February 7, 2024. THEON INTERNATIONAL PLC, a leading developer and manufacturer of customizable night vision and thermal imaging systems for defense and security applications with a global footprint and its headquarters and main production facilities in Greece, is listing its shares today on the regulated market of Euronext Amsterdam, achieving one of the first IPOs in Europe.
- 15.4 million ordinary shares placed (including over-allotment), which corresponds to 22% of the Company’s issued share capital
- Gross proceeds of the private placement amount to €154 million (including over-allotment)
- Trading on the regulated market of Euronext Amsterdam to commence today, February 7, 2024
A total of 15.4 million ordinary shares, consisting of 10 million newly issued ordinary shares and 5.4 million existing ordinary shares (including 1.4 million shares of the over-allotment option), were placed with institutional and private investors as part of the private placement. The total number of offer shares placed in the private placement corresponds to 22% of the share capital of the Company.
The final offer price of €10 per share was determined in a book-building process. Trading on an "as-if-and-when-issued/delivered" basis on the regulated market of Euronext Amsterdam will commence today, February 7, 2024 under the symbol "THEON". The gross proceeds to THEON amount to €154 million, including over-allotments.
The net proceeds from the capital increase will be used to further accelerate THEON's growth path through acquisitions.
"The Private Placement and Listing will enable us not just to raise capital but also gives us the flexibility to pursue our long-term growth ambitions through actively exploring bolt-on M&A opportunities to further strengthen our business proposition to keep on serving our global customer base in the best way possible", commented Christian Hadjiminas, founder and CEO of THEON.
In 2022, ΤΗΕΟΝ generated EUR 142.9 million revenue, recording a 2020-2022 CAGR of >62%, while achieved an EBIT margin of 27.8%. Over the last 5 years the Company has been growing at a rate of 50% per year, closing in 2023 with sales of almost €220 million, maintaining its very high profitability level. THEON’s constantly growing customer base now spans to 68 countries, including 24 NATO countries across the globe.
UBS Europe SE, acting as sole global coordinator and joint bookrunner, Coöperatieve Rabobank U.A., in cooperation with Kepler Cheuvreux SA, acting as joint bookrunner, and Stifel Europe Bank AG, acting as co-lead manager advised on the Private Placement.
Media contact: Elli Michou and Argini Valli
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Tel: +30 210 6728610
Investor Relations: Nikos Malesiotis
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Tel: +30 210 6772290
About THEON
THEON INTERNATIONAL PLC is the parent company of THEON international group, a leading manufacturer of Night Vision and Thermal Imaging systems for defense and security applications with a global footprint. THEON Group started its operations in 1997 from Greece, playing a leading role in the industry. THEON Group has subsidiaries and offices in Athens, Kempen (Germany), Arlington (USA), Abu Dhabi (UAE), Dubai (UAE), Zug (Switzerland), Copenhagen (Denmark) and Singapore, and has operations in Riyadh (Saudi Arabia), together with production facilities in Athens and co-production facilities in Wetzlar (Germany) and Plymouth (USA). Through this network of companies, offices and facilities around the world, THEON Group has more than 150,000 systems in service with Armed and Special Forces in 68 countries around the world. www.theon.com
About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and around €6.6 trillion in market capitalisation as of end of December 2023, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs. For the latest news, go to euronext.com or follow us on Twitter (twitter.com/Euronext) and LinkedIn (https://www.linkedin.com/company/euronext).
