Paris, June 9th, 2016 – Bryan, Garnier & Co, the European investment bank for growth companies, announces the successful closing of Soitec’s €75.4 million rights issue. Bryan, Garnier & Co acted as Co-Lead Manager on the Soitec offering, alongside Global Coordinators BNP Paribas and Natixis and Lazard who acted as financial advisor to the company.
Soitec (Euronext : SOI), a world
leader in designing and manufacturing innovative semiconductor materials for
electronic and energy industries, announced the success of its rights issue,
raising a total gross amount of €75,418,403.
Total demand for the capital increase amounted to approximately €125.3
million, corresponding to a 166.11% over-subscription rate.
222,401,060 new shares were subscribed on a non-reducible basis, representing 94.36% of the new shares. Subscriptions on a reducible basis amounted to 169,096,983 new shares, representing approximately 71.75% of the shares to be issued, and will be satisfied only in part, with 13,281,450 new shares.
The rights issue, combined with the preferential capital increases for existing investors Bpifrance Participations, CEA Investissement and NSIG Sunrise, has allowed Soitec to raise total proceeds of approximately €151.9 million.
Proceeds are intended to be used to:
- finance the industrial capacity investments for the
production of FD-SOI (approximately €40 million);
- reimburse the loans with a maturity date in May 2016
(approximately €50 million);
- strengthen the balance sheet structure of the Company by
financing the repurchase of the 2018 OCEANEs tendered in the reverse
bookbuilding and the repurchase procedure (approximately €61 million).
Paul Boudre, Chairman and CEO of Soitec, stated: "The success of the rights issue reflects the confidence of our shareholders in Soitec's prospects, now refocused on the Electronics business. Thanks to the overall recapitalization project, Soitec benefits from a strengthened shareholding structure and restored financial flexibility which will allow it to be fully devoted to its profitable growth strategy in its core business. Benefiting from our position as world leader in revolutionary semiconductor materials, we are now able to take advantage of the promising prospects related to the development of consumer electronics markets.”
Garnier & Co has supported Soitec from both and equity research and
institutional investor perspective in recent years. Bryan, Garnier & Co holds one of the
largest Equity Research TMT platforms in Europe, and has the only analyst fully
dedicated to the semi-conductor segment, covering Soitec as well as main
European players such as Arm, ST Microelectronics, Infineon, Dialog or ASML.
With more than
€1.5bn of capital raised over 2014 - 2015YTD, Bryan Garnier & Co tops the
European fundraising league table for growth companies:
- Over the past months, Bryan,
Garnier & Co has been involved in several IPOs of European strong growth
companies on NASDAQ. Amongst the six
largest Nasdaq IPOs of European companies, Bryan, Garnier & Co co-led or
co-managed: the $100m Nasdaq IPO of Celyad (Belgium, May 2015), the $317m
Nasdaq IPO of Galapagos (Belgium, April 2015), the $133m IPO of DBV
Technologies (France, October 2014), and the $86m IPO and $97m follow-on of LDR
Holding (US/France, May 2014)
- Since the beginning of 2016,
Bryan, Garnier & Co has led the IPO of Geneuro (€33m), and the follow-ons
for Amoéba (€14.7m) and Erytech (€25m)
- Over 2015, Bryan, Garnier &
Co has also been involved in the $245m DBV Technologies public offering, the
£20m follow-on of Advanced Oncotherapy, the £106m IPO of Quantum Pharma on the
London Stock Exchange, a €27m PIPE for Nicox, a €32 PIPE for Cardio3, as well
as the €37m IPO of Bone Therapeutics on Euronext
About Soitec (www.soitec.com)
(Euronext: SOI) is a world leader in manufacturing innovative semiconductor
materials. The company uses its unique technologies to serve the electronics
market. With 3,600 patents worldwide, Soitec’s strategy is based on disruptive
innovation to respond to its customers’ needs for high performance, energy
efficiency and cost competitiveness. Soitec has manufacturing facilities,
R&D centers and offices in Europe, US and Asia.
About Bryan, Garnier & Co (www.bryangarnier.com)
Bryan, Garnier & Co is an independent
investment bank specialized in European growth companies, providing them with
Equity Research & Brokerage, Asset Management and Corporate Finance
services. With more than 150 professionals throughout London, Paris, Munich,
New York, Geneva and New Delhi, Bryan, Garnier & Co combines the range of
services and the expertise of top-tier investment banks with the level of
attention to clients of a boutique. Bryan, Garnier & Co is a leading advisor
to European growth companies on strategic finance transactions such as mergers
& acquisitions, equity capital markets, LBOs and private placements. Bryan,
Garnier & Co is authorized and regulated by the Financial Conduct Authority
(FCA) in the United Kingdom, and is member of London Stock Exchange and
Euronext, Alternext Listing Sponsor, and is active on all European capital
In 2015, Bryan, Garnier & Co completed more than 35 transactions on European growth companies, including landmark transactions such as the acquisition of Metrologic from Carlyle, the sale of Codenomicon to Synopsis, the sale of cybersecurity Lexsi to Orange, the €25m private placement for Jahia, the IPOs of Bone Therapeutics or Amoeba on Euronext or Celyad and Galapagos on the Nasdaq.
In 2014 and 2015, Bryan, Garnier & Co was the most active investment bank involved in the IPO of European growth companies on the US Nasdaq. In December 2015, Bryan Garnier completed the acquisition of Cartagena Capital in Germany.