Market debut of Greek Cypriot Theon

Theon, the Greek Cypriot defence company, made its debut on the Amsterdam Exchange on today. This is a special IPO considering that, since the introduction of software company MotorK in November 2021, this is the first time an ordinary company has issued new shares during its debut at Beursplein 5. This was not the case for the IPOs of Exor in 2022 and Ferrovial in 2023, while SPACS cannot be regarded as real companies. The international character of the exchange in the capital was a contributing factor in Theon’s choice for Amsterdam.

Theon produces and supplies military night vision goggles to European NATO countries and the United States. Since the war in Ukraine, the number of night vision goggles supplied to these countries has increased significantly. Theon raised €154 million with the IPO, bringing its total market capitalisation on the first trading day to €700 million. The company wants to use the newly obtained capital to finance further expansion through acquisitions and innovations.