- Total offering amount of €33.1 million, comprising a capital increase of €7 million and sales of existing shares for €26.1 million
- Offer Price of €23.81 per share
- Total demand of €33.1 million, including:
- €31.4 million under the Global Placement;
- €1.7 million under the Fixed Price Offer.
- Market capitalisation of €267 million at the Offer Price
- Settlement and delivery scheduled for October 23, 2026, and start of trading scheduled for October 26, 2026, on Euronext Growth Paris (ISIN code: FR001401BXXX Ticker symbol: ALN4)
- Implementation of a liquidity agreement with CIC CIB
Regulatory News:
N4 GROUP (Paris:ALN4), an integrated French family-owned group and a major player in fitness, sports nutrition, health and wellness, today announces the results of its initial public offering on Euronext Growth Paris (ISIN code: FR001401BXXX Ticker symbol: ALN4).
Total demand under the Offering amounted to €33.1 million, including €31.4 million under the Global Placement, primarily intended for institutional investors, and €1.7 million under the Fixed Price Offer ("OPF"), primarily intended for individual investors in France.
The transaction represents a total gross offering amount of €33.1 million, comprising €7 million from the issue of new shares and €26.1 million from the sale of existing shares by Arlette Capital, Mathieu Viscuso and Alexandre Dez.
Stéphane Viscuso, Chairman and Chief Executive Officer of N4 GROUP, commented: "The success of our IPO marks a new milestone in N4 GROUP's history. We would like to thank the institutional and individual investors who have placed their trust in us, as well as our teams, whose daily commitment and dedication underpin the Group's strength. The funds raised will enable us to strengthen N4 Labs' industrial capacity in Voiron and accelerate our development across Europe. Since founding FitnessBoutique in 1999, we have built an integrated group capable of designing, manufacturing and bringing high-quality products to consumers. We enter this new phase with the ambition of expanding the reach of our brand portfolio through our business model based on profitable growth that creates value, driven, as always, by the entrepreneurial and family spirit that has guided us since the outset.
José Gonzalo, Executive Director of the Mid Large Cap and SME Private Equity division at Bpifrance, added: "N4 Group embodies precisely the type of company that BlueSpring aims to support: a French player positioned in fast-growing segments, which has, over more than twenty-five years, built a robust ecosystem and business model with well-recognised brands. By investing in its equity as part of this IPO, we are choosing to make a long-term commitment alongside a management team whose vision and ambitions we share.
Reasons for the Offering: accelerating industrial development and European expansion
The IPO serves a dual purpose: enabling N4 GROUP to raise funds to accelerate the implementation of its growth strategy and become a leading player on the international stage, while providing partial liquidity to certain existing shareholders.
The estimated net proceeds from the issue of new shares, amounting to approximately €6.14 million, will be used to finance the following strategic objectives:
- Approximately 70% to strengthen N4 Labs' industrial capacity, notably through the installation of new production lines at the Voiron site. These investments will support the gradual insourcing of production in the Nutrition division, with the share produced in-house expected to increase from approximately 32% as of March 31, 2026, to approximately 70% within three to five years;
- Approximately 30% for the Group's international development, primarily in Belgium, Spain and Italy. This expansion will initially rely on e-commerce and local B2B partnerships, followed by the opening of pilot points of sale and the rollout of franchises or affiliations.
The proceeds from the sale of existing shares will accrue exclusively to the selling shareholders. N4 GROUP will receive no proceeds from the sales made under the Secondary Offering.
The admission of its shares to trading on Euronext Growth Paris should also enable N4 GROUP to benefit from greater visibility in its markets.
Results and allocation of the Offering
As announced at the launch of the Offering, the Offer Price was set by the Company's Board of Directors on October 7, 2026, at €23.81 per share
At its meeting today, the Board of Directors determined the final terms of the Offering and decided to issue 293,994 new shares, representing a capital increase with gross proceeds of €7 million, including the share premium. Sales of existing shares comprise 1,095,836 shares, representing gross proceeds of €26.1 million.
The Extension Clause was not exercised.
A total of 1,389,830 shares were allocated as follows:
Investor category | Number of shares allocated | Percentage of shares allocated |
Global Placement | 1,320,442 | 95% |
Fixed Price Offer | 69,388 | 5% |
Total | 1,389,830 | 100% |
Under the OPF, A1 portions of orders, comprising between 1 and 250 shares inclusive, will be filled at a rate of 100%, and A2 portions, comprising shares in excess of 250, at a rate of 100%.
