N4 Group has launched its initial public offering on Euronext Growth Paris, seeking gross proceeds of €50 million. The French family-owned group, a key player in fitness and sports nutrition, set the offer price at €23.81 per share to fund industrial expansion and European growth.

The offering comprises a capital increase of €7 million for the company and the sale of existing shares worth €43 million by Arlette Capital, Mathieu Viscuso, and Alexandre Dez. Cornerstone investors, including Bpifrance BlueSpring 1 and BNP Paribas Asset Management Europe, have committed €20.85 million, representing 42% of the initial offering's gross proceeds.

Offering Structure and Timeline

The subscription period for the Fixed Price Offer runs from October 9 to October 20, 2026. The Global Placement closes on October 21, 2026, with trading expected to begin on October 26, 2026. The French Financial Markets Authority (AMF) approved the prospectus on October 8, 2026.

Strategic Use of Proceeds

N4 Group intends to deploy the net proceeds of €6.14 million primarily to strengthen its industrial capacity. Approximately 70% of these funds will finance new production lines at the Voiron site, aiming to increase in-house production in the Nutrition division from 32% as of March 31, 2026, to 70% within three to five years.

The remaining 30% will support international development in Belgium, Spain, and Italy. This expansion strategy initially relies on e-commerce and local B2B partnerships, followed by pilot points of sale and franchise rollouts.

What the Numbers Show

The offering structure reveals a significant divergence between total transaction value and capital raised for the company. While the total gross proceeds amount to €50 million, only €7 million accrues to N4 Group through the capital increase. The majority, €43 million, represents liquidity for existing shareholders. This indicates that the primary objective for the company is not immediate large-scale capital injection but rather establishing a public valuation benchmark and gaining market visibility, while providing partial exit opportunities for founders and early backers.

Financial Profile and Targets

As of March 31, 2026, N4 Group reported revenue of €91.1 million with an EBIT margin of 17%. The group operates 115 FitnessBoutique points of sale and employs 161 full-time equivalent employees. Looking ahead, the company targets consolidated revenue exceeding €100 million and an EBIT margin of around 20% by 2027. By 2029, it aims for revenue above €150 million, with 10% generated internationally, and an EBIT margin of approximately 25%.