Streaming the change

Success of the IPO

on Euronext Growth® Paris

“More than 200 million users across more than 50 countries use our solutions to stream the videos they love!”

“Since its creation, Broadpeak has built its growth around one mission: to roll out software solutions worldwide that stream content people love with compelling quality of experience. More than 200 million users across more than 50 countries use our technology to stream the videos they love! This success stems from a resolute commitment to innovation which enables us to directly meet the expectations of major market players, whether operators, platforms or new media. Our customers today include leading players like Bouygues Telecom, Orange, Telecom Italia, Deutsche Telekom, HBO, Mola TV, StarHub TV+ and Megacable. Financially, we are also performing very well, with average annual growth of 40% since 2015 and demonstrated profitability. After taking these initial steps, we are now ready to move to the next level with this IPO. The success of this project will strengthen our technological lead and expand our commercial penetration, particularly through our SaaS platform, to enable us to pass the €100 million in revenue mark by 2026.”

About us

of the data generated globally are provided by video streaming

Video streaming already accounts for more than 50% of the data generated globally and its development continues to accelerate driven by fundamental trends: acceleration of uses with the development of fibre and 5G networks, broad increase in multiple subscriptions and the explosion of viewing times, acceleration of targeted advertising, transition of the market to the cloud…

All of this means there are many challenges ahead. For spectators worldwide, the aim will be to guarantee quality of experience across all screens, everywhere, at all times, regardless of viewing conditions.

Sector professionals also have high expectations: audience retention, monetisation of services, control of infrastructures, energy consumption, etc.

Since its creation in 2010, Broadpeak has been responding to all of these challenges by providing high-performance software solutions to the world’s leading streaming providers: large TV and telecom operators, global OTT players, as well as new media in the spheres of business, sports and entertainment.

At the end of 2021, Broadpeak had already secured 125 loyal customers across 50 countries, representing 200 million spectators worldwide. Our customers include leading players like Bouygues Telecom, Orange, Telecom Italia, Deutsche Telekom, HBO, Mola TV, StarHub TV+, Megacable, etc.

Source: Sandvine – The global internet phenomena report January 2022

Broadpeak in figures

Growth and profitability

Average annual growth of 40% since 2015
2021 revenue of €33.1m, gross margin up 50%
EBITDA margin of 9% of revenue in 2021

INTERNATIONAL

Nearly 90% of business generated abroad
125 customers across 50 countries
Operating directly in 21 countries

INNOVATION

€40m invested in R&D since 2010
47% of the workforce mobilised
11 patent families

Responsibility

Extra-financial high maturity rated “advanced”
see documentation section

Why Broadpeak?

An international leader in video streaming software solutions

Since its creation, Broadpeak has invested €40m to build a portfolio of software solutions covering both the main streaming functions (packaging, recording and storage of content, customisation and targeted advertising, multi-screen replay, etc.) and the most advanced applications: streaming of third-party content, management of networks and quality of experience, AI solutions for predicting and anticipating incidents, optimisation of live event retransmissions ("ABR multicast"), 5G, etc.
Solutions that are already deployed today across 50 countries for clients with more than 200 million loyal spectators worldwide.

A market expected to reach nearly €7bn in 2022, and to show steady growth

Broadpeak’s solutions meet the precise expectations of all streaming players, whether spectators or sector professionals (operators, broadcast platforms, new media, etc.). Broadpeak therefore is positioned at the centre of a fast-growing market that is expected to reach nearly €7bn in 2022 and more than €11bn by 2026 (1).
(1) (1) Frost & Sullivan, Internal Market Research
Global forecast to 2025 & Limelight Quarterly Report & Limelight Networks, Strategy Session, 2021 / & MarketsandMarkets - Content Delivery Nework Market

Average annual growth of nearly 40% over the last six years, demonstrated profitability

Since 2015, Broadpeak has generated average annual growth of around 40%. It delivered a very strong year in 2021 with revenue increasing by 38% to €33.1m.
Earnings were also on track, with gross margin up 80% in 2021 (to €26.7m) and EBITDA of nearly €3m.

