IPO Guide to listing on the Stock Exchange

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Your Cheif Investment Officer for raising Series A investment in the UK
An IPO (Initial Public Offering) is the most common way to list a company’s shares on the stock market. Concretely, it takes the form of a capital increase or sale of shares currently held by investors. By offering new or existing shares for sale, the company opens its capital to new investors, both institutional and retail.
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Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
COMPANY market EURONEXT list IPO INVESTOR financial STOCK EXCHANGE share manage price informal EQUITY capital offer raise PUBLIC business GUIDE Growth COMPANY s
IPO GUIDE
A GUIDE TO LISTING ON THE STOCK EXCHANGE
CONTENTS
THE IPO EXPLAINED 
4
WHY GO PUBLIC? 
6
THE IPO JOURNEY 
8 
THE ROLE OF ADVISORS 
12
LISTING ON EURONEXT 
14
LIFE AS A PUBLIC COMPANY 
21
ATTRACTING INVESTORS 
26
+
%
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A guide to listing on the stock exchange I EURONEXT
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A guide to listing on the stock exchange I EURONEXT
THE IPO DEFINED
An IPO (Initial Public Offering) is the most common way to 
list a company's shares on the stock market. 
Concretely, it takes the form of a capital increase or sale 
of shares currently held by investors. By offering new or 
existing shares for sale, the company opens its capital to 
new investors, both institutional and retail.   
In a private placement, securities are sold 
directly to a select group of professional/
qualified investors. No officially approved 
prospectus is necessary unless the 
company intends to list on a regulated 
market. For an initial listing on Euronext 
Growth or Euronext Access, the candidate 
must provide Euronext with a document 
summarizing key information. While 
generally faster and less expensive, a 
private placement results in lower visibility 
and liquidity.
With a direct listing, shares are simply 
made available for trading (without 
increasing capital through an IPO or 
a private placement). An approved 
prospectus is not necessary unless the 
company intends to list on a regulated 
market.
If the company's shares have already been 
admitted to trading on another regulated 
market within the European Union, issuers 
that wish to list on a regulated Euronext 
market can apply for Euronext's Fast-
Track process.
IPO

$
IPO

$


OTHER TYPES OF LISTING
While IPOs are popular with business owners, they are not the only listing option, and you can opt 
for a range of transaction types no matter which market you select. But depending on how you list, 
the amount you raise and the market you choose, you may still need to issue a prospectus approved 
by the competent authorities.  
PRIVATE  
PLACEMENT  
DIRECT 
LISTING  
EXPLAINED
THE 
IP
TAKING A COMPANY PUBLIC IS A  
MAJOR DECISION, AND A MILESTONE 
FOR ITS OWNERS. COMMON REASONS 
TO LISTALL VERY SOUND
INCLUDE TAPPING INTO MARKETS 
TO ACCELERATE GROWTH, RAISING 
VISIBILITY, ENABLING AN INVESTOR TO 
EXIT, AND PREPARING  
FOR AN INHERITANCE OR BUYOUT. 
WHATEVER THE INITIAL AIM, GOING 
PUBLIC CHANGES THE DIMENSION AND 
SCOPE OF THE COMPANY, BOOSTING 
ITS CREDIBILITY AND SIGNIFICANTLY 
CHANGING ITS RELATIONSHIPS WITH 
CLIENTS, SUPPLIERS AND BANKS.  
LISTING ALSO GIVES MANAGEMENT  
A UNIQUE OPPORTUNITY TO MOBILISE  
ITS OWN TEAM AROUND A LONG-TERM 
PROJECT.
IF YOU PLAN TO TAKE YOUR COMPANY 
PUBLICA GAME-CHANGING 
TRANSACTION BY ANY MEASURE
THIS GUIDE IS DESIGNED TO PROVIDE 
YOU WITH THE EXPERT INSIGHTS AND 
DETAILED GUIDANCE  
YOU NEED.
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A guide to listing on the stock exchange I EURONEXT
BENEFITS FOR YOUR COMPANY  
Listed status signals to the business and financial 
community that your company is sound, open to the world 
and interested in expanding its operationsattractive 
qualities by any measure. Key benefits of listing include:
  Foster growth and expansion by using capital markets
 Enabling your company to raise funds to finance growth 
 Creating a liquid market for its shares
 Boosting your company's visibility at home and abroad 
 Raising its profile and status with all stakeholders 
 Promoting employee buy-in and commitment 
 Facilitating recruitment
 Allowing legacy investors to exit 
 Gaining visibility through index inclusion
BENEFITS FOR SHAREHOLDERS 
 
