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Night Vision Firm Exosens Seeks Up to €400 Million Paris IPO

(Bloomberg) -- French night-vision technology company Exosens is planning an initial public offering in Paris that may raise between €300 million and €400 million, according to people familiar with the matter.

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The firm, which is backed by European investment group Groupe HLD, is seeking to launch the share sale as soon as mid-May, the people said. The maker of products for sectors including defense is working with BNP Paribas SA, Citigroup Inc. and JPMorgan Chase & Co. on a listing, the people said.

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An IPO may value the company in excess of €1 billion ($1.1 billion), the people said, asking not to be identified discussing confidential information. Lazard Ltd. is acting as independent adviser on the IPO, according to the people.

Details of the offering such as size and timing could change and more banks could be added to the lineup, the people said. Representatives for Groupe HLD, BNP Paribas, Citigroup,JPMorgan and Lazard declined to comment.

Shares in defense-related companies have been elevated since Russia’s attack on Ukraine. Escalating geopolitical tensions across the globe, including in the Middle East, are boosting demand for military equipment.

Military gearbox maker Renk Group AG has surged over 75% since it started trading in February, in one of the best showings for a European IPO this year.

Exosens, previously known as Photonis, makes power tubes, digital cameras and image intensifier tubes among other products for night vision technology. It addresses the life sciences, industrial control, nuclear energy and defense markets and has about 1,500 employees, its website shows.

The company has been on an acquisition spree over the past year to help diversify away from the defense industry. Exosens, which has production facilities in the US and Canada among other locations, recently broadened its industrial technology portfolio with the purchase of detection and imaging devices firms ProxiVision, El-Mul and Telops.

France in 2020 blocked private equity firm Ardian from selling the company to US firm Teledyne Technologies Inc., citing the country’s strategic interests. It was acquired by Groupe HLD the following year and later renamed as Exosens.

(Updates with independent adviser in third paragraph.)

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