An increase in recurring revenue accelerated by the commitment to SaaS

Broadpeak's growth since its creation has been based on a highly visible revenue model that combines customer-driven sales growth and recurring revenue. In 2021, 20% of revenue came from maintenance contracts and initial income from SaaS activities. Broadpeak aims to increase the contribution from recurring revenue to around 40% of total business by 2026.

Solid visibility for 2022, high but realistic ambitions: Revenue of €100m by 2026 for EBITDA of 20%

For 2022, Broadpeak already expects revenue of €41m, representing growth of around 25%. By the end of March 2022, the order book was such that 60% of this target was already secured, with first quarter growth of more than 40% at €7.7m.
Where earnings are concerned, Broadpeak is confident it can achieve positive EBITDA, incorporating the investments needed to speed up gains in market share.
For 2026, it is targeting revenue of €100m: X 3 compared to 2021. This will include a contribution from recurring revenue (maintenance and SaaS) of around 40% of total business and an EBITDA margin of 20%.

Our partners

Sponsor Finance
Listing Sponsor
FIDAL
Legal advice
TPICAP
Associate Lead Arranger and Bookrunner
Deloitte
Statutory Auditor
Portzamparc
Associate Lead Arranger and Bookrunner
ACTIFIN
Financial Communication

Your questions

WHAT IS THE AMOUNT OF THE OFFERING?
  • Approximately €20.0 million for 100% subscription of the capital increase (calculated on the basis of a price equal to the midpoint of the indicative range of the offering price, i.e. €6.73),
  • Around €23.0 million if there is full exercise of the extension clause (based on the midpoint of the offering’s indicative price range, i.e. €6.73),
  • Around €26.4 million if there is full exercise of the extension clause and the overallotment option (based on the midpoint of the offering’s indicative price range, i.e. €6.73).
WHAT IS THE PURPOSE OF THE TRANSACTION?

Broadpeak’s IPO aims to provide the Company with the necessary financial resources to implement its development strategy and accelerate its growth. The net proceeds of the offering (an estimated net amount of €18.2 million in the event of a 100% Offering, which could be increased to €21.1 million in the event of full exercise of the Extension Clause of the Overallotment Option) will enable Broadpeak to pursue the following objectives:

  • Around 60% of the funds will be dedicated to financing investments in innovation, R&D and technological developments;
  • Around 40% of the funds will be dedicated to supporting growth by strengthening the sales teams and marketing efforts to promote the Multicast ABR platform and the SaaS platform
WHAT IS THE SUBSCRIPTION PRICE OF THE SHARES?
Between €6.41 and €7.05 per share offered. This information is provided for information purposes only and is in no way indicative of the price of the Offering, which may be set outside this indicative range.
WHAT METHOD IS USED TO SET THE OFFER PRICE?
The Offer Price will be set on 8 June 2022 in accordance with the indicative schedule based on a comparison of the supply of shares and the requests submitted by investors under the Global Placement, in line with the industry-standard book building approach.
HOW DO I SUBSCRIBE FOR THE IPO?
To subscribe through your online intermediary, go to the page entitled Securities Transactions (Securities Transactions – initial public offerings and capital increases) to place your order. You can also contact your financial intermediary directly and give him/her BROADPEAK’s ISIN code and/or ticker (ALBPK / ISIN code: FR001400AJZ7, market: Euronext Growth Paris) and the number of shares you wish to purchase.
HOW DOES AN OPEN PRICE OFFER WORK?

Under an open price offer (OPO) private individual investors can indicate the quantity of shares they wish to subscribe for without mentioning the price. At the end of the subscription period, the definitive price is set by the Company’s Board of Directors by comparing the supply of shares under the Global Placement among institutional investors and the requests made by them (in line with the industry-standard book building approach) within the share price range proposed for the global offering. Only orders subscribed at a price higher than or equal to the definitive price may be served.

