Natixis and Iliad bank, the parent company of Free, founded by Xavier Niel (also an individual shareholder of the World) are an exception in 2021. If these two companies have decided, for different reasons, to exit from the quotation, many have gone the opposite way. Taking advantage of the stock market dynamism, companies raised a total of 594 billion dollars (522 billion euros), according to Dealogic, a platform specializing in financial markets.
In Europe alone, 333 companies joined the listing, up from 131 in 2020. “It is first the technology sector which has benefited from fundraising, then comes the health sector, then industry, but the first is twice as much as the third”, notes Alexandre Baradez, head of market analysis at IG. No bubble forming on these values, however, as there were two decades ago. “There is a hint of 2000, but it’s not the same model. Some companies pay dearly on the stock market, however there are a lot of innovations in the sector ”, observes Mr. Baradez.
After having seduced Wall Street, the acquisition companies with specific vocation (SPAC) knew a real boom on the Old Continent. Thirty of these empty shells, the aim of which is to buy one or more companies, have attracted nearly 7 billion euros. One of the latest arrivals is Pegasus Entrepreneurs, the new SPAC of the investment firm Tikehau Capital and the holding company of the Bernard Arnault family, which had raised 210 million euros in a private placement. It has been listed on the stock exchange since mid-December.
Euronext “more attractive”
The London Stock Exchange recorded 56 introductions for new money raised reaching 7.7 billion euros, and Paris, 64 listings representing nearly 4 billion euros. A number that had not been reached for more than a decade. “With more than 11 billion euros in daily transactions and an aggregate capitalization of 6,700 billion euros at the end of November, Euronext has grown significantly and is attractive for French companies and others”, welcomes Stéphane Boujnah, Chairman of the Management Board of Euronext which manages the Paris Stock Exchange, but also that of Amsterdam, Milan, Dublin, Brussels, Lisbon and Oslo. In 2021, Euronext welcomed 212 new share listings, a historic record, representing a cumulative market capitalization of 123 billion euros.
The biggest operation of the year in Paris, for an amount of 632.5 million euros, is that of Antin Infrastructure Partners, a private equity firm specializing in infrastructure. The most publicized IPO was that of the internet data host OVHcloud (450 million euros). “It was the best way to raise funds and accelerate our growth”, explains Yann Leca, chief financial officer of the company.
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