Listing sponsor / Agent


ISIN code
Exchange / Market
Euronext Growth
Trading location
Media Agencies
Website address
Issuer website


IPO date
Tue 25/07/2006
IPO type

Global Placement and Open Price Offer

IPO price
10.20 euros
IPO type
Initial Public offering
Operation procedure

Conditions applying to both Global Placement and Open Price Offer The first share price will be set at the end of the OPO and will take account of the demand expressed in the global placement. The prices of the global placement and the OPO are the same. The definitive price will be set on July 25th 2006 after centralisation of the OPO and should be published by Euronext Paris in a notice that same day. The final share price may be set outside the mentioned range. The Global Placement Before first listing, a proportion of the shares will be included in a public placement in France and an international private placement in some countries excluding the United States of America. Underwriter: Invest Securities Number of shares: 765 000 shares (90% of the Offer) The Open Price Offer Number of shares in the OPO: A minimum of 10% of the total number of shares offered representing 85 000 shares Depending on the demand, the breakdown between the Placement and the OPO may be adapted as stated below: - The number of shares offered in the OPO may be increased by withholding shares offered in the placement. However that number of shares offered in the Open-Price Offer will not exceed 20% of the total number of shares disseminated to the public. - The number of shares in the Placement could be increased by withholding shares offered in the OPO in the case the OPO would not be fully subscribed.

Operation description

Admission on Alternext the 2 000 000 existing shares that compose the equity of CRM COMPANY at the day of the admission and a maximum of 600 000 new shares (690 000 new shares if the extension clause is totally exercised) that will be issued in the admission framework.

The admitted shares will represent the total equity and voting rights in the Company.

850 000 shares will be offered to the public as part of a global placement and an open-price offer (OPO). The shares will be obtained from 250 000 existing shares that will be sold in the Offer framework and from the issue of 600 000 new shares as part of a capital increase permitted by the extraordinary general meeting on April 28th 2006 (690 000 new shares if the extension is totally exercised) and to be realised with the listing.

Extension clause : According to the importance of the demand, the number of shares in the Offer could be increased of 90 000 additional new shares representing 15% of the number of shares initially proposed in this operation.

Over-allocation option : To cover the possible over-allocations, the Company will issue an option allowing Invest Securities to buy a maximum of 83 333 Existing Shares at the offer price. It will be possible to exercise this option in all or in part at any time until August 25th 2006.

Operation calendar

- Period of the Placement: from July 17th, 2006 to July 25th 2006 (noon) - Period of the OPO : from July 17th to July 24th 2006 inclusive - First quotation: July 25th, 2006 - Beginning of trading: July 31st, 2006

Price range
10.175 euros - 11.825 euros
Broker to issue