Stock-market listing allows your company to finance 
operations without borrowing, while raising its profile and 
enhancing its image and credibility. 
Other benefits for shareholders (including the company's 
founders and executives), include:
GO  
PUBLIC?
As candidates prepare for listing, they have an opportunity 
to set out a clear vision of their business strategy for the 
financial community, for customers and for staff. Their 
Board of Directors can also use this process to look ahead 
and, if necessary, consolidate existing structures. Last 
but not least, listing is a means of rallying employees to a 
shared project.
Listing on the stock exchange enhances and consolidates 
your company's image at home and abroad and can 
transform a brand into an asset in its own right.  
Listing also generates internal benefits for companies, 
making it easier to recruit skilled co-workers and creating 
greater loyalty among existing staff. 
Listed status sends a message about the expertise of the 
men and women who work for the company and increases 
their value. And listed companies generally offer attractive, 
share-based employee profit-sharing plans, such as stock 
options and company savings plansincentives that can 
motivate staff and increase their commitment to company 
growth.
 Greater liquidity 
 Opportunities to divest/optimise holdings over time 
 Simpler succession planning
 Guaranteed independence 
 Scope for increasing your company's value over time
  Transparent and unique price
CONSEQUENCES
FOR THE COMPANY
 Allocate time to investor access and relationship
 Communicate to investors at all times, regardless of the financial results
 Ensure attention remains on the business
  Take a step back: markets can be volatile and the behavior of your 
short-term share price is not always meaningful
 Mind your communication: pay extra attention to insider information
FOR SHAREHOLDERS
 Lock-up periods for institutionnal investors
 Disclosure when shareholding thresholds are crossed
 Volatility in share price
 Dilution
BENEFITS
FOR THE COMPANY
 Raise funds to finance organic expansion (R&D, international, etc.)
 Foster external growth
 Enhance domestic and international profile/reputation
 Better structure the company
 Motivate staff and promote loyalty
 Facilitate recruitment
 Highlight your ambition and long-term objectives
 Diversify sources of financing with fast and low-cost access to capital
 Empower management
 Potential eligibility to world-class indices
FOR SHAREHOLDERS
 Benefit from higher liquidity
 Facilitate exit of non-strategic / historical shareholder
 Transparent and unique price
 Facilitate the succession/inheritance
  Access to structured, regular and transparent information on the 
company
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A guide to listing on the stock exchange I EURONEXT
PRE-IPO PREPARATION       
COUNTDOWN TO EXECUTIONKEY STEPS
Pre-IPO planning and 
preparation
Approx 6 MONTHS 
before pricing
Approx 2 WEEKS 
before pricing
AFTERMARKET
Approx 2-3 MONTHS   
before pricing
1-2 MONTHS   
before pricing
1st STEPS
STRUCTURING
PRE-MARKETING
PLACEMENT
POST-LISTING
1
2
3
4
5
PRE-IPO 
PREPARATIONS
In the first step, management 
meets with potential IPO partners 
to create a working group that will 
support the IPO project and follow 
the company on the aftermarket 
i.e., in trading following the IPO 
proper. Starting with the banking 
syndicate, the company holds 
informal discussions where the 
timeline, the structure of the 
proposed deal, and a first intrinsic 
valuation are presented by the 
corporate finance teams. To be 
realistic, a provisional timetable 
should take into account business 
development, cash consumption, 
and market windows. Once this is 
done, the structure of the syndicate 
and the terms of the transaction 
are clearly defined in engagement 
letters.
The company may round out its 
IPO working group with at least 
a communications agency, legal 
advisor(s) and capital markets 
accountants.
At this point, workshops are 
organised to achieve the right 
group structure, suitable corporate 
governance, an efficient tax 
strategy and adequate financial 
reports, and to pre-empt regulators' 
requirements. If the issuer is well 
prepared, the IPO process will then 
take 5-6 months to complete.
The IPO process is best understood 
through two simultaneous pre-
transaction efforts: drafting 
the prospectus and financial 
communication.
ENTREPRENEURS LOOKING TO 
RAISE CAPITAL HAVE A WIDE 
CHOICE OF FINANCING OPTIONS, 
INCLUDING PRIVATE EQUITY, 
VENTURE CAPITAL, TRADE SALE 
OR AN IPO. 
BUT THE DECISION TO LIST 
ON A PUBLIC MARKET HAS 
IMPLICATIONS WELL BEYOND 
SECURING A NEW SOURCE OF 
FINANCING: THE STOCK MARKET 
BRINGS A HIGHER PROFILE AND 
INCREASED CREDIBILITY, WHICH 
FUNDAMENTALLY CHANGES 
A COMPANY'S INTERACTION 
WITH ITS CLIENTS, PARTNERS, 
SUPPLIERS AND OTHERS.
AN IPO IS A MAJOR MILESTONE IN 
THE LIFE OF YOUR COMPANYA 
RARE OPPORTUNITY TO 
OVERHAUL YOUR BUSINESS 
STRATEGY AND CAPITAL 
STRUCTURE, AND TO ACHIEVE A 
LONG-TERM VISION THAT SERVES 
BOTH SHAREHOLDER INTERESTS 
AND MANAGEMENT INTERESTS. 
PRIOR TO AN IPO, THE EXECUTIVE 
TEAM NEEDS TO ASSESS ITS 
READINESS FOR SUCH AN 
OPERATIONWHICH MAKES  
PRE-IPO PREPARATION ESSENTIAL 
TO A SUCCESSFUL LISTING.
THE 
IPO
JOURNEY
INVESTORS
Prepare slideshow:  
The listing candidate and 
its advisors draw up a 
marketing document for use 
in meetings with investors 
and equity research analysts.
Prepare  
research report:   
Equity research analysts 
give their assessment of the 
company and propose a 
price range.
Pre-Deal lnvestor 
Education (PDIE):    
Banking syndicate's equity 
analysts meet investors to 
discuss research report and 
gauge response.
Book-building:  
Orderbook and public 
offering open;  
management meets with 
investors (roadshow).
Trading starts the 
day after pricing 
is finalised.
Analysts'  
presentation:  
Management presents the 
company to equity research 
analysts in the banking 
syndicate before they prepare 
their research report.
Research reports 
distributed  
to investors.
Definition  
of price range.
Pricing:  
Offering price set and 
orders allocated.
Early-look meetings 
/ Pilot fishing:  
Bilateral, private meetings  
of management with a limited 
number of investors before  
the IPO is launched. Aim: 
present the company and  
test/fine-tune messages.
approx. 2 weeks
approx. 2 weeks
> > >  KEY STEPS  IN STOCKMARKET LISTING > > >
Prepare Registration Document:  
Listing candidate and advisors draw up a document 
presenting the company, its sector, and key business, 
including accounting and financial data. This contains 
all information that will subsequently be shared with 
investors and analysts (in all media), ensuring fair and 
equal dissemination to all parties. 
Prepare the Equities 
Note:   
Document prepared by the 
company and its advisors, 
setting out the main features 
of the deal.
Confidential filing of core 
document with local 
financial markets regulator.
Filing of Registration Document
Document is published on the websites of 
Local financial markets regulator and the 
company. The proposed listing is now in 
the public domain.
 
Local financial markets regulator 
approves  Prospectus (Registration 
Document + Equities Note is 
published on local financial markets 
regulator and company websites.
Financial markets regulator 
& Euronext presentations:  
Meetings with market 
authorities to present the 
proposed listing and confirm 
the timeline.
 
At least 5 days
Review of Equities 
Note by Local 
financial markets 
regulator.
Local financial markets regulator 
reviews the Registration 
Document, and can ask 
questions/request further 
information and/or changes to 
finalise/clarify content.
At least 4 weeks needed for Local 
financial markets regulator review
REGULATION
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A guide to listing on the stock exchange I EURONEXT
DID YOU KNOW?
  55% of individual shareholders keep 
their shares for more than 5 years
  Over the last 5 years, retail investors 
accounted for 21% of the amounts 
raised through IPOs
After several interactions with management, the analysts then 
offer the company a final review of their report, excluding the 
valuation so as to maintain their impartiality.
2)  PRE-DEAL INVESTOR EDUCATION
      (1 MONTH BEFORE THE IPO)
Pre-deal investor education (PDIE) is a critical phase in 
determining the company's valuation. It starts with equity 
research analysts distributing their pre-deal report to key 
institutional investors, introducing the investment case and their 
valuation range. At meetings without management present, the 
analysts answer investors' questions on the issuer and collect 
feedback before the price range is set. This allows banks to 
gauge market sentiment and collect first impressions on the 
valuation. Working with the company, they then adjust the price 
range and the slideshow ahead of roadshow meetings.
The range can be set up to +/-15% and typically includes  
an IPO discount to reward the risk taken by investors 
allocating funds to a newly listed company.
3) MANAGEMENT ROADSHOW 
      (2 WEEKS BEFORE THE IPO)
Demand is generated by two types of investors: 
 
 institutional investors with large equity positions
 
  retail investorsindividuals who are not professionals and 
trade through traditional brokers or online structures
Finally, the offer period opens with a symbolic management 
presentation to the media, analysts and investors. In the 
hours and days that follow, an intensive series of one-on-
one meetings, one-off market events and press lunches  are 
scheduled for institutional investors and journalists. Investors 
are targeted depending primarily on their location and specific 
investment strategy. 
MEDIA PLAN
A media plan harnesses a range of channelsradio, press, 
web, etc.to generate additional visibility, primarily with retail 
investors, as the company uses the window of high exposure to 
ramp up interest among investors.
BOOK BUILDING
The most common form of book building uses a price range. 
During the Offer Period, banks receive orders from fund 
managers indicating the number of shares they might wish to 
acquire at a pre-determined price within the range. As investor 
meetings are held, banks record investor interest in the book. 
This demand is flexible, as an order can be withdrawn at any 
time during the roadshow.
PRICING
The final price is set based on demand at various points in the 
price range. Since demand decreases as the price rises within 
the range, the company must strike a balance between the 
amount raised, the expected valuation and the momentum 
it seeks to generate. If demand is weak, at least 75% of the 
base share offering must be subscribed. Below that threshold, 
the offering will be deemed unsuccessful and the deal will be 
cancelled.
Other less common mechanisms exist to determine the IPO 
price. For instance, prior to the placement period the advisors, 
together with management, could decide to adjust both the 
IPO price and the number of outstanding shares. Overall 
demand at this unique price will determine the final amount 
raised under a firm upper limit. As an alternative to fixed-price 
transactions, a minimum price could also be set up before the 
placement. In this case, book building works like an auction.
FLEXIBILITY CLAUSES:  
THE EXTENSION CLAUSE AND THE 
GREENSHOE
An IPO is "oversubscribed" when demand exceeds 100% of 
the base deal. The company can then opt to exercise flexibility 
clauses, starting with the extension clause, which raises the 
offer size to 115%. Additionally, the over-allotment optionalso 
called the greenshoeoffers an opportunity to increase the 
total offering by a further 15%, raising the offer size to 132% 
of the initial base deal. Usually exercisable for a period of 30 
days following the listing date, this option acts as a stabiliser. 
For instance, if the stock price slumps below the offering price 
during this period, the underwriter can provide support by 
buying back shares in the market using the amount allocated to 
this greenshoe. These flexibility clauses are an opportunity for 
the issuer to increase its aggregate gross proceeds (part of the 
primary offer) or to allow shareholders interested in selling to 
cash out part of their investments (part of the secondary offer).
> How do we build an equity story? 
>  What are the main features, strengths 
and weaknesses of our sector
competitive environment, KPIs,  
investor concerns, etc.?
>  How can we get the best valuation 
for our IPO?
>  What type of financial guidance  
should we provide for our IPO?
>  How should we manage our  
relationship with the market regulator?
>  What is the timetable, the review 
process, best market practice, etc.?
>  What proportion of cornerstone 
investors would be acceptable for  
the market?
>  What actions does your company take  
on ESG?
TYPICAL ISSUER  
QUESTIONS FOR  
ADVISORS
the financial regulator interacts with the advisors until every 
issue is addressed. Once the regulator grants final approval, a 
press release announces the intention to float (ITF), disclosing 
the offering's timing and details to the market. This kicks off the 
marketing phase.
REACHING OUT  
TO INVESTORS 
While the prospectus is being drafted, a marketing strategy 
aimed at generating investor interest and momentum is drawn up.
PREPARATION OF INVESTOR MEETINGS
In contrast to the detailed and comprehensive prospectus, a 
slideshow is the marketing tool for investor meetings. Content 
is drawn exclusively from prospectus content and is carefully 
reviewed by the regulator, along with the IPO website, press 
releases and other communication materials. These core 
documents are fine-tuned throughout the IPO process, up until 
the management roadshow. The communications agency sets up 
training sessions to prepare management for one-hour meetings 
with investors. These are usually conducted by the CEO and the 
CFO. Management must master all stages/aspects of these events 
so as to highlight the equity story and valuation drivers most 
effectively.
1)  EARLY-LOOK MEETINGSPILOT FISHING  
(2 MONTHS BEFORE THE IPO)
One to three months before to the IPO date, the underwriter(s) 
schedule(s) "pilot-fishing" through several one-on-one meetings 
with targeted investors. The aim of these early-look meetings is to 
explain the future listed company's business model, gauge initial 
market sentiment on the company's equity story, andabove 
allcreate traction with investors. Based on potential interest 
detected at these meetings, which are spread out over time, the 
company can adjust its IPO project, and has the opportunity to 
exit the process without a significant financial commitment at this 
stage. If the meetings generate formal commitment subscriptions, 
contractual orders appear in a specific section of the prospectus, 
securing pre-guaranteed demand from anchor and cornerstone 
investors. Highly appreciated by the market, these may be a 
requirement in some sectors, their expertise in the company's 
industry providing additional security and credibility. 
 
