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French imaging technology specialist Exosens debuted on the Paris stock exchange on Friday, raising €350 million ($380 million) to support the development of its defense and nuclear components.

Exosens completed its initial public offering on Euronext Paris, selling €350 million worth of new and existing shares to institutional investors in a private placement. White & Case LLP acted as legal adviser to Exosens, which manufactures components used for night vision optics, digital cameras, and space exploration. The company sold the shares for €20 each, giving it a market capitalization on admission of €1.016 billion.

The shares hit highs of €24.20 during early trading on Friday, a 21% increase compared to the IPO offer price.

"Our listing on Euronext Paris marks a decisive step in our history. I am confident that this operation will allow us to benefit from greater flexibility to seize future growth opportunities," said Jérôme Cerisier, chief executive of Exosens.

Exosens, whose components are used in the defense, nuclear, and life sciences sectors, will continue to be majority-controlled by the private equity firm Groupe HLD, which acquired the company in 2021.

Jean-Hubert Vial, partner at Groupe HLD, commented, "By remaining the majority shareholder of Exosens, HLD demonstrates its confidence and commitment to continue supporting Exosens and its management within a strengthened governance framework."

French investment bank Bpifrance bought €46 million in new shares during the fundraising program. Other buyers included mutual fund CDC Tech Premium, investor Janus Henderson UK Ltd., and investment adviser WCM Investment Management LLC.

Exosens indicated that the fundraising might be increased to €402.5 million if an over-allotment option is exercised in full.

Exosens, created as a subsidiary of Dutch electronics company Philips in 1937, offers products through its Photonis, Xenics, Telops, and El-Mul brands.

BNP Paribas, Citigroup, and J.P. Morgan SE are acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank, Natixis, and Société Générale are acting as joint bookrunners.

Cleary Gottlieb Steen & Hamilton LLP is acting as legal adviser to the banks. Lazard is serving as an independent financial adviser to Exosens.