COMMUNIQUÉ DE PRESSE
par Lepermislibre (isin : FR001400F2Z1)
Lepermislibre: Lepermislibre announces the launch of its IPO on the Euronext Growth® market in Paris
Lepermislibre Press release Lyon, 25 January 2023 Lepermislibre announces the launch of its IPO on the Euronext Growth® market in Paris
Lepermislibre, a pioneering online driving school in France, announces the launch of its IPO on the Euronext Growth® market in Paris (ISIN code: FR001400F2Z1 – Ticker: ALLPL). On 24 January 2023, the French financial markets authority (Autorité des Marchés Financiers - AMF) approved the Prospectus under number 23-023, comprising the Registration Document, approved on 13 January 2023 under number I.23-001, a Transaction Memorandum and the Prospectus Summary (included in the Transaction Memorandum and appended to this press release). The number 1 exam taken in France is going digital, driven by a favourable regulatory framework More than 1.2 million people take their driving test every year[2], representing a market worth around €2.2 billion in France[3], and making it the leading exam taken, ahead of the French baccalaureate exams that students sit at age 18. A driving licence is reckoned to be essential by 86% of young people (aged 18 to 26)[4], as it represents a passport to employment, social and economic inclusion, and autonomy and independence for the holder. Gradually rolled out from 2021, a new push was launched in 2023 to make the RDVPermis available throughout France. This transformation will constitute a new growth driver for Lepermislibre, already confirmed as being on a trajectory of development and expanding market share. A pure player in online driving schools, the leading French player in the market The great flexibility of driving training is also popular with candidates, with unprecedented freedom to schedule driving lesson time, 7 days a week from 6 a.m. to 11 p.m. in more than 500 towns and cities in France and 1,480 meeting points, releasing learners from the constraints of time and place. These benefits, combined with a price 30% lower than a traditional driving school[7], have already attracted more than 360,000 candidates registered on the platform since start-up to follow theory and practical driving training[8]. In 2021 alone, 110,000 candidates took lessons, an increase of 44% compared to 2020. A development model rooted in technology Optimisation of the candidate experience, improvement in driving training, maximisation of instructor throughput, automated booking of slots, leveraging data – Lepermislibre’s IT teams are developing new services and systems with the aim of delivering ever greater value to candidates and instructors: unlimited online theory training, virtual reality videos, geolocation, rating of instructors by candidates, online progress tracking, algorithmic prediction of test success, etc. As at 30 June 2022, more than 40% of employees were working in IT and data roles. A seven-fold increase in revenue between 2019 and 2021 and greater investment in 2022 in preparation for acceleration in growth Illustrating the success of its business model, Lepermislibre has experienced strong growth over recent years. In the space of three years, its revenue has increased seven-fold, solely through organic growth, as confirmed by its reported 2021 sales of €12.2 million, which were up 185% on the previous financial year. In 2022, to seize all the opportunities offered by a considerable market still to be conquered, the regulatory framework of which is evolving favourably, and with barriers to entry that leave little room for new entrants, Lepermislibre decided to make the effort to increase its investments:
A proactive approach to corporate social responsibility Beyond financial performance, Lepermislibre has adopted a proactive approach to corporate social responsibility (CSR). Its commitment is shown in the rating of 56/100 issued in August 2022 by the extra-financial rating agency EthiFinance, a level described as “advanced”. With this rating, Lepermislibre is over 35 points ahead of the average benchmark of comparable size and sector companies. A clear roadmap for acceleration To reach it, Lepermislibre intends to pursue an aggressive strategy focused on three key strategy areas:
This aggressive strategy should enable Lepermislibre to make an operating profit (EBITDA) at the end of 2024 (vs. a loss of €557k at the end of 2021), and to achieve revenue of between €45 million and €50 million from 2025, with a gross margin topping 30% (vs. 33% in 2021). This equates to a weighted average growth rate of approximately 40% a year between 2021 and 2025. Over and above these financial ambitions, our long-term goal is to build the leading French market player in online driving training. An IPO on Euronext Growth Paris to underpin growth Lepermislibre's planned IPO on Euronext Growth® Paris aims to provide the Company with the additional financial resources required to implement the key strands of its development strategy so that it can step up growth and reach its targets. As such, the net proceeds from the funds raised under the Offer of approximately €8 million, i.e. net proceeds of approximately €7 million (based on full subscription and before exercise of the extension clause and over-allotment option), which may be raised to around €10.6 million (after exercise of the extension clause and the over-allotment option), will be allocated as follows:
Subscription commitments of €5.3 million Lepermislibre received subscription commitments for a total of €5.3 million, representing approximately 66% of the base deal, including:
Eligibility of the securities for PEA equity savings plans, PEA-PME plans, income tax reduction and the provisions of Article 150-0 B ter of the French General Tax Code Lepermislibre confirms that it complies with the eligibility criteria for “PME-ETI” equity savings plans specified by the provisions of Articles L. 221-32-2 and D.221-113-5 et seq. of the French Monetary and Financial Code. Lepermislibre shares can therefore be fully integrated into PEA plans and “PME-ETI” plans and benefit from the corresponding tax benefits. The Company also confirms that it complies with the eligibility criteria for income tax reduction of 25% in relation to investments in SMEs. Lepermislibre has been awarded the “Innovative Company” label by Bpifrance. The Company is eligible for the provisions of Article 150-0 B ter of the French General Tax Code, under which persons having sold securities tendered are allowed within three years of said tender to benefit from the continuation of the tax deferral in the event of a subscription in cash. A summary of the tax regime that may apply is described in the Transaction Memorandum (refer to section 4.1.9). The persons concerned are invited to consult their usual tax advisor about the taxation applicable to their particular case, in particular regarding the subscription, acquisition, holding and disposal of Lepermislibre shares. Availability of the Prospectus The Prospectus approved by the Autorité des Marchés Financiers (AMF) on 24 January 2023 under number 23-023, consisting of the Registration Document approved by the AMF on 13 January 2023 under number I.23-001, the Transaction Memorandum and the Prospectus Summary (included in the Transaction Memorandum), is available free of charge and upon request from the Company (29, avenue Joannes Masset, 69009 Lyon) and on the websites of the company (https://investir.lepermislibre.fr) and the AMF (https://www.amf-france.org). Risk factors The approval of the Prospectus should not be considered as a favourable opinion on the securities offered. Investors should be aware of the risk factors mentioned in Chapter 3 "Risk Factors" of the Registration Document and in Chapter 3 "Market risk factors that may significantly affect the securities offered" of the Transaction Memorandum. Financial intermediaries and advisers
Information on the planned IPO can be found at: https://investir.lepermislibre.fr
MAIN TERMS OF THE TRANSACTION PROVISIONAL TIMETABLE
SHARE CAPITAL BEFORE THE TRANSACTION €237,768, divided into 9,907,000 shares with a par value of €0.024 all of the same class. CHARACTERISTICS OF THE SHARES
SUBSCRIPTION PRICE OF NEW SHARES €3.83 per new share (€0.024 nominal value and €3.806 issue premium) to be paid up in full in cash at the time of subscription. NUMBER OF SHARES OFFERED 2,088,772 ordinary new shares to be issued in connection with a share capital increase in cash by way of a public offering, which may be increased by a maximum number of:
STRUCTURE OF THE OFFERING An | |||||||||||||||||||||||||||||||||