TBSO Raises €8M Through Capital Increase, Oversubscribed by 120%
TBSO finalized its capital increase on Thursday, launched on May 27, raising approximately €8M gross and €7.6M net to fund its operational development and acquisition projects.
An Oversubscription of 1.2 Times the Initial Offer
The capital increase received a total demand of about €9.5M, with €6.2M from the Global Placement for institutional investors and €3.3M from the Fixed Price Offer. This oversubscription led the management to carry out the entire operation initially planned, amounting to €7,999,997.40, by issuing 2,962,962 new shares at a price of €2.70 each. The overall subscription rate was about 120% of the initial amount. For the Fixed Price Offer, orders A1 (up to 1,000 shares) and A2 (beyond 1,000 shares) were served at 100%.
Diversification of Shareholders and Lock-up Commitment
Before the operation, TBSO's capital was 97.7% controlled by three founding shareholders. Following the capital increase, the free float increased from 2.32% to 11.81%. The holding company Quatre Vingt Dix, owned by Eric Larchevêque (founder and major shareholder with 62.22% before the operation), subscribed for €4.5M, representing 56.4% of the operation. This holding has committed to retain its shares for 180 calendar days from the settlement-delivery, subject to customary exceptions. The share capital of TBSO will increase after settlement to €121,014.24, divided into 12,101,424 shares with a nominal value of €0.01 each.
Continuous Trading Admission and Use of Funds
The new shares will be admitted to trading on Euronext Paris on June 15, 2026 under the same ISIN code (FR0000063307). From this date, TBSO's shares will switch from a double fixing quotation mode to a continuous trading from 9:00 AM to 5:30 PM, an improvement aimed at enhancing the liquidity of the stock. The net proceeds from the capital increase, approximately €7.6M, are intended to finance the development of the SKL and NVST platforms, strengthen the commercial and IT team, and fund acquisition projects including that of NVST SAS, currently in discussion phase and subject to governance approval. The Company estimates it has sufficient net working capital to cover its operational needs for the next 12 months.