The "beauty tech" specialist's stock is currently shedding 12.4% to 11.2 euros, trading well below its IPO price, which had been set at 12.79 euros.

At current price levels, the company is valued at only approximately 110 million euros, compared to the 126 million euros implied by the IPO price.

The listing, one of the few completed on Euronext Growth in Paris since the start of the year alongside Rising Stone, allowed the company to raise some 7.3 million euros.

Specifically, the 9,845,728 shares comprising its capital, including 571,436 new shares issued as part of the global offering, were admitted to trading this morning.

Successful Fundraising Despite a Complicated Market

Quoted in a press release, Jean Michel Karam, founder and CEO, acknowledged that the operation was conducted during a "demanding and volatile" market period and expressed gratitude for the commitment of institutional investors such as Bpifrance, as well as retail investors, who subscribed to the project.

IEVA defines itself as an "integrated" group capable of operating across the entire beauty value chain, spanning its premium cosmetic brands like IOMA, its technological skin diagnostic tools, and its 130 boutiques, including the brand and its subscription boxes, such as My Little Box.

The company, which also boasts a newsletter sent to four million subscribers, styles itself as a "Netflix of beauty" due to its subscription-based business model and recurring revenues.

However, its lackluster market debut illustrates investor skepticism toward a company positioned in the highly competitive luxury and beauty market.

While its revenue reached 43 million euros in 2025, the company remains unprofitable, with EBITDA coming in at -1.4 million euros last year.

The group nevertheless expects to move into the black as early as this year and aims to double its revenue by 2028.