Kerlink Announces Successful Major Capital Increase
Kerlink, a company listed on Alternext Paris, announced on Friday 12th May the major success of its capital increase with preferential subscription rights.
Total demand was of around EUR 32.3m, with 180% oversubscribed with EUR 20.7m raised after the extension clause was exercised in full.
On 12 May 2017, Kerlink a global specialist in network and IoT solutions, announced the success of its capital increase with preferential subscription rights. Kerlink is listed on Alternext Paris with the mnémonic code : ALKLK.
After the successful stock market flotation which enabled the Company to raise EUR 10.2m in May 2016, this new capital increase has been a major success both with institutional investors and individual shareholders. Launched on 21 April 2017, the capital increase raised EUR 20.7m. By the end of the subscription period, which closed on 5 May 2017, total demand amounted to around EUR 32.3 million, for an initial amount of EUR 18 million, or an oversubscription rate of 179.35%.
1,273,165 new shares were subscribed to on an irreducible basis, representing around 98.88% of the new shares to be issued. - 1,036,158 new shares were subscribed to on a reducible basis and will therefore be only partially allotted, corresponding to 207,598 new shares. Consequently, given the level of demand, the Chairman/Chief Executive Officer, on the sub-delegation of the Board of Directors, decided to exercise the extension clause in full, namely 15% of the initial offering, or 193,143 new shares, thereby taking the number of new shares to be issued to 1,480,763. After exercising this clause, the gross proceeds from the capital increase, including additional paid-in capital, totaled EUR 20,73m.
Kerlink's market capitalisation, which was of EUR 37m at the date of it's IPO is now around EUR 100m.
William Gouesbet, co-founder and Chairman/Chief Executive Officer of Kerlink commented on the capital increase: “The first anniversary of our stock market flotation includes the major success of our capital increase. This success crowns an excellent first year on the stock market which ends with us meeting our commitments. With more than €20.7m of funds raised, we now have the means to support the ramp-up of our orders. With more than 70 projects with rapid commercial transformation potential, the take-off of our market is confirmed and opportunities must be rapidly seized. I would like to thank both institutional and individual shareholders (old and new) for having massively subscribed to the capital increase and the trust they have shown in us.”