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IPO and Post IPO

IBI handles

The valuation of the company

The legal, tax and financial engineering for the transaction

The determination of the amount and nature of the capital to be raise

The documents for the Company’s presentation to the securities market authorities and investors

The choice of financial institutions to present the operation

The communication plan

The coordination of the participants in the transaction

IBI’s Objectives

To create value for entrepreneurs who decisively contribute to the country’s wealth and dynamic growth

To provide investors (individual shareholders, private and institutional investors) and the General Public with access to ambitious companies with quality management

To contribute to the development of the Stock Exchange while respecting the ethics inherent to raising funds publicly in the financial markets

Which market targeting ? (i) through initial public offering (IPO) – (ii) through direct listing

 

EURONEXT

 

EURONEXT ACCESS ™

EURONEXT ACCESS + ™

EURONEXT GROWTH ™

EURONEXT Compartment A, B, C

Companies concerned All companies
Simple access to the market
Start-ups and fast-growing SMEs*
Special assistance and greater visibility
Springbord to the other markets
High-growth SMEs* and Mid Caps
Size of the companies Small Small and middle Middle Large and middle
Growth of the companies Low to high Average to high High Low to high
Business sector All All All All
Financial statements 2 years (if relevant, and no requirement for audited accounts) 2 years including audited accounts of the last financial year 2 years (audited) 3 years (or 2 years for SMEs*) (audited)
Accounting standards IFRS or French GAAP IFRS
Type of operations IPO & Private placement & Technical admission IPO & Private placement & Direct admission IPO & Private placement & Direct listing
Free float Not applicable > € 1 Million > € 2,5 Million > 25% market cap or > 5% market cap representing at least € 5 M
Main document to be provided Information Document or EU Prospectus for a Public Offer raised more than € 8 M in capital EU Prospectus
Visa AMF Compulsory for a Public Offer raised more than € 8 M in capital Compulsory
Visa Euronext Paris SA Compulsory for a Public Offer raised less than € 8 M in capital
Compulsory intermediary Listing sponsor Listing Agent
Ongoing disclosure obligation after being listed Comply to French Code de Commerce Special rules of EURONEXT, lightened information format General Rules of AMF
Admission decision Euronext Paris SA Euronext has the right to refuse an application
Trading method Continuous from 9h to 17h30 or Double-fixing at 11h30 and 16h30 (possible for those stocks quoted on fixing having been traded more than 2,500 times during the previous financial year to switch to continuous trading. The reverse applies as well.
Financial reporting : annual Annual financial statements (unaudited)** Annual financial statements (audited) Annual financial report (annual financial statements, business report and auditor's report on annual financial statements)
Financial reporting : semi-annual Not required Semi-annual financial statements (unaudited) Semi-annual financial statements with auditor's limited review and business report
Market abuse regime Market abuse regime applicalbe (inside information, insider lists and declaration of management transactions)
Disclosure of threshold crossing (capital or voting rights) Not Applicable Applicable
Anti-money laundering regulations Applicable
Financial/Investor website Compulsory
Transfer to the other markets Possible to all compartments of EURONEXT

 

* SMEs: companies, which, according to their last annual or consolidated accounts, meet at least two of the following three criteria: 1) an average number of employees during the financial year less than 250, 2) a total balance sheet not exceeding € 43 M and 3) an annual net turnover not exceeding € 50 M.((UE) 2017/1129).

** French corporate law remains applicable and sets out the cases where audit is required or waived for consolidated/company accounts.