Parrot lève 300 M€ sur Euronext Paris

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Rights issue in France a resounding success, market capitalisation over €680 million

Paris – 16 December 2015 EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today congratulated Parrot, a pioneer in wireless products, on its successful rights issue on Euronext Paris. It was the largest capital increase of a mid-size French tech business in recent years.

Founded in 1994 by Henri Seydoux, Parrot creates, develops and markets advanced technology products in three main sectors: civil drones for consumers and professionals, automotive and connected objects. In just a few years, the company has made a name for itself in its field and become a symbol of the fast-growing French presence in new technologies for the global market. Parrot has 20 subsidiaries worldwide and distributes its products to consumers and professionals in over 80 countries.

Parrot’s rights offering took place through the issue of shares carrying stock warrants, with shareholders’ preferential subscription rights maintained. New common stock—17,575,278 shares in all—was subscribed at a unit price of 17 euros. The share capital increase came to 141% of the company’s market capitalisation. The total number of shares admitted to Euronext Paris was 30,008,941, setting the total nuumber of shares at the close of the transaction at 30,129,052. The offering, which was supported by the company’s founding Chairman and CEO Henri Seydoux through his holding company Horizon in an amount of €93 million, attracted a large number of international investors, particularly in the United States and in China. It was oversubscribed, with total demand of approximately €426 million representing around 142% of the amount of the offer.

Henri Seydoux, Parrot’s Chairman and CEO, said: “Parrot first listed on Euronext in 2006, our growth was self-financed until we emerged as a world-class player in civil drones for consumers and professionals. This transaction will allow us to step up the pace of growth and strengthen our leadership in a fast-growing market with scope that matches our ambitions. A new industry is taking shape and I am delighted that investors and shareholders have seized this opportunity to create a world leader in drone technology here in France.”

Eric Forest, Chairman and CEO of EnterNext added: “This listing is a benchmark for the  Paris market: it proves the appeal that French technology holds for international investors and demonstrates that large rights offerings are entirely possible in Europe. The initiatives deployed by EnterNext on behalf of innovative companies are aimed precisely at boosting the profile of our listed companies with investors.”

About Parrot
Founded in 1994 by Henri Seydoux, Parrot creates, develops and markets advanced technology wireless products for consumers and professionals. The company builds on shared technological expertise to innovate and expand in three primary markets:

  • Civil drones: with leisure quadricopters and solutions for professional use.
  • Automotive: with the most extensive range of hands-free communication and infotainment systems for vehicles on the market today.
  • Connected objects: with a focus on audio and gardening.

Headquartered in Paris, Parrot currently employs more than 900 people worldwide and generates the majority of its sales overseas. Parrot has been listed on Euronext Paris since 2006. (FR0004038263 – PARRO). For more information, visit ww.parrot.com

 

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