If there is strong demand for the shares by private individual and institutional investors, the individual requests of each investor may not be entirely served, in which case the requests will be reduced proportionally in accordance with the rules of priority for A1 and A2 orders (see section on “breakdown of orders by number of shares requested”). The fixed price is the same for everyone, both private individual investors and institutional investors and must be between a bottom range price of €6.41 per share and a top range price of €7.05 per share.

Breakdown of orders by number of shares requested
Orders will be broken down by the number of shares requested:
Order fraction A1 (between 1 and 250 shares);
Order fraction A2 (over 250 shares).
The A1 order fractions will receive preferential treatment relative to the A2 order fractions in the event that all orders cannot be entirely satisfied.

WHAT IS THE DEADLINE FOR SUBSCRIPTION?
Investors who wish to participate in the OPO must submit their orders to an approved financial intermediary in France no later than 5.00pm Paris time on 7 June 2022 for over-the-counter subscriptions and no later than 8.00pm Paris time for online subscriptions. You can subscribe for BROADPEAK shares under the Open Price Offer by completing the subscription form under the Subscribe section and returning it to your financial intermediary before the subscription deadline. To be taken into account, orders issued in connection with the Global Placement must be received by the lead manager and bookrunner by 12 noon Paris time on 8 June 2022, subject to early closing.
WHAT ARE THE LOCK-UP AND HOLDING COMMITMENTS?
Company’s lock-up agreement: 180 days
Lock-up agreement entered into by certain shareholders of the Company (Founders of the Company as well as Eutelsat and Technicolor Delivery Technologies SAS): 365 calendar days
I AM NOT A FRENCH RESIDENT, CAN I SUBSCRIBE FOR THE OFFERING?
This website and the information contained herein are not intended for and must not be consulted by or distributed or sent to persons residing or physically located in the United States of America, Canada, Japan or Australia, nor do they constitute an offer to sell or a subscription offer or solicitation to buy or subscribe for shares or other securities in BROADPEAK in the United States, Canada, Japan or Australia or in any other country in which such an offer or solicitation is not authorised or to persons to whom it is illegal to make such an offer or solicitation. The users of this website should obtain information regarding any such restrictions and comply accordingly. The shares or other securities mentioned on this website are not and will not be registered within the meaning of the U.S. Securities Act of 1933 as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States of America without registration or exemption from the registration requirement pursuant to the U.S. Securities Act. Any person residing outside of France and outside of the United States of America, Canada, Japan and Australia who wishes to obtain access to the documents on this website must first be informed as to whether there exists a law or local regulation that prohibits them from or limits their right of access to this website, or requires registration or authorisation in order to purchase securities. No such registration or authorisation outside of France has been obtained. BROADPEAK shall not be held liable under any circumstances in the event that a person breaches any applicable laws or regulations.
ARE THERE ANY SUBSCRIPTION COMMITMENTS ?

To date, the Company has received subscription commitments from third-party investors for €7.5 million, with a price limit corresponding to the lower end of the indicative range of the Offering price, i.e. 39.4% of the Offering at the lower end of the range, broken down as follows:

  • Vatel Capital for €4 million;
  • Arbevel financial for €2.5 million;
  • Eiffel Investment Group for €1 million;

Broadpeak in the news

Indicative timetable

19 May
2022

Approval of the Prospectus by the AMF

20 May
2022

Start of the open-price offering

7 June
2022

Closing of the open-price offering at 5.00pm Paris time for OTC subscriptions and 8.00pm Paris time for online subscriptions

8 June
2022

Closing of the global placement at 12 noon Paris time.
Distribution of the press release indicating the result of the Offering

10 June
2022

Settlement-delivery of the open-price offering and the global placement

13 June
2022

Start of trading on Euronext Growth® Paris
Start of possible stabilisation period

8 July
2022

Deadline for exercising any overallotment option
End of possible stabilisation period

Documentation

Registration document
(French only)

Approval of the Registration Document

Launch document

EthiFinance ESG maturity report
(French only)

IPO Transaction note (French only)

Subscription form (French only)

Investor presentation

Result of the Offering – Press release (in French only)

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