Fiscal year end: 31/12	1996 (*)	2005	Variation
Turnover	8.7 M€	17.9 M€	+106%
Net Result	0.4 M€	3.7 M€	+825%
Market Capitalization	5.0 M€	85.0 M€	+1 600%
PER	12.5	23.0
(*) Last fiscal year ended before the IPO

One of the best stock market and asset trajectories, or how to sell one’s company on the Stock Exchange:

Over 7 years, AIROX improved its range of products and assumed a global presence in a booming sector : the respiratory equipement for residential use.

Stage 1: Entry onto the OTC Market on April 10, 1997 at a value of € 5 million by outright sale of securities:

• to the Public for € 0.5 M
• to a capital-developer for € 0.5 M

AIROX saw the largest increase on the Euronext Paris in 2004, all markets combined (Source: The Journal of Finance)

Eight years after introduction onto the OTC Market, AIROX once again put its trust in IBI:

Stage 2: the transfer of a 15% block on February 21, 2005 for € 8.2 million (AIROX then worth € 54.5 million on the OTC Market).

Stage 3: the “dry” transfer (without making shares available) on the Euronext on June 28, 2005 with market capitalization of € 65.1 million.

Stage 4: the sale of a 18% block on October 25, 2005 for € 12.6 million (AIROX then worth € 70 million on the Euronext).

Stage 5: 13 months after its transfer to the Euronext, the AIROX family shareholders sell with unsecured liabilities the remaining 37.25% stake to the American company TYCO for € 37.1 million, representing a 30% premium compared to the last quoted stock price for AIROX, which is worth € 85 million.

Delisted in 2006