Amboise Investissement, a French investment vehicle from Apax, is to launch on Euronext Paris before the end of March. Amboise, which has an indicative price range of between €11.20 and €12.20, will back unlisted companies, ranging from early stage to buyouts, and will focus on six sectors: IT, telecoms, media, healthcare, retail & consumer and business & financial services. The float will raise between €95m and €119m depending on the final price and whether the extension and over-allotment options are exercised. The offering will consist of a public offering to retail investors in France (for up to 15% of the shares offered) and a global placement mainly to institutional investors in France and outside of France, but not in the US.
The fund will have a portfolio of three on flotation: Financier Helios, Almapax and Alain Afflelou. Amboise says the money it raises will be enough to cover its investment requirements over the next 12 to 18 months.
The Paris-headquartered fund is to co-invest alongside Apax France VII and Altamir & Cie, Apax’s listed vehicle that allows retail investors access to the private equity market. Partners at Apax will jointly subscribe, directly and indirectly, in the global placement for a total consideration of approximately €10m with a lock-up commitment of at least 12 months.