A management presentation is also planned with the syndicate's 
equity research analysts to introduce the company's business and 
relay its equity story. Over approximately one month, the analysts 
then draft a detailed investment research report giving their 
independent assessment of: 
 
 the company's business
 
  its competitive environment for a comparable peer group
 
  an indicative valuation range.
REGISTRATION DOCUMENT  
(PROSPECTUS/
INFORMATION DOCUMENT)
The prospectus is a formal legal document in two major partsa 
description of the company and the terms of the transaction
that contains a standard set of chapters. The first part discloses 
core information to the market, building a bridge between 
private and public information. Its main sections describe the 
issuer's business and discuss risk factors, financial information, 
management and corporate governance. 
A securities note then defines the offering metrics, including the 
number of shares to be issued, the price range, a timetable for the 
subscription period, and the use of proceeds.
 The information in this comprehensive document is also distilled 
into an executive summary.
1) PREPARATION PHASE
From the kick-off meeting to the settlement and delivery date, 
the IPO process typically takes four to six months. 
KICK-OFF MEETING 
Once all parties for the IPO journey have been selected, the kick-
off meeting brings advisors together for the first time  
to define their roles and responsibilities. Key metrics, including 
the projected timetable, are introduced during this session. Initial 
workshops for drafting the prospectus follow.
DUE DILIGENCE
A management presentation (also called due diligence session) 
is organised to ensure that all information about the issuer is 
appropriately disclosed in the offering prospectus. The aim is 
to protect the company, its board of directors and the banking 
syndicate, since all future investors will rely wholly on information 
disclosed in the prospectus. Throughout the IPO process, 
additional due diligence sessions may be planned at each key 
milestone to ensure that information disclosed is still up to date, 
although this is unusual for small transactions. At this stage, the 
deal remains completely confidential.
2) REGULATORY REVIEW
The financial regulator conducts a thorough review to ensure 
that the prospectus contains the information investors need to 
decide whether to take part in the offering. The review period 
starts when a first draft of the prospectus is filed with the 
regulator. Through Q&As and revised versions of the prospectus, 
10
GUIDE D'INSCRIPTION  LA BOURSE I EURONEXTE 2018
THE 
IPO
JOURNEY

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A guide to listing on the stock exchange I EURONEXT
LEGAL ADVISORS
Legal advisors with expertise in capital markets provide 
guidance throughout the IPO process, and take part in 
the interaction between the company and the country's 
regulatory authority. They supervise the company's legal due 
diligence, draft legal sections of the prospectus (sharing the 
master copy of the prospectus with the corporate finance 
team) and advise the management team on their legal and 
regulatory duties before and after the IPO.
Advertising and research guidelines drawn up by the legal 
advisor(s) ensure that the information in the communications 
materials and the analysts' research report complies with 
applicable securities law.
In the case of a deal counsel, a sole lawyer advises both the 
company and the underwriters; this is typically used in small 
transactions. In other cases, banks may require that lawyers 
dedicated solely to the management of their own liabilities 
be appointed.
AUDITORS
The auditors are responsible for guaranteeing the accuracy 
and fairness of the historical financial information and 
financial position presented in the prospectus, in addition to 
the company's annual financial statements. 
They sign a comfort letter validating the statements and 
reports in the prospectus.
Management may opt to keep their existing auditors (if they 
have a dedicated capital markets department) or appoint a 
new team to work specifically on the IPO process. 
COMMUNICATIONS 
& PUBLIC RELATIONS AGENCIES
Using their communications expertise, these two types 
of agency present the company to investors in the most 
attractive light. They also handle the company's image in 
response to external events.
The communications agency helps prepare the candidate's 
equity story, markets key takeaways through various 
communication materials used during the marketing 
phases, and organises media training for managers involved 
in the IPO process. It also produces content, including a 
presentation for the roadshow, a dedicated website for the 
IPO, and press releases targeting both institutional and retail 
investors. Additionally, the communications agency creates a 
media plan to capture and hold retail investors' interest and 
ensure global exposure for the company.
Public relations agencies are not always used, but they can 
be a valuable addition to the communications agency by 
focusing on press coverage and other factors that shape 
public perceptions of the company.
EQUITY ADVISORS
Expert equity advisors contribute an independent point of 
view serving the best interests of the company. 
Concretely,  from the very start of the IPO process to the 
first day of trading, the equity advisor provides preliminary 
considerations of the full IPO process, helps the company 
select advisor(s), tracks the transaction, assists in preparing 
and developing the company's equity story, and supervises 
the marketing/placement phase.
LISTING SPONSORS
Listing sponsors are banks or independent advisors that play 
the lead role in the listing process. 
They are accredited by Euronext, and their special status and 
presence are designed to enhance investor confidence. 
Prior to any listing, a certain amount of legal "housekeeping" 
and preparation is required to ensure that shares are suitable 
for listing, that the company complies with relevant legal 
requirements, and that current and future investor needs are 
met. 
The listing sponsor is a key player for the company and 
investors, and acts as the primary contact for Euronext.
The appointment of a listing sponsor by the issuer is 
mandatory for an admission to listing on Euronext Growth, 
Euronext Access and Euronext Access+.
OTHER ADVISORS
Depending on the specific features and nature of an 
IPO, additional advisors may be involved. These include 
intellectual property advisors, independent real estate 
assessors, tax advisors and technical advisors on due 
diligence.
?
THE ROLE OF 
ADVISORS
Banking syndicates represent the group of investment banks that come together to execute an IPO. In most cases, 
they are structured to achieve a good fit based on each member's placement capacity and equity research offering. 
Usually, one bank is named "Global Coordinator/Lead Manager", which means it is responsible for coordinating 
and implementing the IPO and maintaining a relationship with the market regulator. The other banks act as Joint-
Bookrunners/Co-leads; their role and scope depend on the syndicate (structuring, placement, research).
COMPANIES INTERESTED IN GOING PUBLIC MUST FIRST SET UP A WORKING  
GROUP, PAYING CAREFUL ATTENTION TO THEIR CHOICE OF PARTNERS.  
THE REASON IS SIMPLE: AN IPO IS A COMPLEX DEAL THAT TAKES FIVE OR SIX 
MONTHS TO COMPLETE, AND THE FIT, EXPERIENCE, AND SECTOR KNOWLEDGE  
OF THE COMPANY'S ADVISORS ARE CRITICAL TO SUCCESS. WHICH MAKES  
IN-DEPTH UNDERSTANDING OF EACH ADVISOR'S ROLE ESSENTIAL TO THE 
SELECTION PROCESS.
Investment banks offer a wide range 
of financial services for complex 
transactions. During an IPO, they play 
a number of roles at different stages in 
the process. These include underwriter, 
where the bank acts as an intermediary 
between the securities issuer and 
investors, and financial advisor, where 
the bank implements a transaction as a 
trusted partner for its client.
Globally, investment banks are 
composed of a corporate finance/
equity capital markets team (CF/ECM), 
a syndication team, and sales & trading 
teams (S&T). Because the corporate 
finance team has access to insider 
information, a barrier (or "Chinese 
Wall") exists between it and the S&T 
department.
 
