to explain and promote our business model, our values and our aspirations. Funds raised will allow us to step up our growth strategy and grow our network, bringing our business model into regions across continental France while preserving our independence and values.”