Florentaise lost more than 2% on Thursday on Euronext Growth Paris for its stock market debut, reflecting investors' current lack of appetite for IPOs, even when it comes to manufacturers of eco-innovative products.

The specialist in low-carbon potting soils, the 13th company to list on Euronext this year, is currently losing 2.7% at 9.1 euros, below its IPO price of 9.44 euros.

Florentaise has raised a total of $18 million, thanks to the sale of 1.89 million new shares issued as part of a global offering. The operation values the company at some 78 million euros.

Founded in 1973, the company has more than 600 own-brand and private-label products in all the major chains (Truffaut, Botanic, Système U, Lidl).

Today, it sells almost one in five bags of potting soil in France to end consumers, and covers 12% of the sector's professional market.

Its patented wood fibers make it possible to do without the peat used in conventional potting soils, and thus emit between 20 and 50 times less greenhouse gas.

Florentaise's IPO is intended to enable the company to pursue its development strategy, based on its historical model of direct sales of potting soils.

The group intends in particular to strengthen its footprint in China, with the installation of three new production units planned by 2025, following growth of over 85% per year since 2020 in the country.

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