 
  The CF/ECM team is in direct contact with the issuer on the private 
information side. Its main missions include advising on structuring 
and timing, managing the process, overseeing the preparation of 
documentation, and coordinating input from other advisors. Post-IPO, 
this team continues to advise on on-going merger and acquisition 
opportunities, fundraising, and, where relevant, exit options. 
 
 
  The syndication team operates above the Chinese Wall, acting as 
the link between the CF/ECM and S&T Teams. Its members guide 
interactions between the two parties and handle allocation of 
information. Their other roles include preparing the roadshow and 
centralising book building.
 
 
  The sales & trading team is in direct touch with investors and is 
responsible for selling a variety of financial products. During the IPO 
process, the sales team is particularly important for the roadshow, 
where it is in charge of selling the stock to institutional investors.
INVESTMENT BANKS:
LEAD MANAGER & BANKING SYNDICATE
EQUITY RESEARCH 
ANALYSTS
On the public information side, equity 
research analysts track company 
performance and changes in stock price. 
These are sector specialists; they have 
genuine expertise in specific industries.
Their job consists of initiating an analysis of  
companies and formulating a fair valuation of 
the business, which, in turn, leads to a target 
stock price. These assessments are rounded 
out by recommendations: "buy", "sell" or 
"hold".  
Ratings will fluctuate in response to 
milestones in the company's development 
and to news affecting its sector.
CLOSE-UP
%
%
+
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A guide to listing on the stock exchange I EURONEXT
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A guide to listing on the stock exchange I EURONEXT
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A guide to listing on the stock exchange I EURONEXT
CHOOSING  
YOUR COUNTRY  
AS POINT OF ENTRY
When going public on Euronext, 
companies can choose their point of entry: 
Belgium, France, Ireland, Portugal, the 
Netherlands or the United Kingdom. The 
regulator is that of the jurisdiction selected. 
Each company can find the market that 
best suits its profile.
markets
17
GUIDE D'INSCRIPTION  LA BOURSE I EURONEXTE 2018
CHOOSING YOUR MARKET  
AND COUNTRY OF LISTING
Identifying the best market for your company's size and ambitions
Access funding, expand abroad, attract talent, launch new productsEuronext is more than a 
source of funding. We're a long-term partner for your success.
EURONEXT (AMSTERDAM, BRUSSELS, 
LISBON, LONDON, PARIS): OUR MAIN 
MARKET  
Euronext is a regulated market for highly structured 
companies that have the financial and human resources 
to meet the requirements of international investors. Its 
three segments are: compartment A for companies with 
market capitalisations over 1bn, compartment B for 
150m to 1bn, and compartment C for less than 150m. 
Listing on Euronext is recommended for companies 
seeking to raise over 30m and gain international 
exposure.
  Eligibility: highly visible to media and to both 
institutional and retail investors; included in the most 
pretigious indices 
  Liquidity: one of the most liquid markets in Europe, 
highly visible to investors
  Main advantage: credibility -  highly visible to media 
and to both institutional and retail investors; included in 
the most prestigious indices
  Reporting requirements: 
EURONEXT GROWTH (BRUSSELS, 
LISBON, PARIS): LINKING THE 
REGULATED MARKET AND PRIVATE 
EQUITY 
Euronext Growth is ideally suited to small- and mid-
sized companies (SMEs) that want to raise funds to 
finance growth. Listing requirements are simplified 
and requirements are lighter than for the main market. 
Intended primarily for midcap companies, Euronext 
Growth is open to both professional and individual 
investors. Although a controlled market, it is not 
regulated as defined by EU directives and thus offers an 
alternative route for organisations that cannot meet the 
requirements of a regulated market. In general, Euronext 
Growth is intended for companies with annual revenue 
of over 5m looking to raise at least 2.5m.
  Eligibility: fair amount of listing requirements
  Liquidity: a large community of long-term investors 
focusing on SMEs only including both institutional and 
retail investors are active on this segment
  Main advantage: governance -  grow your business and 
keep control. Going public also boosts the awareness 
of your company in your eco-system
  Reporting requirements: 
ELIGIBILITY CRITERIA
EURONEXT  
ACCESS
EURONEXT 
ACCESS+
EURONEXT 
GROWTH
EURONEXT
Free float
Not applicable
1m
2.5m
>25% market cap 
or 5m
Financial statements
2 years (if relevant,  
and no requirement 
for audited accounts)
2 years incl.  
audited accounts 
of the last financial 
year
Audited  
accounts of the 
last 2 financial 
year
3 years  
(or 2 for SMEs*)
Accounting  
standards
  IFRS or local GAAP
IFRS
Intermediary
  Listing Sponsor
Listing Agent
Main document  
to be provided
Information document  
(or EU Prospectus  for a public offer >8m)
s
EU Prospectus
MARKET RULES FOR 
LISTED COMPANIES
When an IPO application is submitted, the market 
operator:
 
  Verifies that the application complies with market 
regulations (next page)
 
  Conducts an in-depth examination of the business:
        Rationale for listing: why is the company applying 
for an IPO? Does listing make sense?
        Business model: In-depth analysis of the 
company's business model and competitive 
environment
        Finances: the company's financial datacash flow, 
income statement, balance sheet and financial 
projectionsare verified by the operator's 
admissions team. 
        Risks: what are the main risks facing the company? 
 
