Broadpeak begins trading after ‘major success’ of IPO

Video streaming technology outfit Broadpeak has begun trading on the Euronext Paris stock exchange after what it described as the “major success” of its IPO.

Broadpeak raised €20 million from the exercise. It said its offer was over-subscribed by 1.5 times, with total demand amounting to €28.5 million, including €25.1 million requested by institutional investors and €3.2 million by individual investors.

Broadpeak offered its shares at a price of €6.41, giving the company a market capitalisation of €80 million.

Jacques Le Mancq

“We are extremely proud of the great success of the IPO and I would like to thank our team, our customers and partners that have contributed in making Broadpeak the leader it is today! We are now going to be able to strengthen the development of highly performant technologies, accelerate the growth of our SaaS platform and increase our market reach!” said Jacques Le Mancq, CEO.

Broadpeak launched its IPO in May. The company stated in its prospectus that it aimed to use 60% of funds raised by the IPO to finance investment in innovation, R&D and the development of its software-as-a-service platform, with an even split between innovation and R&D on one hand – with the aim of reinforcing its position in telco TV and accelerating penetration of the OTT and streaming world – and the development of the SaaS platform on the other.

The SaaS offering will be extended to encompass new media applications with the aim of having a ‘complete offering’ available next year.

Broadpeak is also looking to target international markets including North America, Latin America, Asia, the Nordic countries and the UK.