ECONOMY: Giant Kumulus Vape, e-cigarette specialist goes public!

ECONOMY: Giant Kumulus Vape, e-cigarette specialist goes public!

It is with surprise that we learn today that Kumulus Vape, specialist of the e-cigarette on the internet launches in the vast world the stock market. It also becomes the first company listed on the vape sector in Europe.


  • First company listed on the vape sector in Europe
  • Registration by technical admission on Euronext Access ™ 28 May 2019

Kumulus Vape (ISIN: FR0013419876 - Mnemonic: MLVAP), an e-retailer specializing in the sale of electronic cigarettes and related products (hardware, e-liquid and accessories), grouped under the term "vape", announces the listing of its securities on the Euronext Access ™ compartment in Paris by way of technical admission (Euronext notice: PAR_20190523_05573_ACC). The first listing will take place on 28 May 2019.

This unprecedented IPO in the world of vape in Europe is a new milestone in the performance trajectory of the Lyon company, a pioneer in its accelerating market.

In 2018, the turnover of Kumulus Vape is 6,5 M €, up 116% compared to 2017. The outlook looks promising for the first quarter 2019 growth of 96% compared to the same period last year. The goal of Kumulus Vape is clear: to become within three years one of the French leaders of the vape 100% e-commerce.



Kumulus Vape is one of the leading French sites for online sales of products dedicated to the world of vape (hardware, e-liquid, DIY1). The richness of its catalog - more than 6 000 references - allows it to address both beginners and vaping experts. A committed player in the fight against tobacco and an advocate for the vape industry, Kumulus Vape offers an unparalleled choice of high-performance, high-performance vape products.

Founded in 2012, the Company has quickly become one of the leaders in this regulated sector and its recognition is growing, both among the general public and health authorities (Economic, Social and Environmental Council - CESE) and public authorities ( Ministry of Health).

Its model is based on two complementary activities: BtoC (sales exclusively on the internet) and BtoB (sales to a network of specialized shops).

BtoC, the Group's historical activity, has developed very rapidly. Since 3 years, it has benefited from a strong acceleration with customers multiplied by 3 between 2016 and 2018. Its turnover (40% of total sales) also more than tripled over the period to reach 2,8 M € in 2018.

On the BtoB activity (60% of total sales), which was launched in 2017, the success was also immediate. Today, a growing number of specialty shops order from Kumulus Vape for their entire supply.


These two activities are at the heart of a considerable market to conquer, estimated at more than 800 M € in France alone2. In the face of the ravages of tobacco, which is estimated responsible for 7 million deaths per year worldwide3, nearly one smoker out of two in France (45%) plans to go to the vape before 20204. That's more than 5 millions of potential users of this product, considered an essential smoking cessation solution.

In the BtoB market, development potential is also important with 2 700 already addressable points of sale throughout France in a very buoyant market.



All these assets have enabled a rapid takeoff of Kumulus Vape, which doubles its turnover every year since 2016, an average annual growth of 110% since 3 years. This performance illustrates the growing success of Kumulus Vape's product offering and its ability to attract more and more customers, both in the BtoB and BtoC markets.

The 2018 year was historic with a growth of 116% of the turnover at 6,5 M €, carried by the BtoB (+ 240%) as well as the BtoC (+ 54%). This strong growth is accompanied by strong profitability. In 2018, EBITDA exceeded the threshold of 400 K € (+ 128% compared to 2017) for a net result of almost 300 K € (+ 106%).

The 2019 exercise started on a very positive note with sales up by 96% in the first quarter to 2,3 M €.



To accompany its rise in power, Kumulus Vape doubled its order processing capacity by moving 2019 early in the Lyon periphery into a new 2 600 m² space. This integrated logistics platform is configured to process up to 80 M € of orders per year. Kumulus Vape is now ready to accelerate its development with the will to cross the 15 turnover mark of 2020.

To succeed, Kumulus Vape has planned the recruitment of several sales representatives in France and plans to step up its marketing and visibility efforts, especially in terms of web referencing. The Company also intends to rely on new levers for growth and margin appreciation such as strengthening the contribution of its own brand products. Since 2016, it offers a wide range of e-liquids (Origa, Mythik, Master DIY) already distributed worldwide.


The purpose of the IPO is to enable Kumulus Vape to gain notoriety and strengthen its presence in its domestic market.

In the long term, the Company and its shareholders are engaged in a dynamic expansion of the float. This admission to the Euronext Access market is a first step before a possible transfer of Kumulus Vape shares to the Euronext Growth sub-fund.

As such, 55 000 shares will be offered for sale on the first day on the market. The Company hopes to inject a floating momentum that could quickly represent between 5 and 10% of the capital.

Rémi Baert, Founding Chairman of Kumulus Vape, comments on the IPO: " We are very pleased to complete this project, which marks an important milestone in the history of Kumulus Vape. The market timing is ideal, as we are experiencing a rise in all our activities. All fires are now green to cross a new stage of our development and change of dimension, with the acceleration internationally this year and the expected takeoff of the BtoB activity. The IPO on Euronext Access is an additional asset to succeed and consolidate our momentum. This operation also strengthens our image among the general public and institutional investors as vape becomes an unavoidable smoking cessation solution. »

Terms of the transaction

Listing market: Euronext Access

ISIN : FR0013419876

Mnemo : MLVAP

Registration procedure : Technical admission

Number of shares making up the share capital : 1 988 000

Number of securities sold on the day of listing : 55 000

Transfer price per share : € 2,12

Valuation retained at registration : 4 214 560,00 €

Opening of negotiations : the 28 May 2019

Eligibility PEA and PEA PME : Yes

The transaction does not require a visa from the Autorité des Marchés Financiers (AMF). The Information Document was therefore not targeted by the AMF. The Information Document is available free of charge at the headquarters of Kumulus Vape. It can be downloaded on Companies admitted to Euronext Access are not subject to the same rules as companies on the regulated market. On the contrary, they are subject to a smaller set of rules adapted to small growth businesses. The risk associated with an investment in Euronext Access may therefore be higher than investing in a regulated market company.

Partners of the operation

Capital Asset - Advice and Listing Sponsor
Lamy Lexel - Legal Advice
Mazars - Auditor
Actifin - Financial Communication

About Kumulus Vape

Based in Corbas in the Lyon Metropolis, Kumulus Vape is today one of the French leaders in the distribution of products related to e-cigarettes and e-liquids with its BtoC site and his BtoB site Created in 2012, the Company has one of the richest catalogs on the market with more than 6 000 references and nearly 250 represented brands. Since 2016, it offers a wide range of e-liquids under its own brand (Origa, Mythik, Master DIY). In 2018, Kumulus Vape's turnover reached 6,5 M €, up by 116% compared to 2017.


Communication director
Vincent Baudoin
Such. : 06 10 84 52 59
Press relations
Aminata Doucouré
Such. : 01 56 88 11 23
Financial communication
Julien Mouret
Such. : 01 56 88 11 14
1 Do It Yourself: bases of preparation of e-liquid sold to make your own recipe
2 Xerfi / November 2018
4 Survey Fumé / December 2017 / Xerfi; on the basis of 12 million smokers
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About the Author

Editor-in-chief of, the reference site on the news of the vape. Committed to the world of vape since 2014, I work every day so that all vapers and smokers are informed.