 
  Compliance: the features of the proposed offer 
are also reviewed by the operator's compliance 
department to protect its reputation and ensure the 
quality of its markets. This compliance review covers 
the company, key managers, board members, UBOs 
(ultimate beneficial owners), and other issues.
EURONEXT ACCESS (BRUSSELS, 
LISBON, PARIS): THE FIRST STEP 
Euronext Access markets are designed especially 
for start-ups and SMEs that wish to join a 
stock exchange to finance growth and gain the 
reputational advantages of listing, but do not meet 
the criteria for admission to Euronext's regulated 
markets or Euronext Growth. Because Euronext 
Access markets are not regulated under the EU 
Directive, the admission criteria are much simpler 
and less extensive, unless a prospectus is needed 
though market abuse and transparency provisions 
do apply in accordance with applicable law. Once 
companies are big enough, they are encouraged 
to consider transferring to Euronext Access+ or 
Euronext Growth, and later to a Euronext regulated 
market.
  Eligibility: low amount of listing requirements
  Liquidity: lower amount of active investors than on 
larger markets such as Euronext Growth and Euronext
  Main advantage: Listing your company on the stock 
market with simple admission criteria  
  Reporting requirements: 
EURONEXT ACCESS+ (BRUSSELS, 
LISBON, PARIS): A SPRINGBOARD  
TO LISTING FOR START-UPS AND 
FAST-GROWING SMEs 
Euronext Access+ is a special compartment of 
Euronext Access that is tailored to the needs of 
start-ups and SMEs. Euronext Access+ acts as a 
springboard to other Euronext markets, helping 
companies transition smoothly and adapt to market 
practices. Euronext Access+ has its own listing 
criteria, and companies admitted to trading on this 
market enjoy special assistance and greater visibility.
EURONEXT
EURONEXT ACCESS
EURONEXT ACCESS +
&
EURONEXT GROWTH
817
total number  
of issuers
215   
total number  
of issuers
223
total number  
of issuers
294
number of Tech 
companies (36%)
63
number of Tech 
companies (29%)
134
number of Tech 
companies (60%)
266m
average deal size  
at IPO
20k
average deal size  
at IPO
23m
average deal size  
at IPO
1389m
average market  
  cap at IPO
57m
average market  
  cap at IPO 
93m
average market  
cap at IPO
Source:  
Euronext : number of issuers as 
of 31.08.2018, average data over 
5Y (2012-2017) excluding merger 
operations
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A guide to listing on the stock exchange I EURONEXT
A CROSS-SECTION OF IPO CANDIDATES
The profiles below illustrate sector and typology analyses 
of some of the companies that launched IPOs on Euronext 
markets between 2013 and 2018. They represent an average 
profile based on financial indicators at the time of listing. 
A sample of 143 IPOs of SMEs since 2012 across Euronext 
pan-European markets has been used to build a high-
level picture of companies at their time of listing. Data has 
been compiled from issuers' prospectuses and averages 
have been computed per category, exception made of the 
measurement of three-year sales growth, where the median 
was more relevant.
Sectorial categories follow the International Classification 
Benchmark (except for Tech companies where innovation 
level was a screening criteria), while the Family-owned 
category falls in line with Euronext standard definition. 
Last, the International Expansion category only includes 
companies that chose the IPO as a means of raising capital 
to expand their business outside domestic frontiers.
TYPICAL IPO
CANDIDATES
103
41
38
41%
310
Technology, media 
and telecoms (TMT)
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
Retail (B2C)
549
136
636
2398
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
15%
Biotech
39
145
60
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
1%
11
Family-owned
61
156
261
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
71%
87
International growth  
(all sectors and sizes)
101
172
227
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
58%
117
Medtech
29
93
42
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
34%
6
Industrial
73
164
1121
Market cap at IPO
(m)
Funds raised  
at IPO
(m)
Sales  
at IPO
(m)
3Y sales  
growth prior  
to IPO
# of employees 
at IPO
12%
263
TO LIST OR NOT 
TO LIST?
Considering an IPO in the next 3 years?  
Our pre-IPO programmes for growing 
companies help you decidefor free. 
TECHSHARE
A pan-European programme that 
helps innovative companies use 
financial markets to grow.  
With TechShare, entrepreneurs 
can decide whether an IPO is  
the right solution  for their 
development projects.
WHO IS IT FOR?
 
  Executives only
 
  Tech companies (TMT, Digital, Life sciences, Cleantech) 
with growth ambitions
 
  Likely to be interested in capital markets within 2-3 
years
 
 Sufficient company maturity/development
FAMILYSHARE
A programme designed to make family businesses aware 
of financing solutions offered by the stock exchange, and 
to help them prepare for and navigate the challenging 
processes of funding, inheritance planning and remaining 
independent.
WHO IS IT FOR?
 
  Executives, shareholders and family members
 
  Family businesses with growth ambitions that may 
require access to capital markets for debt or equity 
issuance (IPO) in the next 2 to 3 years
 
  Family-owned companies seeking new ways to stay 
sustainable, preserve their values, motivate the next 
generation, increase employee shareholding, attract 
and retain talent, and more.
Learn more about TechShare: 
tech.euronext.com
Learn more about FamilyShare:
euronext.com/family-business 
FROM  
TECHSHARE/
FAMILYSHARE  
TO IPO
TechShare 2015-16
IPO in February 2017
9.4m raised
TechShare 2015-16
IPO in June 2017
39.8m raised
TechShare 2015-16
IPO in October 2017
19.6m raised
TechShare 2017-18
IPO in April 2018
13.6m raised
FamilyShare 2017-18
IPO in June 2018
38.7m raised
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A guide to listing on the stock exchange I EURONEXT 2018
A guide to listing on the stok exchange I EURONEXT
PUBLIC
COMPANY
A NEW CHAPTER
Entrepreneurs rightly view stock market listing as a 
milestone, but it is a beginning, not an end. An IPO marks 
the start of a new journey: when companies go public, 
they agree to comply with a full range of regulatory and 
strategic requirementswith all that this implies. 
REACHING OUT TO  
INVESTORS
 
Companies whose market debut attracts institutional and 
retail investors begin a new existence, where success is 
shaped by the quality of their relationship with the market. 
This is because listing is now the core of their financial 
and growth strategy. An IPO goes well beyond regulatory 
issues, day-to-day market performance and the capacity to 
raise more capital. Listing is an asset to be maintained and 
carefully tended; it is a resource that the company can use 
to seize new opportunities to grow, either organically or 
through M&A.
KEY FEATURES OF SUCCESSFUL LISTING:
 
 Transparency and visibility
 
 Regular communications and consistency
 
 Investor confidence
 
 Effective use of markets
FINANCIAL COMMUNICATIONS
One of the main differences between private and public 
companies is the amount of information the latter must 
provide to the market. From the regulator's point of 
view, financial information must be accurate, detailed 
and published in good faith, and it should be released 
according to an agreed annual calendar. In the meantime, 
events that are likely to influence investor perceptions of 
the businessand thus its share price and valuemust be 
announced immediately and to all investors at the same 
time. 
  
Successful investor relations demand forward planning and 
attention to detail: 
 
  Future announcements must be prepared carefully to avoid 
catching the market off guard
 
  The company should develop a global communications 
strategy that updates the market on key developments 
outside of regular financial announcements, without 
going overboard 

3 KEY  
POST-IPO 
QUESTIONS 
  Is your business in a position 
to meet both regulatory 
requirements and shareholder 
expectations over the long term?
  How can you use listing as 
an opportunity to continue 
transforming your business?
  How can you manage shareholder 
expectations while fostering trust 
and engagement?
LIFE AS A




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A guide to listing on the stock exchange I EURONEXT
A PARTIAL LIST OF ONGOING OBLIGATIONS FOR LISTED COMPANIES 
EURONEXT  
ACCESS
EURONEXT 
ACCESS+
EURONEXT 
GROWTH
EURONEXT
Financial reporting: 
annual
Unaudited annual financial  
statements 
Annual financial report (audited 
annual financial statements,  
business report and auditors' report 
on the annual financial statements) 
Annual financial report (annual 
financial statements, business  
report and auditors' report on  
annual financial statements)  
Annual financial report (audited 
annual financial statements,  
business report and auditors' 
 report on annual financial  
statements) 
Financial reporting: 
semi-annual
Not required
Unaudited semi-annual financial 
statements and business report 
Unaudited semi-annual financial 
statements and business report 
Semi-annual financial statements, 
business report and auditor's 
report on semi-annual financial 
statements
Non-financial  
reporting: annual
Report on corporate governance 
Report on corporate governance 
Report on corporate governance 
Report on corporate governance, 
report on internal control and  
declaration of auditor's fees
Legal Entity Identifier 
(LEI)
Yes 
Yes 
Yes 
Yes
Financial/Investor 
Website
Yes
Yes
Yes
Yes
Price-sensitive  
information & decla-
ration of management 
transactions 
Applicable
Applicable
Applicable
Applicable
Insider lists (internal 
document)
Applicable
Applicable
Applicable
Applicable
Intermediary
Not required
Listing Sponsor
Listing Sponsor
Not required
Availability of  
preparatory documents 
for the AGM 
Yes
Yes
Yes  
Yes, on the company's website
Disclosure of threshold 
crossing (capital or 
voting rights) 
Not applicable 
Not applicable 
Applicable 
Applicable 
LIFE AS A 
PUBLIC COMPANY
BEYOND REGULATORY 
REQUIREMENTS 
Issuers build trust over time, in part by demonstrating 
management's willingness to go above and beyond the basic 
financial information required by regulations. 
Concretely, management representatives must make 
themselves available to investors and attend all traditional 
investor relations meetings. But they should also seize 
opportunities to interact with investors at other times, 
articulating clear messages on management's vision and the 
company's markets and goals.
EQUAL TREATMENT OF SHAREHOLDERS: 
THE BASICS
All company shareholdersemployees, individuals and 
institutionsmust be treated fairly and equitably. All must 
receive the same content from the same channels, and access 
to management comments must be the same.
The digital revolution makes it easier to respect this basic 
principle, thanks in particular to: 
 
