French IT services company SII plans to float on the Paris stock exchange’s Second Marche on 26 October, after an initial public offering of 20% of its capital. The pricing process for the IPO runs from October 20 to 25, with 600,000 shares being offered at a price of 20.54 euros-21.50 euros ($22.20-$23.24). All the shares are existing ones being sold by the present shareholders, said CEO Bernard Huve. The objective of the flotation is to increase our visibility in the market, with a view to facilitating the recruitment of new engineers and managers, he said.
SII, from Noisy-le-Grand outside Paris, specialises in outsourced research and development, with a client list that includes incumbent carrier France Telecom SA, smart card specialist Gemplus SA and telecoms equipment manufacturer Alcatel SA. The company had revenue of 30.7m euros ($33.13m) in the year ending March 31, 1999, and for the current fiscal year, predicts 41.8m euros ($45.11m).
Huve said that 96% of SII’s revenue is from operations in France, and the company has no plans for acquisitions at home or abroad, nor for expansion into foreign markets. It’s all organic growth, he said.
