€22.85 MILLION RAISED – MARKET CAPITALISATION OF €46.1 MILLION
Paris – 23 April 2021 – Euronext today congratulates Largo, an eco-responsible French player in the refurbishment of mobile devices, on its listing on Euronext Growth Paris (ticker code: ALLGO).
Created in 2016, Largo specialises in the refurbishment of smartphones, tablets and laptops, and currently has almost 40 employees based in Nantes. Positioned along the entire value chain, from sourcing to refurbishment and distribution, Largo aims to become a benchmark player in the field of responsible refurbishment.
Largo was listed through the admission to trading of the 3,453,410 shares making up its equity, of which 1,515,210 new shares and 196,145 existing shares were allocated within a Global Offering[1], including the full exercise of the extension option and excluding the potential exercise of an over-allotment option.
The admission and issue price of Largo shares was set at €13.35 per share. Market capitalisation was €46.1 million on the day of listing. The offering raised €22.85 million altogether.
The Offering was a success with international institutional and individual investors. The Global Placement was oversubscribed 2.8 times at the Offer price and the Open Price Public Offering was over-subscribed 9.2 times.
Christophe Brunot and Frédéric Gandon, Largo’s co-founders, commented: “We are very pleased with the success of the operation. Largo's positioning, at the heart of the circular economy and 100% made in France, has convinced many investors, both institutional and private. The reconditioning market is enjoying a positive dynamic that is supported by structural societal and environmental trends. The funds raised through the IPO will now help us to consolidate our positions with distributors and to deploy growth levers that will enable Largo to become a key French player with telecom operators, to develop our e-commerce sales channel and to distribute a B2B offer to support companies' CSR policies. This is a new page in the history of Largo and we would like to express our sincere thanks to our teams, our partners and our investors, whether they are joining us now or have been with us since the beginning of our adventure.”
Christophe Brunot and Frédéric Gandon, Largo’s co-founders, rang the bell during a virtual ceremony this morning together with Camille Leca, Head of Listing Euronext France, and their team to celebrate the Initial Public Offering of Largo.
About Largo Created in 2016, Largo is a group fundamentally involved in the circular economy. With close to 40 staff based in Nantes, Western France, Largo refurbishes smartphones, tablets and laptops. Positioned along the entire value chain, from sourcing to refurbishment and distribution, Largo wants to become a benchmark player in the field of responsible refurbishment. A pioneer in terms of transparency, in 2018 Largo invested in a sophisticated production tool enabling it to optimise its processes and the quality of its products. Entirely internalised in France, the refurbishment site offers full control of each key stage: reception, testing, repair, quality control and after-sales service. Since the Company’s creation, Largo has already refurbished more than 140,000 smartphones, and generated revenue of almost €10.3 million in 2020. For further information, please go to www.largo-france.fr
[1] The Global Offering was made up of a Public Offering that included an Open Price Public Offering and a Global Placement with institutional investors in France and other countries.