Le Slip Français plans July 14 Euronext IPO at €14.80 per share, aiming to raise €5 million

The announcement

Le Slip Français, the French underwear maker founded fifteen years ago, announced on 25 June that it will list on the Euronext Growth Paris market on 14 July. The date is Bastille Day, France’s national holiday, a symbolic choice for a brand that built its identity on the French flag’s colours and “Made in France” manufacturing. Subscription for the shares opened the same day at a fixed price of €14.80 and closes on 8 July.

A turnaround story

The company, which started by selling men’s briefs in blue, white and red, later expanded into women’s wear and pyjamas. After the Covid-19 pandemic, it was hit by a crisis in its business model: prices that Guillaume Gibault, founder and CEO, described as “on a par with a luxury item.” The brand halved prices, closed physical boutiques in favour of online and wholesale sales, and returned to profit. Last year it generated €21.1 million in revenue and a net profit of €700,000, employing 115 people.

“Our industrial group shows that made in France is competitive and profitable, and proves that everyday products can be made in France—more jobs and less CO2, we’ve been saying it for 15 years.”

IPO structure and use of funds

The IPO aims to raise €5 million. The free float will represent 27% of the capital, with an over-allotment option if demand is strong; existing shareholders will also sell part of their holdings. The proceeds are earmarked in three equal parts: modernising the Aubervilliers production site with new machinery and recruitment, speeding up commercial and marketing efforts, and strengthening the company’s working capital.

Modernisation of Aubervilliers site (machines, recruitment)33.3%

Commercial acceleration and marketing33.3%

Strengthening working capital33.4%

Modernisation of Aubervilliers site (machines, recruitment)

33.3 %

Commercial acceleration and marketing

33.3 %

Strengthening working capital

33.4 %

Data from the article text

Retail pitch and patriotic sentiment

Guillaume Gibault invited ordinary French savers to become shareholders, quipping that the share price is “almost the price of a pair of underpants.” The company had previously raised funds on a crowdfunding platform and through a bond issue in 2023, but those left many supporters unable to own equity.

“When things weren’t going well, the French were there, especially during the Lita platform fundraising. But with the 2023 bond issue many were frustrated at not being able to become shareholders. Now that’s possible, and the company has become profitable.”

Timeline