  Compulsory use of an approved wire service for "broad, 
simultaneous and safe" transfer of financial data by all listed 
companies
 
  Access to executives' statements via audio recordings, 
video recordings and live conferences broadcast over the 
internet, made available to anyone who is interested 
STRUCTURED COMMUNICATIONS 
STRATEGY
 
A fully operational communications plan is essential, not only 
to promote share trading and liquidity, but also to comply with 
reporting, transparency and news flow targets. 
Events that a listed company can use to structure its 
communications include: 
 
  Half-yearly and annual meetings for analysts/investors (in 
France, those are generally organised with SFAF, the French 
association of financial analysts) 
 
  Conference calls with analysts when quarterly results are 
published 
 
  Annual general meetings of shareholders 
 
  Investor forums organised by Euronext and brokers 
 
  Theme days and site tours organised by the company, 
especially if its business lends itself to this type of 
interaction 
 
  Meetings with individual shareholders during dedicated 
events, including trade fairs, and meetings with investor 
clubs and associations 
 
  Roadshows with foreign investors
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A guide to listing on the stock exchange I EURONEXT

$



FINANCE STRATEGIC TRANSACTIONS
After their IPO, listed companies are free to make additional calls on the 
market. But their shares can also serve as a virtual currency in strategic 
mergers and acquisitions. 
Public Takeover Bids and Public Exchange Offers are built on the quality of 
fundamentals and an assessment of the value of the initiating party. In most 
cases, financing of the acquisition or the exchange price will be determined 
by the parity between the two companies concerned. Here listing on Euronext 
provides an immediate calculation of company value in the form of the share 
price, which can serve as a benchmark for structuring the deal.
MARKET FOLLOW-ONS
Listing on Euronext gives companies virtually unlimited 
access to capital, provided they comply with the rules for 
trust and compliance set out above. Having made its market 
debut, a listed company can raise capital and do strategic 
deals far more easily because listing opens doors. This is 
the payoff for a successful listingone that provides solid, 
compelling information and attracts enthusiastic investors.
NEW CALLS ON THE MARKET
When companies return to the market to raise additional funds, 
they are generally looking to finance growth, e.g.: 
 
  Fresh funding for essential R&D 
 
  Opening to new markets / countries
 
  Acquisitions
Additional rounds of funding can be used to:
 
  Strengthen the company's capital base
 
  Achieve a better balance of equity and debt
 
  Offer partners or shareholders an opportunity to raise their 
stake in the company 
 
  Fund employee shareholding plans
There are two ways to raise capital: through a public placement 
or a private placement. With a private placement, the issuer 
can finalise the transaction quickly by limiting the shares on 
offerunder certain conditionsto a predetermined group of 
qualified institutional investors. By contrast, a public offer will 
reach the largest possible number of investors but requires the 
regulator's approval of the prospectus and greater investment 
in time and marketing. 
When their financial profile and business fundamentals are 
aligned, companies can also issue bondslisted or notto raise 
debt and round out equity.
Some hybrid products combine debt and equity. This is the 
case of convertible bonds, a common means of raising funds; 
such issues are easier when an underlying product is listed on 
the stock market. 
THE EQUITY STORYKEY 
TO A RELATIONSHIP BUILT 
ON TRUST
From the very start of the listing process, company leaders 
must define their goals for the next three to five years, their 
shareholder strategy, and their financing requirements.  
 
These three pillars will determine their key messages to 
markets, defining the language they use, their business model, 
and their aims and aspirations. What the company needs is a 
clear and compelling equity storythe narrative that managers 
will use to present it to investors. This is the basis for all 
interaction; as such, it will be challenged, adjusted and adapted 
for each financial meeting.
The ultimate aim is to build a stock market "brand" with appeal 
for investors. This brand becomes a key asset throughout 
the company's market launch and growth, helping it through 
disruptions and tough times, but also serving as a starting point 
for any new appeal to investors. A compelling equity story 
helps financial communications teams meets three key goals: 
 
  Relaying a clear picture of the company's business, market, 
competitive environment and strategy 
 
  Winning investor buy-in for the company and its strategy
 
  Aligning the company's stock market positioning (growth, 
return, etc.) with its operational performance and financial 
results 
7 ESSENTIAL WEBSITE 
COMPONENTS FOR INVESTORS
  Message from the chairman/
founder/management team
 Company's KPI
  Financial communications
searchable archive of press 
releases organised by year
  Legal and regulatory 
informationarchive of financial 
reports and information on 
shareholder meetings
 Corporate governance
 Share profile
  Key dates/financial events 
LIFE AS A 
PUBLIC COMPANY
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A guide to listing on the stock exchange I EURONEXT
ATTRACTING
INVESTORS A STRATEGIC APPROACH 
TO INVESTOR RELATIONS
Growing companies naturally take a structured, dynamic 
approach to their relationship with clients. Likewise, successful 
relations with shareholders and investors must be structured, 
smart and dynamic, backed by a business strategy dedicated 
to growth. In concrete terms, this means companies must:
 
 Retain close ties to sources of finance
 
 Actively shape their shareholder profile(s)
 
  Lay the groundwork for seamless reclassification of shares 
and exits from lock-up periods in the post-IPO period
 
 Be able to contact key shareholders at all times
IDENTIFYING, LISTENING TO AND 
UNDERSTANDING SHAREHOLDERS
To deploy a successful investor relations strategy, companies 
need an accurate list of all existing and potential shareholders. 
As with any communications strategy, this means identifying 
targets and making efficient use of databases. 
Companies that do so can connect with the right contacts in a 
timely way, and also: 
 
 Keep close track of changes in share ownership
 
 Be aware of new profiles/targets to meet
 
 Connect with shareholders for roadshows, surveys, etc.
 
  Shape the market consensus
All of which requires a serious investment in time and 
database management. One option is to assign this task to an 
in-house Investor Relations Officer; another is to outsource 
the function to a specialised expert whose brief will include:
 
  Conducting an annual shareholder identification analysis 
(based on registered shares)
 
  Targeting new investors (specialised institutionals or 
others) to promote the company's strategy of shareholder 
diversification and roadshows.
WHO ARE YOUR 
INVESTORS, AND WHAT 
DO THEY EXPECT?
With some 2,000 small and midcap listed companies 
in Western Europe, investors are spoiled for choice 
and competition is fierce. To win shareholder favours, 
listed companies must differentiate their offer, crafting 
sophisticated marketing strategies for their message (as 
described in the equity story section above) and targets.
TARGETING INVESTOR PROFILES
Listing on Euronext gives companies access to several million 
individual investors and hundreds of asset management 
companies and institutional investors. These represent a wide 
variety of profiles, with very different management styles 
(growth, value, GARP, etc.), from an equally wide range of 
regions and countries.
Investor aims and roles vary significantly: 
 
  Institutional investors: asset managers, insurers, pension 
and sovereign wealth funds focus on capital gains within a 
1 to 3-year investment horizon on average. They are usually 
the largest contributors to financing rounds
 
  Family Offices and private banking: managing assets for 
high net worth individual with a long-term perspective 
 
