Osmosun's Initial Public Offering (IPO) was nearly twice oversubscribed, the solar-powered seawater and brackish water desalination specialist announced last night.

The global placement, mainly aimed at institutional investors, and the open price offer, aimed at individuals, were both highly successful, the company said in a press release.

Overall demand amounted to almost 2.1 million shares, 1.6 times more than the initial offer, according to Osmosun, which sees this as a sign of the market's 'confidence' in its positioning, development strategy and growth prospects.

In view of this strong demand, Osmosun says it has set the final price of the operation at a unit price of 6.50 euros, at the upper end of the indicative price range of 5.10-6.90 euros.

The company has also decided to exercise the extension clause in full, which will enable it to raise a total gross amount of 10 million euros.

45% of the proceeds will be used to finance the company's organic growth strategy, 20% to finance R&D investments and 35% to finance external growth.

With the acquisition of new, complementary technological "bricks", the group says it wants to become a vertically integrated player in water treatment.

Trading is now scheduled to start on Euronext Growth Paris on July 10, on the basis of a market capitalization that already stands at nearly 36 million euros, even before the exercise of the over-allotment option.

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