€18.4 MILLION RAISED – MARKET CAPITALISATION OF €60.6 MILLION
Paris – 10 February 2020 – Euronext today congratulated Munic, a French company using onboard technologies and AI to analyse and process automotive data, on its listing on Euronext Growth in Paris (ticker code: ALMUN).
Founded in 2002 by three automotive engineers, Munic designs and develops tech solutions that combine Smart Dongles, technologies for collecting and decoding thousands of data points generated by car systems and electronics, with Munic.io, with an edge computing AI platform that analyses and processes data. Awarded the Bpifrance Innovative Company label, Munic uses patented technology developed over 17 years of R&D. It combines cutting-edge expertise in electronics (processors, memory, security, energy management, telecoms & radio and more) with large-scale car data decoding capacity and an edge computing AI platform (Munic.io) for data processing.
Munic has a 60-strong workforce, 77% engineers, with three sites: in France, south of Paris at Villejuif; in the United States, and in China. It reported 2019 revenues of €17 million (unaudited), generated primarily in North America and Europe.
Munic (ticker code: ALMUN) was listed on 10 February 2020 through the admission to trading of the 7,620,653 shares making up its capital. This includes 2,314,465 new shares issued as part of a Global Offering, after exercise of the extension option and before potential exercise of the over-allotment option.
The admission and issue price of Munic shares was set at €7.95 per share. Market capitalisation was €60.70 million on the day of listing, and the offering raised a total of €18.40 million.
The IPO was a strong success with international, institutional and individual investors. The Global Placement was oversubscribed 1.36 times at the Offer price, and the Open Price Offer was oversubscribed 1.36 times.
At the listing ceremony, Aaron Solomon, Chairman & CEO and co-founder of Munic, said: “We would like to thank the institutional and individual investors who have placed their trust in us by participating in our IPO, and extend warm thanks to our long-time shareholder Grandis-Lux for its renewed support. The funds raised today will give Munic the resources we need to implement a growth strategy targeting revenues of €100 million by 2023. We plan to leverage our technology to win new customers, cater for new applications, and establish Munic as a leading provider of car data solutions in Europe and the United States.”
Aaron Solomon, Chairman & CEO and co-founder of Munic, and its team rang the bell opening trading to celebrate Munic’s listing.
Founded in 2002, Munic designs and develops technological solutions combining Smart Dongles able to capture and decode data generated by car systems & electronics and an edge computing AI platform (Munic.io) capable of analyzing and processing this data. The fruit of 17 years’ R&D, Munic’s patented technology combines (i) cutting-edge electronics expertise (processors, memory, security, energy management, telecoms & radio, etc.), (ii) large-scale car data decoding capacity, and (iii) an edge computing AI platform (Munic.io) for data processing.
Based in Villejuif, France with offices in the USA and China, Munic has a headcount of 60 including 77% engineers. The company posted 2019 revenues of €17.0m, mainly generated in North America and Europe. Munic has been awarded the Innovative Company label by Bpifrance.