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Quick introduction to rationale and process behind an IPO on Paris Stock Exchange. For further information / presentation on this topic, feel free to contact me (jmpailhon_pro at yahoo dot fr)
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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
