Kumulus Vape, the 100% Online E-Cigarette Specialist, Goes Public
Kumulus Vape (ISIN FR0013419876 – MLVAP ), an online retailer specialised in the sale of electronic cigarettes and related products (devices, e-liquid and accessories), referred collectively as “e-cigarettes”, is pleased to announce the listing of its shares on the Euronext Access™ compartment in Paris by technical admission (Euronext notice PAR_20190523_05573_ACC). First listing will take place on 28 May 2019.
This initial public offering - a first in Europe’s e-cigarette space - is a new milestone in the performance trajectory of the Lyon-based company, a pioneer on this market in acceleration phase.
Kumulus Vape posted 2018 sales of €6.5 million, up 116% on 2017. Its outlook is highly auspicious, with 96% quarter-on-quarter growth in the first quarter of 2019. Kumulus Vape’s goal is clear: to become one of the French leaders in 100% online e-cigarette retail within three years.
AN E-CIGARETTE PIONEER
A CATALOGUE OF OVER 6,000 REFERENCES
Kumulus Vape is one of the top online French retailers of dedicated e-cigarette products (devices, e-liquid, DIY1). Its extensive catalogue of over 6,000 references caters to both “beginner” and expert e-cigarette users. Active in the fight against tobacco and a defender of the e-cigarette sector, Kumulus Vape offers an unparallelled range of high-performance products at competitive prices.
Founded in 2012, the Company rapidly ascended to become one of the leaders on this regulated sector that is increasingly recognised by the general public, health authorities (the French Economic, Social and Environmental Council - CESE) and government (French Ministry of Health).
Its model comprises two complementary activities: B2C (online sales only) and B2B (sales to a network of specialist retailers).
The group’s original activity, B2C, has grown rapidly over the last three years. Between 2016 and 2018, business has soared and the number of customers tripled. Sales (40% of total sales) also tripled over the period to reach €2.8 million in 2018.
Its B2B business (60% of total sales), which began in 2017, has also been an instant success. Today, more and more specialist retailers use Kumulus Vape for all their supplies.
A POTENTIAL MARKET WORTH OVER €800 MILLION IN FRANCE
Both activities are tapping into a huge market with a potential estimated at over €800 million in France2. Indeed, faced with the devastating effects of tobacco, which is believed to be responsible for over seven million deaths per year worldwide3, nearly one out of two smokers (45%) in France intends to switch to e-cigarettes by 20204. That is over five million potential users of a product that is seen as an indispensable solution to giving up smoking.
The B2B market also has strong growth potential with as many as 2,700 points of sale that are already addressable on a highly buoyant market across France.
SUCCESS IN ACTION:
116% GROWTH IN 2018, ESTABLISHED PROFITABILITY
All these advantages have accelerated Kumulus Vape’s take-off. The Company has doubled its sales every year since 2016, putting its average annual growth at 100% for the last three years. This performance illustrates the growing success of the Kumulus Vape produce range, as well as the Company’s ability to capture new customers on both the B2B and B2C markets.
2018 was a blockbuster year for Kumulus Vape, with sales up 116% to €6.5 million on the performance of both the B2B market (+240%) and B2C market (+54%). This strong growth is accompanied by solid profitability. EBITDA for 2018 exceeded the €400k threshold (+128% compared with 2017) for net earnings of nearly €300k (+106%).
The 2019 fiscal year began on a very positive note after sales gained 96% to €2.3 million in the first quarter.
AN AMBITION TO REACH OVER €15M IN SALES IN 2020
THE STOCK MARKET AS AN ACCELERATOR
To facilitate its growth, in early 2019 Kumulus Vape doubled its order processing capacity by moving to new premises of 2,600 m² just outside of Lyon. This integrated logistics platform is designed to handle up to €80 million orders per year. Today Kumulus Vape is poised to accelerate its growth and intends to hit the €15 million sales mark from 2020 onwards.
To this end, it plans to hire sales representatives in France and step up its marketing and visibility, particularly via search engine optimisation. The Company will also draw on new growth drivers and find ways to expand its margins, such as boosting the share of its white-label products. Since 2016, it offers a diverse range of e-liquids (Origa, Mythik, Master DIY) that are already distributed worldwide.
TARGET: EURONEXT GROWTH
The purpose of the IPO is to raise Kumulus Vape’s profile and grow its domestic footprint.
