Kumulus Vape, the 100% Online E-Cigarette Specialist, Goes Public
23.5.2019 19:49:00 EEST | Business Wire | Press release
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.”
Transaction details
Listing market: Euronext Access
ISIN:
FR0013419876
Mnemo: MLVAP
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.
Transaction partners
| Atout Capital | Advisors and Listing Sponsor | |
| Lamy Lexel | Legal advice | |
| Mazars | Statutory Auditor | |
| Actifin | Financial Communication |
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
3
WHO
4 Survey by Fuméo.fr /December 2017 /Xerfi; based on
12 million smokers
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005635/en/
Contact information
KUMULUS VAPE
Communications Director
Vincent
Baudoin
v.baudoin@kumulusvape.fr
Tel:
+33 (0)6 10 84 52 59
ACTIFIN
Press Officer
Aminata Doucouré
adoucoure@actifin.fr
Tel:
+ 33 (0)1 56 88 11 23
ACTIFIN
Financial Communication
Julien Mouret
jmouret@actifin.fr
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
Motive and Vivo Brazil Win 2026 Leading Lights Award for Network API Monetization29.10.2026 18:35:00 EET | Press release
Motive, a global leader in entitlement, connected device and service management and Vivo Brazil, Brazil’s largest operator and part of the Telefónica Group, have won the 2026 Light Reading Leading Lights Award for Outstanding Use Case: Network API Monetization for the first commercial scale deployment of SIM-based silent authentication in Latin America. SMS OTP remains relevant as an authentication method due to its broad reach, working on virtually any type of mobile device. SIM-based silent authentication takes this experience a step further by eliminating the need to receive and manually enter codes. The result is a simpler, more seamless user journey that reduces friction and can help lower abandonment rates while increasing customer conversion and retention. Using Motive’s CAMARA-compliant Entitlement Server, Vivo can now verify a subscriber’s phone number directly without requiring a passcode over mobile networks. The business value is straightforward: a simpler authentication ex
REV Ocean Appoints Paul Baribault as CEO Ahead of 2027 Global Operations29.10.2026 16:45:00 EET | Press release
REV Ocean has appointed Paul Baribault as Chief Executive Officer as the organization moves towards the international debut of its 195-metre research vessel in Rio de Janeiro in April 2027, alongside the UN Ocean Decade Conference. One of the world's largest privately owned research and exploration vessels, REV represents a major philanthropic investment in ocean science. With nine laboratories, advanced deep-sea exploration vehicles and dedicated collaboration facilities, it is designed to give scientists access to world-class research infrastructure and connect their discoveries with the people and institutions able to drive ocean protection. Baribault joins as REV Ocean moves from a decade of engineering and construction into international operations. His mandate will be to build the international partnerships, funding base and organization needed to turn REV Ocean’s scientific capabilities into lasting ocean impact. An experienced conservation and nonprofit leader, Baribault served
Holder Partners Launches Strategic Communications Practice and Appoints Ali Ponte as Director and Practice Lead29.10.2026 16:15:00 EET | Press release
Holder Partners, a multidisciplinary consulting and advisory firm, today announced the launch of its Strategic Communications practice and the appointment of Ali Ponte as Director and Practice Lead. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261027701219/en/ Ali Ponte, Director and Practice Lead of Holder Partners’ Strategic Communications practice. The practice advises leading companies and institutions, their boards, senior executives and counsel on communications, reputation and stakeholder considerations in complex matters and periods of significant change or opportunity. Each engagement is tailored to the client’s objectives and, where relevant, draws on Holder Partners’ broader advisory capabilities. Its strategic counsel, informed by research and analysis, helps clients assess the implications of a matter, anticipate stakeholder responses and communicate clearly and effectively. That work includes crisis preparedn
Accertify Formalizes Partner Ecosystem as Fraud, Payments, and Chargebacks Converge Into a Single Risk Surface29.10.2026 16:00:00 EET | Press release
Accertify, a leading fraud decisioning provider whose Predictive Yes Platform helps merchants say yes to more good customers, more revenue, and more growth, today announced the launch of the Accertify Partner Program, a formalized partnership ecosystem connecting payment providers, orchestrators, commerce platforms, and consultancies to Accertify’s network-powered fraud intelligence. Partners can join through two tracks. The Referral track lets partners make a single introduction while Accertify handles the sale, implementation, and support. The Reseller track lets partners sell Accertify on their own contract and own the client relationship and margin. Partners that integrate with Accertify follow a defined certification path, so clients get a tested, supported connection from day one. Every client a partner brings joins a consortium where good customers verified anywhere in the network get through faster everywhere, and bad actors seen anywhere are stopped everywhere. In 2025, Accert
Draslovka to Acquire ex-Natron Energy Battery IP, Completing a Vertically Integrated Western Sodium-Ion Value Chain29.10.2026 15:30:00 EET | Press release
Draslovka’s US-based subsidiary, COVORO MINING SOLUTIONS LLC (Covoro), the operator of one of the largest solid sodium cyanide plants in the world, today announced that it has agreed to acquire the intellectual property portfolio in Prussian Blue Analogue (PBA) and Prussian White Analogue (PWA) sodium-ion battery technology originally developed by Natron Energy. Prussian Blue and Prussian White Analogues are not a single material but a tunable family of framework materials, and the portfolio protects that family across the whole stack — active-material synthesis, electrodes, electrolytes, cell design and manufacturing, as well as complete battery systems — through issued and pending patents, trademarks, and manufacturing know-how, with protection extending into the mid-2040s. The agreement covers intellectual property and intangible assets only and was subject to review by the Committee on Foreign Investment in the United States (CFIUS), which granted clearance as a condition to closin
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