Based on the Offer Price of €23.81 per share and the 11,213,775 shares comprising the Company's share capital following the transaction, after completion of the preliminary contributions described in the Prospectus and the capital increase, N4 GROUP's market capitalisation amounts to €267 million
Settlement and delivery of the OPF and the Global Placement are expected to take place on October 23, 2026. Trading in N4 GROUP shares on Euronext Growth Paris is expected to begin on October 26, 2026, under ISIN code FR001401BXXX and ticker symbol ALN4
Reminder of subscription commitments
The Company had received subscription commitments from third-party investors totalling €20.85 million, representing 41.70% of the gross amount of the Initial Offering.
Investor | Commitment amount |
Bpifrance BlueSpring 1, represented by its management company Bpifrance Investissement | €13.35 million |
BNP Paribas Asset Management Europe | €5 million |
CDC Croissance Small Caps | €1 million |
Portzamparc Gestion | €1 million |
Vatel Capital SAS | €0.5 million |
Total | €20.85 million |
In accordance with the terms of the commitments described in the Prospectus, the corresponding orders were intended to be filled in full and on a priority basis. As part of the final allocation, these orders were filled in full.
These subscription commitments were not remunerated and did not constitute an underwriting guarantee.
Standstill and lock-up commitments
Company standstill commitment: 180 calendar days from settlement and delivery of the Offering, subject to certain exceptions.
Existing shareholders' lock-up commitments: Arlette Capital, SICALGE, MV Sourcing Development, Stéphane Viscuso, Mathieu Viscuso and Alexandre Dez have undertaken to retain all the shares they hold on the settlement and delivery date of the Offering for 360 calendar days from that date, subject to certain customary exceptions.
Bpifrance BlueSpring 1 lock-up commitment: 360 calendar days from the date of signing its subscription commitment, subject to certain customary exceptions.
Over-allotment Option and stabilisation
The transaction will not involve any stabilisation activities, and the Over-allotment Option will not be exercised.
Liquidity agreement
N4 GROUP also announces that it has appointed CIC to implement a liquidity agreement in accordance with French Financial Markets Authority Decision No. 2021-01 of June 22, 2021, renewing the accepted market practice for liquidity contracts in equity securities, and all other provisions referred to therein. The agreement complies with the code of conduct of the French Financial Markets Association (AMAFI).
The liquidity agreement will take effect on October 26, 2026. It has been entered into for a term of 12 months, automatically renewable for successive periods of 12 months. Its purpose is to provide liquidity in N4 GROUP shares, listed on Euronext Growth Paris under ISIN code FR001401BXXX and ticker symbol ALN4. An amount of €500,000 in cash has been allocated to the liquidity account.
Performance of the liquidity agreement will be suspended in the circumstances set out in Article 5 of AMF Decision No. 2021-01 of June 22, 2021, and at the request and under the responsibility of N4 GROUP.
The liquidity agreement may be terminated:
- at any time by N4 GROUP without notice;
- at any time by CIC, subject to one month's notice;
- automatically if the parties are unable to agree on the future of the agreement;
- by CIC if its Liquidity Provider agreement with Euronext Paris is terminated.
Breakdown of share capital and voting rights
Before the Offering and following completion of the preliminary contributions described in the Prospectus, the Company's share capital is held as follows:
Shareholder | Number of shares | Percentage of share capital |
Stéphane Viscuso | 218,318 | 2.00% |
Arlette Capital | 2,149,036 | 19.68% |
SICALGE SAS | 5,775,172 | 52.89% |
Stéphane Viscuso, Arlette Capital and SICALGE SAS acting in concert | 8,142,526 | 74.57% |
Mathieu Viscuso | 1,985,464 | 18.18% |
MV Sourcing Development SAS | 582,071 | 5.33% |
Subtotal: Mathieu Viscuso and MV Sourcing Development SAS | 2,567,535 | 23.51% |
Alexandre Dez | 209,720 | 1.92% |
Total | 10,919,781 | 100.00% |
Following the Offering, the breakdown of share capital and voting rights will be as follows:
Shareholder | Number of shares | Percentage of share capital | Number of voting rights | Percentage of voting rights |
Stéphane Viscuso | 218,318 | 1.9% | 436,636 | 2.2%, |
Arlette Capital | 1,331,907 | 11.9% | 1,331,907 | 6.8% |
SICALGE SAS | 5,775,172 | 51.5% | 11,550,344 | 59.3% |
Stéphane Viscuso, Arlette Capital and SICALGE SAS acting in concert | 7,325,397 | 65.3% | 13,318,887 | 68.4% |
Mathieu Viscuso | 1,727,803 | 15.4% | 3,455,606 | 17.7%, |
MV Sourcing Development SAS | 582,071 | 5.2% | 940,091 | 4.8%, |
Subtotal: Mathieu Viscuso and MV Sourcing Development SAS | 2,309,874 | 20.6% | 4,395,697 | 22.6% |
Alexandre Dez | 188,674 | 1.7% | 377,348 | 1.9% |
Bpifrance BlueSpring 1 | 560,689 | 5.0% | 560,689 | 2.9% |
Public | 829,141 | 7.4% | 829,141 | 4.3% |
Total | 11,213,775 | 100.00% | 19,481,762 | 100.00% |
The post-Offering figures take into account the granting of double voting rights to fully paid-up shares held in registered form in the name of the same shareholder for at least two years, subject to the admission of the shares to trading on Euronext Growth Paris. The holding period accrued before such admission is taken into account.