In the long run, the Company and its shareholders are focused on increasing its free float. Kumulus Vape’s admission on Euronext Access is a first step before potentially transferring its shares to the Euronext Growth compartment.
Accordingly, 55,000 shares will be available for sale on the first day of trade, in line with the Company’s desire to encourage the growth of its free float which could soon account for 5-10% of its capital.
Rémi Baert, Chairman and Founder of Kumulus Vape, comments : “We are very pleased to be bringing to fruition what is a milestone in Kumulus Vape’s history. The market timing is ideal, given the growth of all our business activities. Today everything is in place for us to take this next step in our development and change gear in terms of ramping up our international presence from this year and the expected take-off of our B2B business. Our IPO on Euronext Access is a further step to our success and will consolidate our momentum. It will also help boost our image with the general public and institutional investors at a time when the e-cigarette is becoming an indispensable solution to giving up smoking.”
Listing market: Euronext Access
Listing procedure: Technical admission
Number of shares in registered capital: 1,988,000
Number of shares sold on the day of listing: 55,000
Sale price per share: €2.12
Valuation opted for listing: €4,214,560.00
Start of trading: 28 May 2019
Eligibility for PEA (equity savings plan) and SME PEA: yes
The operation does not require approval from the AMF (French financial markets authority). Therefore, the Information Document has not been approved by the AMF. The Information Document is available free of charge at the headquarters of Kumulus Vape. It can be downloaded at www.kumulusvape.fr/investisseurs. Companies admitted to Euronext Access are not subject to the same rules as companies on the regulated market. Rather, they are subject to a less extensive body of rules adapted to small growth businesses. The risk associated with an investment on Euronext Access may therefore be greater than investing in a company of the regulated market.
|Atout Capital||Advisors and Listing Sponsor|
|Lamy Lexel||Legal advice|
About Kumulus Vape
Based in Corbas in the Metropolis of Lyon, Kumulus Vape is currently one of the French leaders in B2C distribution www.kumulusvape.fr and B2B distribution kmls.fr of e-cigarette and e-liquid products. Founded in 2012, the Company has one of the most diverse catalogues on the market with over 6,000 references and representing nearly 250 brands. Since 2016, it offers a wide range of e-liquid white labelling solutions (Origa, Mythik, Master DIY). Kumulus Vape’s 2018 sales topped €6.5 million, up 116% on 2017.
1 Do It Yourself: e-liquid base that allow users to prepare
their own recipe
2 Xerfi / November 2018
4 Survey by Fuméo.fr /December 2017 /Xerfi; based on 12 million smokers
Tel: +33 (0)6 10 84 52 59
Tel: + 33 (0)1 56 88 11 23
Tel: + 33 (0)1 56 88 11 14
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ipsen to Present New Data at 13th Annual Conference of the International Liver Cancer Association (ILCA 2019)20.9.2019 19:30:00 EEST | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today presents results from the matching-adjusted indirect comparison (MAIC) of cabozantinib (Cabometyx®) versus regorafenib (Stivarga®) for the second-line treatment (2L) of patients with advanced hepatocellular carcinoma (aHCC) who received sorafenib as the only prior systemic therapy. Using data from the Phase III CELESTIAL and RESORCE trials, the MAIC showed that cabozantinib offers greater efficacy versus regorafenib. Using data from the Phase III CELESTIAL and RESORCE trials, the MAIC showed that in the 2L CELESTIAL sub-population who had received sorafenib as the only prior systemic therapy, cabozantinib significantly improved progression-free survival (PFS), with an additional 2.4 months provided vs. regorafenib (5.6 months vs. 3.2 months [95% confidence interval (CI): 4.90-7.26], p<0.05). Median overall survival (OS) was also favorable with cabozantinib (11.4 months vs. 10.8 months), though statistical significance was not met
RoboSense RS-LiDAR-M1 Smart LiDAR Sensor Wins AutoSens Awards 201920.9.2019 16:30:00 EEST | Press release
On September 18, 2019, RoboSense announced at Brussels, Belgium that its flagship product RS-LiDAR-M1 Smart LiDAR Sensor has been awarded the elite AutoSens Awards trophy in the “Best Automotive Safety System” category, given to only the highest-rated innovative product or technology in the automotive industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190920005309/en/ Robosense Along With Other Winnners At The Autosens Awards Ceremony At Brussels, Belgium (Photo: Business Wire) True autonomous driving requires human-like advanced sensing of the environment for driving with little or no human input. The safety of passengers and passers-by is always the priority concern for autonomous driving. When the RS-LiDAR-M1 is integrated into the current autonomous driving car perception system, it overcomes the weaknesses of millimeter wave radar and camera technologies on identifying obstacles, and eliminates car accidents, such
