Le Slip Français IPO on Paris Bourse

French apparel maker Le Slip Français is preparing for its public market debut on Euronext Growth in Paris, aiming to raise approximately €5 million in new capital and facilitate a €7 million sale of existing shares. The listing, scheduled for July 14th, marks a significant step for the company, which has navigated a challenging post-pandemic environment. This move is designed to bolster its industrial capabilities and accelerate its expansion strategy.

The company is inviting the public to participate in its capital increase, with shares offered at €14.80 each. Beyond the €5 million equity injection, the sale of shares from current investors could bring the total gross proceeds to a maximum of €15.8 million, assuming full exercise of an over-allotment option. This fundraising is crucial for Le Slip Français to enhance its production facilities, particularly its Bonne Nouvelle site in Aubervilliers, which focuses on underwear. Investments are earmarked for new machinery and personnel to expand manufacturing capacity.

The strategic use of IPO funds extends to diversifying the company's product lines. Following the successful listing, Le Slip Français plans to introduce jeans in 2027, followed by bags and caps in 2028, and bedding in 2029. Furthermore, the company is developing a B2B offering, termed "Made in France-as-a-Service," to provide manufacturing services for third-party brands. This initiative leverages its established French production footprint.

The capital raised will also fuel an intensified commercial and marketing push, including investments in audiovisual channels and the expansion of its multi-brand and reseller network. Financially, the IPO is expected to strengthen the company's working capital, providing greater flexibility to manage anticipated growth in business volumes. This strategic financial maneuver aims to provide a more stable foundation for future operations.

Le Slip Français has set ambitious financial targets, projecting a doubling of its revenue by 2030. The company aims for an operating margin exceeding 10% within three to five years, a notable increase from its current 6.5%. Last year, the company reported revenues of €21.1 million and an operating profit of €1.3 million. Production volumes reached approximately 1.45 million units in 2025, a 24% increase year-over-year. Despite this growth, the company carries a net debt of €3.5 million, underscoring the importance of this capital infusion.

The company sees a significant opportunity in leveraging its strong brand recognition, estimated at 60% among French consumers, against its current 4% market share in the €500 million French men's underwear market. This gap represents a substantial conversion potential. Since its inception in 2011, Le Slip Français has served 850,000 customers, with a repeat purchase rate of 42%. Key institutional investors, including Eiffel, Vatel Capital, Femilux, and Chantelle, have already committed nearly €7 million in subscriptions. Historical shareholders such as 360 Capital Partners and Experienced Capital Partners are also expected to remain involved.