  Retail investors: individuals managing their personal 
savings. They are more sensitive to sector/product exposure 
and management performance. They help boost liquidity 
and are usually loyal shareholders
Investors want an easy-to-understand business model with 
clearly identified growth vectors. Quality of management and 
governance are also key criteria, with management all the more 
important for small companies. 
More generally, investors and analysts seek transparency in 
corporate communications. This means publishing high quality 
information with clear, simple, accurate content explaining all 
the ins and the outs. Access to management is also critical.
HOW SELL-SIDE 
ANALYSTS INFLUENCE 
INVESTMENT DECISIONS
Equity sell-side analysts following the share play an essential 
role in the life of a listed company, starting with the IPO 
process and continuing throughout the company's experience 
on the exchange. 
During the IPO, the company defines its KPIs (Key 
Performance Indicators) in coordination with analysts and 
advisors, allowing advisors to track its performance very 
closely. KPIs let them look to the future and relay informed 
views to the financial communitywhich is another reason 
why KPIs must reflect the company's business as accurately 
as possible. 
Similarly, analysts are the first to relay the company's equity 
story when it lists, and are the first sources of information 
for potential investors. It is thus in the company's interest to 
maintain close ties with analysts, keeping these experts up on 
any new developments so that they can track its performance 
and analyse its value. It is based on all of their estimatesof 
revenue, earnings, ratios, etc.and thus all of the business 
and financial indicators the company produces. Expectations 
are often high, and the company must keep close watch over 
any gap (positive or negative) between its own estimates and 
analysts' projections. 
HOW TO WIN OVER  
RETAIL INVESTORS  
AND PROMOTE LOYALTY 
The retail part of the IPOwhich in some sectors will exceed 
the minimum 10% thresholddetermines the company's post-
IPO communications and marketing strategy. Retail investors 
may operate through investment managers or advisors, 
or invest directly through accounts that they manage 
themselves. In any case, they play a key role in share liquidity 
and reputation.
The challenge facing the listed company is thus to optimise its 
cost/useful contact ratio in marketing terms, by: 
 
  Maximising leverage of opinion leaders and other 
influencersmedia, analysts, investment clubs
 
  Digitising direct contacts through a special section of 
its corporate website, use of social media and other 
community sites, and sharing digital content (letters 
to shareholders, corporate videos, interviews with 
management, etc.)  
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A guide to listing on the stock exchange I EURONEXT
HOW TO STRUCTURE  
INVESTOR RELATIONS
For a small company, successful investor relations 
hinge on management, starting with the CEO and 
CFO. As operations grow, pressure will rise as markets 
demand more information and more attention, forcing 
executives to juggle time spent actually managing the 
business and time spent on investor relations.
The following questions are useful:
 
  Am I spending enough time with investors to 
answer their questions?
 
  Am I focusing on the right strategic issues? 
(decisions, content) 
 
  Do I have all the information I need to assess our 
relations with investors and take the right decisions? 
Depending on the answers to these questions, the listed 
company may opt to outsource all or part of its investor 
relations and financial communications functions.
CONNECT WITH THE 
RIGHT PARTNERS
Investor relations can be handled in-house or outsourced. 
But the function gains in efficiencyand effectiveness
when the plan developed by management is backed by 
specialised intermediaries. 
RETAIL INVESTORS WANT:
 Clear, informative communications
  Ready access to information and company representatives
 Equal treatment 
ATTENTIVE,  
DEMANDING FOLLOW-UP 
LEADS TO HIGHER 
LIQUIDITY 
Investor interest in a company 
hinges on the pronouncements 
of sell-side equity analysts, which 
shape the share's liquidity and 
ultimately encourage more analysts 
to start following it.
But to kickstart this virtuous circle, 
newly listed companies must go all 
out to make analysts  aware of their 
business and value from the very 
start. 
Equally important, companies must 
make other potential investors in 
all countriesinstitutionals, funds, 
private management, family offices, 
etc.aware of the opportunity they 
represent. 
RETAIL INVESTORS ARE PUT OFF BY:
  Overly technical messages/content targeting specialists alone 
  Transactions diluting share value that exclude them 
  The perception that they are second-class shareholders
.
STRENGTHEN  
SHARE CAPITAL, 
ATTRACT TOP 
TALENT
You can use other 
approaches to raise 
fundsand in the process 
create share ownership 
plans to incentivise 
employees. 
This is especially useful in making 
a small, innovative company more 
attractive to its workforce.  
 
Examples include:
 Stock options
 Bonus shares
  Shares with  
equity warrants
ATTRACTING 
INVESTORS
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A guide to listing on the stock exchange I EURONEXT
OUR
MISSION
AN EXTENSIVE SUITE OF 
SERVICES TO ISSUERS
EURONEXT SUPPORTS YOU ALL ALONG 
YOUR FINANCING JOURNEY. WE HELP YOU 
EVALUATE THE FINANCING ALTERNATIVES 
AVAILABLE TO YOUR COMPANY AND ADVISE 
YOU ON ALL ASPECTS OF GOING PUBLIC 
REGARDLESS OF WHERE YOU MAY BE IN 
YOUR EVALUATION PROCESS.
Whether you are a small company or a large one, based in 
Europe or abroad, our markets are specifically designed 
to cater to your particular needs to benefit from improved 
access to capital to fuel your future growth and development, 
increased global profile and access to liquidity.
PROVIDING THE BEST 
MARKET FOR YOUR 
COMPANY SHARES 
 
With more than 1,300 companies listed, Euronext markets are 
the largest, most integrated and proven capital markets in 
Europe to help you reach the next stage of your development. 
With access to an unrivalled network of investors and 
professional advisers, Euronext offers proven, cost-effective 
capital raising opportunities, from equity to debt capital 
markets.
Your securities will be traded on our next-generation Optiq 
platform, that connects and integrates all of our European 
markets and enables you to access a broad and deep investor 
base comprising Eurozone, UK, US and international investors.
EXPERT ASSISTANCE 
TO LISTED COMPANIES: 
EXPERTLINE AND 
CONNECT 
EXPERTLINE
Once your company lists on Euronext, you get immediate 
access to ExpertLine, a dedicated team of experts who serve 
as its first port-of-call. The ExpertLine team answers your 
company's day-to-day questions and allows you to get a better 
understanding on the events that may influence your share 
price.
CONNECT
Connect is your market information web portal. With Connect, 
you get access to market data, your order book in real-time 
as well as a live chat with the ExpertLine team. Connect 
also enables you to publish your press releases, update your 
company profile and financial calendar.
USING THE MARKETS 
AFTER LISTING: 
EURONEXT CORPORATE 
ACTIONS
Being listed on the stock exchange is just the beginning of your 
company's financing journey. You might want to further increase 
your issued share capital, list preferred stock, list corporate 
bonds, changing your name, distributing dividend, changing 
an ISIN code, or redeem early on your bonds. Our Corporate 
Actions team is ready to advise you and execute all your market 
operations.
BENEFIT FROM MAJOR 
STOCK MARKET INDICES' 
VISIBILITY
Euronext develops, manages, calculates and publishes close 
to 400 indices of all sizes and profiles. Examples of the most 
famous indices in Europe include the CAC 40 in France, the 
AEX in the Netherlands, the BEL 20 in Belgium and PSI 20 in 
Portugal.
Being part of an index has many benefits for companies and has 
an impact on visibility, liquidity and media coverage. The number 
of financial analysts who cover the index components usually 
increases for companies which are included in indices. Trading 
volumes can also be impacted through index-linked products 
such as ETFs and index funds. Euronext is home to 10,000+ 
ETFs and funds based on indices.
SOLUTIONS AND 
ADVISORY FOR LISTED 
COMPANIES: EURONEXT 
CORPORATE SERVICES
On request, Euronext's corporate services provide you with 
the most efficient solutions and advisory services in investor 
relations, communication, governance and compliance; to 
help you make the most effective use of capital markets. 
These services empower listed companies with cutting-edge 
solutions and tailor-made advisory services at every stage of 
their financing journey. To learn more, visit corporateservices.
euronext.com
Because we are convinced that joining capital markets is one of the most significant decisions your company will take, 
Euronext provides you with a comprehensive suite of services to ensure your capital market experience is a success.
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GLOSSARY 
Admission: 
Admission of securities to trading on Euronext.
Admission document:
A specific document produced by a company seeking to have its 
securities admitted to Euronext.
Banking Syndicate:
A banking syndicate is a group of people responsible for 
researching, marketing and pricing bonds, loans or stocks of 
companies. The syndicate desk may also be referred to as the 
syndicate team. The role of a syndicate desk is important for 
companies wishing to launch or issue a new deal to the market so 
that they can get the right price and, subsequently, buyers.
Book-building: 
The process by which an underwriter sets the price for an 
initial public offering (IPO) based on demand from institutional 
investorsa common strategy for large IPOs in which institutional 
investors play a major role. In such cases, the Admission Document 
does not specify a fixed price. Instead, the price is determined 
through an institutional offer at a completely open price or at a 
price within a range. The institutional offer price is determined 
through a book-building process led by one or more brokers, in 
which institutional investors submit bids for a number of shares and 
indicate the price they are prepared to pay. The final share price 
reflects institutional demand as well as other factors including retail 
investor demand and the desire for an orderly aftermarket.
Broker: 
A corporate advisory firm that provides capital-raising,  
stock-broking and research services.
Capital:
Funding for investment in capital assets or to operate a business. 
Also refers to the value of an investment in a business, or in assets 
such as property or shares.
Direct listing: 
Admission of existing shares to trading with no capital increase.
 
