Mare Nostrum is launching its initial public offering to trade on the Euronext Growth market in Paris. Subscriptions will be open until 28 November and trading is set to start on 4 December.

The company is expecting an Offer price between €4.96 and €5.78 per share providing a capital increase of approximately €6.9 million, which can be increased to a maximum of €7.9 million if the extension clause is exercised. The company has already received subscription commitments amounting to €5.3 million guaranteeing the completion of the transaction

Details of the offering (in French) are available here: https://www.mare-nostrum.eu/wp-content/uploads/2019/11/CP-Lancement_VD.pdf

The Grenoble, France-based firm has been in operation for 15 years, and posted turnover of €149 million in 2019, according to the announcement. The company operates nine niche temporary staffing brands alongside permanent hire, training, payrolling and professional mobility.

Mare Nostrum has more than 100 offices in France and elsewhere, including Portugal, Romania and Poland.

Nicolas Cuynat, CEO of Mare Nostrum, said: "For 15 years, the history of Mare Nostrum has been synonymous with that of major works in France for which the Group has become a real “official supplier” of labor. The resulting recognition has allowed us to build a strong business base and support our geographic deployment closer to our customers.”

The company plans to use the proceeds of the IPO to expand into new geographical areas, strengthen their cross-selling and to deploy innovative employment platforms.