Exosens traces the transformation of a little-known French photonics and detection company into a listed European deep-tech champion. The case follows CEO Jérôme Cerisier and CFO Quynh-Boi Demey as they prepare the company for public markets, weigh an IPO versus alternative exit routes, craft an equity story beyond a narrow defense classification, and execute the offering within a narrow market window in June 2024. It highlights the strategic interplay between private equity ownership, sovereign constraints, deleveraging needs, acquisition-driven growth, and capital-market timing.
• Analyze how management teams assess IPO readiness beyond compliance, including finance function build-out, governance, reporting discipline, and organisational delegation.
• Evaluate an IPO versus alternative exit options in the context of private equity ownership, national sovereignty constraints, leverage, and long innovation cycles.
• Examine how executives develop an equity story that shapes investor perception, valuation logic, and market positioning.
• Understand the role of timing and external shocks in capital markets, and how narrow listing windows can affect strategic outcomes.
• Discuss leadership alignment among the CEO, CFO, board, and sponsor during a high-stakes transition from private to public ownership.
- IPO
- Euronext Paris
- private equity
- exit strategy
- defense technology
- deep tech
- equity story
- capital markets
- timing
- investor relations
- leverage
- M&A
- growth strategy
- sovereign constraints
- SDG9 Industry, Innovation and Infrastructure
- Q32026
