Innoveox passes critical funding hurdle

The valuation of the French industrial waste treatment company raised some eyebrows when it debuted on the stock exchange earlier this month. Does the business model justify investors’ bullishness?

Toxic industrial waste treatment specialist Innoveox was one of three French companies in the water space to raise capital this month, placing €14.3 million of new shares at the end of April at a post-money valuation of €43.8 million.
 
The initial public offering, conducted on the NYSE Alternext exchange, priced in the middle of the indicated price range (€8.00) into total...

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