France's LightOn says valued at $65 million in Euronext IPO

(Reuters) - French generative AI startup LightOn said on Thursday it had successfully launched its initial public offering (IPO) on the Euronext Growth market in Paris.

Europe's first listed genAI startup said its market capitalisation will reach about 62 million euros ($64.90 million), against the 50 million euros it had initially expected based on a price set last week of 10.35 euros per share.

"We are looking forward to deploying the transformative power of our generative AI technology to new customers both in France and internationally and to radically transform business uses." said Igor Carron and Laurent Daudet, LightOn's co-CEOs in a statement.

LightOn, which builds large language models (LLM) for businesses and institutions such as Safran, and France's Space Command forces, expects to reach positive Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) by 2026.

Trading will start on Nov. 26, under the ALTAI-FR ticker, it said.

($1 = 0.9554 euros)

(Reporting by Nathan Vifflin; Editing by Alexander Smith and David Evans)

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