Dividend: 
Distribution of part of a company's net profit to shareholders, 
usually expressed as a number of cents per share. 
Equities: 
A synonym for shares. Equities represent part-ownership of a 
company, as distinct from debt securities such as bonds and 
debentures.
Equity Capital Market (ECM):
The equity capital market (ECM) are financial institutions aiming 
to help companies raise equity capital. It consists of the primary 
market for private placements, initial public offerings (IPOs) and 
warrants; and the secondary market, where existing shares are sold, 
and futures, options and swaps are traded. An ECM group will work 
closely with a client to organize transactions, structure the equity 
offering, and to improve valuation.
Extension Clause:
The extension clause is a clause that allows a company to be 
more flexible in issuing securities. The extension clause gives the 
company the possibility to adjust its issue of shares or bonds 
according to the demand by the various categories of investors, and 
thus to increase or reduce its creation of securities.
Float: 
The initial raising of capital by public subscription to securities, such 
as shares offered on the market. 
GAAP: 
Generally accepted accounting practices.
Greenshoe Option (Also called Over-Allotment Option):
A greenshoe option is an over-allotment option. In the context of 
an initial public offering (IPO), it is a provision in an underwriting 
agreement that grants the underwriter the right to sell investors 
more shares than originally planned by the issuer if the demand for 
a security issue proves higher than expected.
IFRS: 
International Financial Reporting Standards.
Information Document: a document containing, according to 
the particular nature of the transaction, of the Issuer and of the 
Securities to be admitted to trading on Euronext Growth or 
Euronext Access information (e.g., assets and liabilities, financial 
position, profit and losses, and prospects of the Issuer and any 
guarantor (if applicable), and of the rights attaching to such 
Securities) enabling investors to make their investment decision. 
The content of the Information Document is specified in appendix 
of market targeted Rules.
Investment bank: 
A financial intermediary performing a range of services, including: 
underwriting; acting as an intermediary between companies and 
investors; facilitating mergers, acquisitions and other corporate 
reorganisations; and acting as a broker for institutional clients.
IPO:
Initial Public Offer. The first sale of shares by a company to the 
public.
Liquidity: 
Ability to convert assets into cash easily, quickly and with little or 
no loss of capital. A liquid market has enough participants to make 
buying and selling easy.
Listing: 
Admission of a company's shares to trading on a public market.
 
Market Abuse Regulation (MAR): 
The EU Market Abuse Regulation, which entered into force in 2016, 
addresses insider dealing, unlawful disclosure of inside information 
and market manipulation, and includes provisions to prevent and 
detect these. It also requires that certain types of information be 
disclosed to the market without delay.
Market capitalisation: 
The total number of issued shares multiplied by their market price. 
This can be applied to calculate the value of a single company or all 
of the companies listed on an exchange.
Private placement: 
Placement of equity securities with a select group of professional/
qualified investors.
Prospectus: 
A formal legal document that must be approved by the competent 
national authority before a company can offer securities to the 
investing public or have its securities admitted to trading on a 
regulated market, including: 
 
   Shares and other securities entitling holders directly or indirectly 
to a capital interest or voting rights
   Debt instruments
    Equivalent instruments issued on the basis of foreign rights.
Registration document: 
A special document produced by a company seeking to have its 
securities admitted to trading on Euronext markets.
Securities: 
A general term applied to all shares, debentures, notes, and 
government bonds.
Shareholder: 
A holder of any legal or beneficial interest, whether direct or 
indirect, in a Euronext-listed security.
Small and medium-sized enterprises (SMEs):
Euronext classifies a company as a small and medium-sized 
company when its market capitalisation is inferior to 1bn.
Underwriter: 
Entity that guarantees  the listing company that the IPO will raise 
the desired funds and that it (the underwriter) will absorb any 
shortfall.
USEFUL 
CONTACTS
Euronext's dedicated 
listing specialists are 
happy to answer any 
questions your company 
may have regarding the 
listing of securities on one 
or more of our European 
cash markets.
At Euronext, our team is 
committed to building 
a global network that 
extends beyond our 
national markets. Any 
foreign company may 
be admitted to listing/
trading in one of our 
member exchanges in 
Amsterdam, Brussels, 
Dublin, Lisbon, London 
and Paris, provided they 
meet the necessary 
criteria. 
France
Eric Forest
Tel: +33 1 70 48 26 20
eforest@euronext.com
Alain Baetens
Large Caps
Tel: +33 1 70 48 27 32 
abaetens@euronext.com
Guillaume Morelli
SMEs
Tel: +33 1 70 48 26 25
gmorelli@euronext.com
Frdric Martineau
Ile de France and East regions - SMEs
Tel: +33 6 74 79 79 20
fmartineau@euronext.com
Frdric Boiffin
West region - SMEs
Tel: +33 2 40 44 62 75
fboiffin@euronext.com
Nicolas-Gaston Ellie
South-West region - SMEs
Tel: +33 5 56 79 50 78
ngellie@euronext.com
Alexis Janin
Rhne-Alpes, Auvergne, Bourgogne,  
and East regions - SMEs
Tel: +33 6 84 35 99 17
ajanin@euronext.com
Guillaume Mordelet
South East region - SMEs
Tel: +33 4 91 13 46 46
gmordelet@euronext.com
Netherlands
Ren van Vlerken
Tel: +31 2 07 21 42 93
rvanvlerken@euronext.com
Anneke Hoijtink 
Tel: +31 (0)20 721 4297
ahoijtink@euronext.com
Belgium
Benoit Van Den Hove
Tel: +32 2 620 15 20 
bvandenhove@euronext.com 
Portugal
Filipa Franco
Tel: + 35 1 210 60 06 23
ffranco@euronext.com
U.K. & Ireland
Orla O'Gorman
Tel: +353 1 617 51 30
oogorman@euronext.com
Germany
Sebastian Grabert
Munich
Tel: +49 1 60 94 93 15 05
sgrabert@euronext.com 
Michael Schatzschneider
Frankfurt
Tel: +31 2 07 21 43 02
mschatzschneider@euronext.com
Italy
Giovanni Vecchio
Tel: +39 3 356 83 78 92
gvecchio@euronext.com
Spain
Susana de Antonio
Tel: +34 9 15 72 65 35
sdeantonio@euronext.com
Switzerland
Dr. Sren Bjnness
Tel: +41 7 63 86 80 07
sbjoenness@euronext.com 
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