In losses, the cellular diagnostics company closed its IPO on the low end of the trading range and lowered its ambitions. The stock fell 31.83 % on Monday.
If the world markets are shaken by new fears about the global pandemic (-2.54% for the CAC 40), the beginnings of Ikonysis on the Paris Stock Exchange were particularly difficult this Monday. The Medtech share, which markets a digital microscope, lost nearly a third of its value (31.92%) at the close at 3.92 euros. The fall was even heavier at the beginning of the session.
"The company is going public today to accelerate the commercial development of its Ikoniscope20® platform in the United States and Europe, with the ambition of adding new innovative applications based on artificial intelligence"Euronext commented in its press release.
Low profile
The cancer detection company, based in New Haven, Connecticut, had kept a low profile to complete its transaction last week on Euronext Growth: an issue price of €5.75 at the bottom of the proposed range (€5.75 to €6.75) and an amount raised of only €4 million, far from the €6 million expected.
As a result, the market capitalization fell from 54.5 million euros in the morning to 39 at the end of the day.
At the time of the announcement of the transaction, the issuer indicated that it had already received commitments to subscribe for 3.55 million euros, including 1.9 million euros from individuals and 1.650 million euros from investment funds and institutions, including 1 million euros from its historical shareholder in 96%, the British fund Cambria.
Further losses to come
It must be said that the company is accumulating losses (1.5 million in 2020 after 1.2 million in 2019) and expects to register new ones in the near future, as indicated in the company's documentation.
"Ikonisys has just taken a major step in its development by going public on Euronext Growth Paris. We will be able to benefit from the wealth of the French medtech ecosystem, one of the most dynamic in the world. This round of financing will enable us to accelerate our development and, in particular, the marketing in the United States and Europe of our new platform, the Ikoniscope20®, a state-of-the-art digital microscope that can identify circulating tumor cells (CTCs) in an automated manner."said Mario Crovetto, Managing Director of Ikonisys.
The company was accompanied by Banque Delubac, listing sponsor, bookrunner and investment services provider for the transaction.