Preparing for an IPO on Paris Stock Exchange

September 11th, 2013 – Jean-Michel Pailhon

PREPARING

FOR AN IPO

ON PARIS

STOCK EXCHANGE

Reminder n°1: The Supply & Demand Golden Rule

2

Excess

Savings

Financing

needs

Investors Companies

Securities

€ / $

REMINDER n°2: IPO Definition

3

Initial Public Offering

WHY OPTING FOR AN IPO? (1)

4

Raise Money for the Company

WHY OPTING FOR AN IPO? (2)

5

Develop Visibility

WHY OPTING FOR AN IPO? (3)

6

Enhance Growth

WHY OPTING FOR AN IPO? (4)

7

Etc

…

Employees’ Commitment

1

Company

MAIN STAKEHOLDERS FOR AN IPO IN FRANCE

8

2

Advisors

3

Bankers

6 Investors

4 Regulator

5 Market Operator

Market to be Chosen Based on Various Criteria

9

Complexity / Length of the admission process

Investors Protection

Market Capitalisation

Growth Proceeds

EU

Re

gu

late

d m

ark

et

EURONEXT

Exch

an

ge-r

eg

ula

ted

ALTERNEXT

Org

an

ize

d m

ark

et

MARCHE LIBRE

Admission Process (1/2)

10

Phases 1-3: Before the « kick-off » (1-4 months):

Decision to go for an IPO

• Taken by the AGM

• Delegation to Board of Directors

• Internal Task Force team

Partners selection

• Banks

• Law firms

• Com° Agencies

• and so on

Preparatory works

• Internal reorganisation

• Indicative timeline

• Filing documentation drafting

Admission Process (2/2)

11

Phases 4-7: The IPO Process (1-2 months +/- 1 month):

Filing

• To competent authority / regulator (the AMF)

• To market operator (NYSE Euronext)

Validation

• Trading admission validated by listing authority

• Visa on the prospectus (AMF)

Global offering

• Roadshow

• Book building (pro)

• Centralization (retail)

IPO + initial trading

In case of success

12

THANK YOU FOR YOUR ATTENTION

Jean-Michel Pailhon

Jmpailhon_pro@yahoo.fr