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LightOn, which provides large language model (LLM) software to French companies and the government, would become the first generative AI company to be listed in Europe, with an IPO expected on November 26.
"This planned IPO offers investors a unique opportunity to participate directly in the growth of a French technology champion that is already successfully deploying its AI solutions with major groups in France and internationally," said Igor Carron and Laurent Daudet, LightOn's co-CEOs, in a statement.
The startup's European counterparts, such as France's Mistral and Germany's DeepL, have so far preferred to raise funds while remaining private.
However, according to Stéphane Boujnah, Managing Director of Euronext, a significant number of technology companies in the European Union are ready to be listed on the stock exchange.
France, which aims to become Europe's leading artificial intelligence hub, is hoping to close the innovation gap with the United States and Great Britain.
Emmanuel Macron declared before the start of his second term that he hoped to have at least 100 technology "unicorns" in France by 2030, compared with just 27 at present.
LightOn shares will be issued at a subscription price of 10.35 euros per share, valuing the company at around 50 million euros.
In addition, LightOn is supporting the IPO with a capital increase of around 10.4 million euros.
The subscription period runs from November 8 to 20, and settlement is scheduled for November 25.
LightOn has stated that it is aiming for sales of 40 million euros and an Ebitda margin of 40% by 2027.
(Reported by Gianluca Lo Nostro in Gdansk; edited by Augustin Turpin)