Boehringer Ingelheim Partners with Inflammasome Therapeutics to Develop Novel Therapies for Patients with Retinal Diseases20.9.2019 15:00:00 EEST | Press release
Boehringer Ingelheim and Inflammasome Therapeutics Inc. (Inflammasome) today announced they have entered into a co-development and license agreement to develop up to three therapies for patients with retinal diseases. By combining Inflammasome’s unique intravitreal (IVT) drug delivery technologies with Boehringer Ingelheim’s compounds from its retinal disease pipeline portfolio, Boehringer Ingelheim aims to develop novel therapies for retinal diseases. In 2019 there were an estimated 82 million patients in the seven key countries (U.S., Japan, Germany, U.K., Spain, Italy, France) affected by one of the three major forms of retinal disease: Age related macular degeneration (AMD), diabetic retinopathy (DR), and diabetic macular edema (DME). Globally, the prevalence rates of these and other retinal diseases are expected to increase over the next 10 years primarily due to aging populations and the global diabetes epidemic. Despite therapeutic advances in some disease areas during the past
Visa B2B Connect Expands to 32 New Countries and Announces Integration With Infosys20.9.2019 14:00:00 EEST | Press release
Visa Inc. (NYSE:V) today announced that its Visa B2B Connect network has doubled its reach – from 30 global trade corridors at launch in June 2019, to 62, with the goal to expand to over 100 countries in 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190920005082/en/ Visa B2B Connect (Graphic: Business Wire) In addition, Infosys, a global leader in next-generation digital services and consulting, is integrating with the Visa B2B Connect network to bring Visa B2B Connect platform access to their participating financial institutions worldwide. Through this new connection, participating financial institutions worldwide can take advantage of the ability to quickly and securely process corporate cross-border payments globally through Visa B2B Connect.1 “Visa B2B Connect is a fast, secure and more efficient network, designed specifically to overcome obstacles in the cross-border corporate payments space,” said Alan Koenigsbe
Open Day at ISAE-SUPAERO!20.9.2019 12:53:00 EEST | Press release
As part of the Science Festival, this year organized on the theme of “Talking about Science, Imagining the Future”, ISAE-SUPAERO will open up its entire campus to the public on Saturday, October 12th from 10 am to 6 pm. Intended for families, companies, partners, journalists and alumni, this event should bring in over 3,000 attendees, as was the case in the three previous years! The program for the day includes many opportunities to discover science today and our vision of the science of the future, with the challenges this entails for the future of our planet. On the program: ➢ Visits to the laboratories and research departments with flight simulators ➢ Visit to the aeroacoustic wind tunnel, unique in Europe, ➢ Demonstrations: how to fly an airplane, Enoskelet, augmented humans, aeroelasticity, drones, use of the gyroscopic effect in space systems, piezoelectric effect, lasers for communicating at the speed of light on Earth and in space, the infinitely small in 3D, Robot Firefighter
William Priest to Step Down as CEO in 2020, Will Remain at Firm as Executive Chairman and Co-CIO20.9.2019 10:00:00 EEST | Press release
Epoch Investment Partners, Inc., announced that William Priest will step down as the firm's CEO effective April 1, 2020. He will become Epoch's Executive Chairman and will continue to lead the investment team and serve as co-CIO. He will also retain his portfolio management responsibilities, including his lead portfolio manager role with Epoch's Global Choice and Global Absolute Return strategies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190920005076/en/ Philipp Hensler (Photo: Business Wire) Philipp Hensler, Epoch's President and COO, will become the firm's CEO. Hensler brings to the role extensive leadership experience at asset management firms globally. His earlier background as a portfolio manager has imbued him with an investment-oriented perspective that aligns with Epoch's investment-centric culture. “Investing remains my lifelong passion," said Priest, who helped found Epoch in 2004. “Best practice suggests a s
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom