Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 11 08T083023Z 1 LYNXMPEKA708A RTROPTP 4 TECH AI PHARMACEUTICALS
2024 11 08T083023Z 1 LYNXMPEKA708A RTROPTP 4 TECH AI PHARMACEUTICALS

LightOn to become Europe’s first listed GenAI startup with Paris IPO


(Reuters) – French generative AI startup LightOn launched an initial public offering (IPO) on the Euronext Growth market in Paris on Friday, with a listing expected later in November.

WHY IT’S IMPORTANT

LightOn, which provides large language model (LLM) software to businesses and the French government, would become the first GenAI startup to be listed in Europe.

European peers like France’s Mistral or Germany’s DeepL have so far preferred to raise funding by remaining private.

France is promoting itself as Europe’s main hub for artificial intelligence, in a bid to close a long-standing innovation gap with the U.S. and Britain.

KEY QUOTES

“This planned IPO offers investors a unique opportunity to participate directly in the growth of a French technology champion that is already successfully deploying its AI solutions with major groups in France and abroad,” LightOn co-CEOs Igor Carron and Laurent Daudet said in a statement.

CONTEXT

In February, Alphabet’s Google opened a hub dedicated to the AI sector in France.

President Emmanuel Macron said before the start of his second term that he hoped tech “unicorns” in France would reach at least 100 by 2030, up from only 27 at present.

A significant number of tech companies in the European Union are ready to be listed, the CEO of the pan-European stock exchange Euronext, Stéphane Boujnah, said on Thursday.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

BY THE NUMBERS

Shares will be issued with a subscription price of 10.35 euros per share, valuing the company at around 50 million euros, it said.

Additionally, LightOn is supporting the IPO with a capital increase of about 10.4 million euros ($11.2 million).

It is targeting a revenue of 40 million euros and a core profit (EBITDA) margin of 40% by 2027.

WHAT’S NEXT

The subscription period runs from Nov. 8 to Nov. 20.

Settlement delivery is expected on Nov. 25, and the first day of trading on the Euronext Growth a day later.

($1 = 0.9278 euros)

 

(Reporting by Gianluca Lo Nostro in Gdansk; editing by Milla Nissi)

Recent Post: