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Kumulus Vape, the 100% Online E-Cigarette Specialist, Goes Public

Kumulus Vape (ISIN FR0013419876 – MLVAP ), an online retailer specialised in the sale of electronic cigarettes and related products (devices, e-liquid and accessories), referred collectively as “e-cigarettes”, is pleased to announce the listing of its shares on the Euronext Access™ compartment in Paris by technical admission (Euronext notice PAR_20190523_05573_ACC). First listing will take place on 28 May 2019.

This initial public offering - a first in Europe’s e-cigarette space - is a new milestone in the performance trajectory of the Lyon-based company, a pioneer on this market in acceleration phase.

Kumulus Vape posted 2018 sales of €6.5 million, up 116% on 2017. Its outlook is highly auspicious, with 96% quarter-on-quarter growth in the first quarter of 2019. Kumulus Vape’s goal is clear: to become one of the French leaders in 100% online e-cigarette retail within three years.


Kumulus Vape is one of the top online French retailers of dedicated e-cigarette products (devices, e-liquid, DIY1 ). Its extensive catalogue of over 6,000 references caters to both “beginner” and expert e-cigarette users. Active in the fight against tobacco and a defender of the e-cigarette sector, Kumulus Vape offers an unparallelled range of high-performance products at competitive prices.

Founded in 2012, the Company rapidly ascended to become one of the leaders on this regulated sector that is increasingly recognised by the general public, health authorities (the French Economic, Social and Environmental Council - CESE) and government (French Ministry of Health).

Its model comprises two complementary activities: B2C (online sales only) and B2B (sales to a network of specialist retailers).

The group’s original activity, B2C, has grown rapidly over the last three years. Between 2016 and 2018, business has soared and the number of customers tripled. Sales (40% of total sales) also tripled over the period to reach €2.8 million in 2018.

Its B2B business (60% of total sales), which began in 2017, has also been an instant success. Today, more and more specialist retailers use Kumulus Vape for all their supplies.


Both activities are tapping into a huge market with a potential estimated at over €800 million in France2 . Indeed, faced with the devastating effects of tobacco, which is believed to be responsible for over seven million deaths per year worldwide3 , nearly one out of two smokers (45%) in France intends to switch to e-cigarettes by 20204 . That is over five million potential users of a product that is seen as an indispensable solution to giving up smoking.

The B2B market also has strong growth potential with as many as 2,700 points of sale that are already addressable on a highly buoyant market across France.


All these advantages have accelerated Kumulus Vape’s take-off. The Company has doubled its sales every year since 2016, putting its average annual growth at 100% for the last three years. This performance illustrates the growing success of the Kumulus Vape produce range, as well as the Company’s ability to capture new customers on both the B2B and B2C markets.

2018 was a blockbuster year for Kumulus Vape, with sales up 116% to €6.5 million on the performance of both the B2B market (+240%) and B2C market (+54%). This strong growth is accompanied by solid profitability. EBITDA for 2018 exceeded the €400k threshold (+128% compared with 2017) for net earnings of nearly €300k (+106%).

The 2019 fiscal year began on a very positive note after sales gained 96% to €2.3 million in the first quarter.


To facilitate its growth, in early 2019 Kumulus Vape doubled its order processing capacity by moving to new premises of 2,600 m² just outside of Lyon. This integrated logistics platform is designed to handle up to €80 million orders per year. Today Kumulus Vape is poised to accelerate its growth and intends to hit the €15 million sales mark from 2020 onwards.

To this end, it plans to hire sales representatives in France and step up its marketing and visibility, particularly via search engine optimisation. The Company will also draw on new growth drivers and find ways to expand its margins, such as boosting the share of its white-label products. Since 2016, it offers a diverse range of e-liquids (Origa, Mythik, Master DIY) that are already distributed worldwide.


The purpose of the IPO is to raise Kumulus Vape’s profile and grow its domestic footprint.

In the long run, the Company and its shareholders are focused on increasing its free float. Kumulus Vape’s admission on Euronext Access is a first step before potentially transferring its shares to the Euronext Growth compartment.

Accordingly, 55,000 shares will be available for sale on the first day of trade, in line with the Company’s desire to encourage the growth of its free float which could soon account for 5-10% of its capital.

Rémi Baert, Chairman and Founder of Kumulus Vape, comments : “We are very pleased to be bringing to fruition what is a milestone in Kumulus Vape’s history. The market timing is ideal, given the growth of all our business activities. Today everything is in place for us to take this next step in our development and change gear in terms of ramping up our international presence from this year and the expected take-off of our B2B business. Our IPO on Euronext Access is a further step to our success and will consolidate our momentum. It will also help boost our image with the general public and institutional investors at a time when the e-cigarette is becoming an indispensable solution to giving up smoking.”

Transaction details
Listing market: Euronext Access
ISIN : FR0013419876
Mnemo : MLVAP
Listing procedure : Technical admission
Number of shares in registered capital: 1,988,000
Number of shares sold on the day of listing: 55,000
Sale price per share : €2.12
Valuation opted for listing : €4,214,560.00
Start of trading : 28 May 2019
Eligibility for PEA (equity savings plan) and SME PEA: yes

The operation does not require approval from the AMF (French financial markets authority). Therefore, the Information Document has not been approved by the AMF. The Information Document is available free of charge at the headquarters of Kumulus Vape. It can be downloaded at . Companies admitted to Euronext Access are not subject to the same rules as companies on the regulated market. Rather, they are subject to a less extensive body of rules adapted to small growth businesses. The risk associated with an investment on Euronext Access may therefore be greater than investing in a company of the regulated market.

Transaction partners

Atout Capital   Advisors and Listing Sponsor
Lamy Lexel Legal advice
Mazars Statutory Auditor
Actifin Financial Communication

About Kumulus Vape

Based in Corbas in the Metropolis of Lyon, Kumulus Vape is currently one of the French leaders in B2C distribution and B2B distribution of e-cigarette and e-liquid products. Founded in 2012, the Company has one of the most diverse catalogues on the market with over 6,000 references and representing nearly 250 brands. Since 2016, it offers a wide range of e-liquid white labelling solutions (Origa, Mythik, Master DIY). Kumulus Vape’s 2018 sales topped €6.5 million, up 116% on 2017.

1 Do It Yourself: e-liquid base that allow users to prepare their own recipe
2 Xerfi / November 2018
4 Survey by Fumé /December 2017 /Xerfi; based on 12 million smokers


KUMULUS VAPE Communications Director Vincent Baudoin Tel: +33 (0)6 10 84 52 59

ACTIFIN Press Officer Aminata Doucouré Tel: + 33 (0)1 56 88 11 23

ACTIFIN Financial Communication Julien Mouret Tel: + 33 (0)1 56 88 11 14



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