Before the Offering and following the preliminary contributions, MV Sourcing Development SAS holds 582,071 shares, including 224,051 shares issued in consideration for the contribution to N4 GROUP of the N4 Labs shares it held.
SICALGE SAS is wholly owned by Stéphane Viscuso and his family. Arlette Capital is 99.99%-owned by Stéphane Viscuso following the preliminary contributions. MV Sourcing Development SAS is wholly owned by Mathieu Viscuso. To the Company's knowledge, there is no agreement constituting concerted action between Stéphane Viscuso and Mathieu Viscuso.
Free float
The free float, excluding Bpifrance BlueSpring 1, will comprise 829,141 shares, representing 7.4% of the Company's share capital following the Offering.
Next steps in the transaction
Date | Event |
October 23, 2026 | Settlement and delivery of shares under the OPF and the Global Placement |
October 26, 2026 | Start of trading on Euronext Growth Paris |
This timetable is indicative and subject to change.
Share identification
Item | Information |
Name | N4 GROUP |
ISIN code | FR001401BXXX |
Ticker symbol | ALN4 |
Market | Euronext Growth Paris |
N4 GROUP shares are eligible for inclusion in French PEA and PEA-PME equity savings plans.
Financial intermediaries and advisers
Global Coordinator, Joint Lead Manager and Joint Bookrunner | Global Coordinator, Joint Lead Manager and Joint Bookrunner Listing Sponsor | Global Coordinator, Joint Lead Manager and Joint Bookrunner |
BERENBERG | TP ICAP | CIC Corporate Institutional Banking |
Legal adviser | Statutory auditors | Financial communication and Investor Relations |
fieldfisher | EY
| NewCap |
For more information, visit the website dedicated to the IPO: www.n4group-finance.com
Availability of the Prospectus
The Prospectus, comprising the Registration Document approved by the French Financial Markets Authority on October 1, 2026, under number I.26-005, and the Securities Note including the Prospectus summary, was approved by the AMF on October 8, 2026, under number 26-360.
It is available free of charge upon request from N4 GROUP's registered office, 420 boulevard de Charavines, 38500 Voiron, as well as on the Company's website, www.n4-group.com, and on the AMF's website, www.amf-france.org.
Investors are invited to read the entire Prospectus in order to fully understand the potential risks and rewards associated with an investment in the Company's shares.
The AMF's approval of the Prospectus should not be considered an endorsement of the issuer or of the quality of the securities offered.
Risk factors
N4 GROUP draws investors' attention to the risk factors described in Chapter 1, "Risk factors", of the Registration Document and in Chapter 1, "Risk factors relating to the Offering", of the Securities Note.
The occurrence of any or all of these risks could have a material adverse effect on the Group's business, financial condition, results or prospects, as well as on the market price of its shares.
An investment in shares involves a risk of losing all or part of the capital invested.
About N4 GROUP
N4 GROUP is an integrated French family-owned group, positioned as a major player in the fitness, sports nutrition, health and wellness markets.
Originating with the creation of FitnessBoutique in 1999 in Voiron, the Group designs, develops, formulates and distributes a portfolio of 14 complementary brands covering a broad range of needs, from performance sports nutrition to fitness and health nutrition, as well as cardio and strength training equipment.
N4 GROUP operates an omnichannel model combining e-commerce, the FitnessBoutique network, pharmacies, parapharmacies, specialist retailers and mass retail. The Group also has an integrated industrial platform, N4 Labs, dedicated to R&D, formulation, quality, innovation and the industrialisation of nutrition products.
As of March 31, 2026, N4 GROUP had 161 full-time equivalent employees (FTEs) and 115 FitnessBoutique points of sale, and generated revenue of €91.1 million, with an EBIT margin of 17%.
