From the spring would appear large values

Will swallows of the introductions on the stock exchange be the spring of the Paris Stock Exchange Between the introduction on February 10, simultaneously in Paris and Hong Kong of the Russian Rusal Group (to lift approximately EUR 2.5 billion) and the first rating of Medica (who wishes to raise 275 million), the year opens under good auspices. There is one new Video future, on Alternext quotes (since yesterday) or the Belgian group Taminco, listed on Euronext Brussels (from February 5). Other introductions are being considered or planned for the next months (barrier, Quick, Amadeus...).

"The IPO market was totally closed a year ago," said Thierry Olive, responsible for Equity Capital Market in BNP Paribas activity. "Banks have begun to suggest to their clients to enter on the stock exchange in July with the first results coming late 2009 and now, knowing that it takes approximately six months of the start operation."

At the current rate, the market could open in two stages. From the spring would appear large values. Followed in the fall, to smaller companies, which launch operations one time consolidated accounts 2009.

Yet, the beginning of this year may not portend appetite of investors. Anxiety related to the Greek sovereign debt or to the restrictions of credit in China was losing to the CAC 40 in a few sessions rising accumulated since early December. Even if the balance remains largely positive since last March. "Rising seems to be leaning to relatively low volumes." "There is a certain volatility", said Yannick de Ker hor, partner, head of Council and mergers-acquisitionsr with KPMG activities.

"Should really be sinking the floor of the 3 points or a very bad news on the business plan for that investors change their attitude towards the new introductions," said Virginia Lazès, associate in Bryan, Garnier & Co. Director "but the market currently offers few opportunities for capital gains, there is room for new stories.

Well calibrated operation

A condition, however, whether "sell" to investors, necessarily more selective than in the period of euphoria. "Under tense conditions we recommend future issuers to differentiate from the comparable", said Pierre Laurent, President of NewCap. For example, for some analysts, the introduction of CAD/CAM is successful because it was the only value to offer an exhibition to Africa. "It comes back just the fundamental and the quality of the assets", said Yannick de Kerhor.

The calibration of the operation must in any case be prepared upstream to avoid the disappointments. If the company is unable to raise sufficient funds, it will have to either reduce the price per share, or even take capital surveys, which would be a very negative sign on its financial health. To not get this far, it is still possible to halt the introduction, but once the application is filed with the AMF, this decision would be very bad effect.

Yet these risks should not stop firms from the market. Including funds seeking their LBO output.

"Investment funds must show that they remain active." "By selling the companies they control, either by going on the stock market", said Thierry Olive, responsible for Equity Capital Market in BNP Paribas activity. The market could also be facilitated by small and medium-sized values, which, unlike large firms, lacked access to the bond market to be finance.

Find the slide show of the actual candidates or claimed an introduction on the stock exchange lesechos.frlesechos.fr