Inside Secure raises EUR 69 million in IPO

French NFC chip specialist Inside Secure has raised EUR 69 million in an IPO of 8.31 million shares after full exercise of the extension clause. The operation was oversubscribed by over five times the base offering, allowing the priced to be set at EUR 8.30 per share. The amount may be increased by up to EUR 79.3 million if the over-allotment option granted by Insidue Secure to BNP Paribas and Natixis, joint lead managers and book runners, is exercised in its entirety. The shares will start trading on NYSE Euronext on 20 February, with settlement and delivery set for 22 February. The company raised funds to support organic growth, particularly R&D expenditure, for the potential acquisition of technologies and/or businesses, and to strengthen its balance sheet. Inside Secure's free float will amount to approximately 26.4 percent of share capital and could be increased to 29.2 percent if the over-allotment option is fully exercised.