For more information: www.n4-group.com
Disclaimer
This press release and the information contained herein do not constitute an offer to sell or subscribe to, or the solicitation of an offer to purchase or subscribe to, shares in N4 GROUP in any country. Any decision to subscribe for or purchase N4 GROUP shares in the Offering must be based on a review of the entire prospectus approved by the French Financial Markets Authority (the "AMF"), available as described in this press release.
This press release constitutes a promotional communication and is not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the 'Prospectus Regulation'). In the United Kingdom, this press release does not constitute a prospectus for the purposes of the applicable laws and regulations in the United Kingdom relating to public offers of securities and the admission of securities to trading.
This press release does not constitute and should not be considered as a public offering, an offer to purchase or subscribe for, or a solicitation of public interest in connection with a public offering.
This press release does not constitute an offer to sell securities or any solicitation of an offer to buy or subscribe for securities in the United States of America. The shares, or any other securities, of N4 GROUP may not be offered or sold in the United States of America except following registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from such registration requirement. The shares of N4 GROUP will be offered or sold only outside the United States of America and in offshore transactions, in accordance with Regulation S under the Securities Act. N4 GROUP does not intend to register the offering in whole or in part in the United States of America or to make a public offering in the United States of America.
With regard to Member States of the European Economic Area other than France (each, a 'Member State'), no action has been or will be taken to permit an offer to the public of the securities subject to this press release that would require the publication of a prospectus in a Member State. Consequently, the securities may be offered in these Member States only: (i) to qualified investors, as defined in the Prospectus Regulation; (ii) to fewer than 150 natural or legal persons, other than qualified investors (as defined in the Prospectus Regulation), per Member State; or (iii) in all other cases where the publication by N4 GROUP of a prospectus is not required under Article 1(4) of the Prospectus Regulation; and provided that none of the offers referred to in paragraphs (i) to (iii) above requires N4 GROUP to publish a prospectus in accordance with the provisions of Article 3 of the Prospectus Regulation or a supplement to the prospectus in accordance with the provisions of Article 23 of the Prospectus Regulation.
For the purposes of this disclaimer, the term 'public offer' in relation to securities in a given Member State means any communication addressed in any form and by any means to persons and presenting sufficient information about the terms of the offer and the securities to be offered, so as to enable an investor to decide whether to purchase or subscribe for such securities in that Member State.
These selling restrictions in Member States are in addition to any other sales restrictions applicable in Member States.
This press release does not constitute an offer to the public of securities in the United Kingdom and is intended only at persons who are qualified investors within the meaning of the applicable laws and regulations in the United Kingdom relating to public offers of securities and the admission of securities to trading, who are (i) investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as currently in force, the 'Financial Promotion Order'), (ii) referred to in Article 49(2)(a) to (d) ('high net worth companies, unincorporated associations, etc.') of the Financial Promotion Order, (iii) are located outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activities (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may be lawfully communicated, directly or indirectly (all such persons being referred to collectively as 'Relevant Persons'). This press release is intended solely for Relevant Persons and may not be used by any person other than a Relevant Person.
This press release contains statements about N4 GROUP's objectives as well as forward-looking statements. This information is not historical data and should not be interpreted as guarantees that the facts and data stated will occur. This information is based on data, assumptions and estimates considered reasonable by N4 GROUP. The Group operates in a competitive and fast-changing environment and is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of one or more risks could cause actual results to differ materially from those expressed in any forward-looking information. N4 GROUP cautions that forward-looking statements are not guarantees of future performance and that its actual financial condition, results and cash flows, as well as developments in the industry in which N4 GROUP operates, may differ materially from those proposed or implied by the forward-looking statements contained in this document. In addition, even if N4 GROUP's financial condition, results, cash flows and developments in the industry in which N4 GROUP operates were consistent with the forward-looking information contained in this document, such results or developments may not be a reliable indication of N4 GROUP's future results or developments. This information is given only as of the date of this press release. N4 GROUP makes no commitment to publish updates to this information or the assumptions on which it is based, except for any legal or regulatory obligation applicable to it.
The distribution of this press release may, in some countries, be subject to specific regulations. Accordingly, persons physically present in those countries in which the press release is disseminated, published or distributed should inform themselves about and comply with such laws and regulations.
This press release may not be published, transmitted or distributed, directly or indirectly, in the United States of America, Australia, Canada or Japan.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261021118266/en/
Contacts:
N4 GROUP
Investor Relations
investisseurs@n4group.fr
Tel.: 04 76 07 38 19
NewCap
Investor Relations
Mathilde Bohin
Louis-Victor Delouvrier
n4group@newcap.eu
Tel.: 01 44 71 94 94
NewCap
Media Relations
Nicolas Mérigeau
n4group@newcap.eu
Tel.: 01 44 71 94 94
