Update: Inside Secure prices near top

17 Feb 2012

Inside Secure, the contactless chip firm going public in Paris, on Friday priced a €69m IPO towards the top of the indicative range following a five times oversubscribed offer. The company resisted the temptation to push pricing higher despite a lack of investor sensitivity given the grim fate of so many other deals over the last year and another this week.

Joint bookrunners BNP Paribas and Natixis priced the deal at €8.30 a share after exercising the extension option in full, to give the company proceeds of €69m and a market capitalisation of €261m. The all-primary deal has put 26.4% of the firm into free-float.

French accounts bought 50%-60%, ...

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