IPO: “window reopens” according to Euronext

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Pan-European stock exchange operator Euronext sees encouraging signs for new entrants to the stock market. 116 companies are now part of its market segment dedicated to the technology sector “Tech Leaders”.


© Zula Zabikowska/Bloomberg/Getty Images

– Euronext sees encouraging signs for new entrants to the stock market.

Operator of pan-European exchange Euronext announced this Tuesday, June 11, that 116 companies are now part of its market segment dedicated to the technology sector “Tech Leaders”and sees encouraging signs for new entrants to the stock market. Launched in 2022, Tech Leaders aims to increase the visibility of Europe’s fast-growing technology companies among international investors and ensure better access to these assets for retail investors.

At the end of the annual revision of the index, sometimes compared to Nasdaq US, eleven new companies to be included in Tech Leaders on June 24, including French biotech Medincell, with total market capitalization more than 900 billion euros. A very small weight compared to the more than $3,000 billion that Microsoft or Nvidia individually weigh. The specialist in light intensification technologies Exosens was immediately included in the index after its arrival on the Paris Stock Exchange on Friday.

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After two slow years

As well as French software publisher Planisware, listed since April, and Pluxee, the employee benefits arm of the Sodexo group, listed since February. The Tech Leaders Index, composed of “best established companies in technology and growth sectors” according to Euronext’s head of stock listings Aurélien Narminio, it also includes heavyweights such as European equipment maker for the semiconductor industry ASMLthe second largest European market capitalization.

Manufacturer of electronic chips STMicroelectronicsIT group Capgemini, food delivery group Just Eat and payments specialist Adyen are also part of the index. After two slow years, IPOs look set to pick up again in 2024. “We have seen that since the beginning of the year the window opens again» relating to the IPO s “prospects for falling interest rates”which is particularly auspicious “Growth companies that need capital to grow”notes Mathieu Caron, Head of Primary Markets at Euronext, to AFP.

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Aurélien Narminio adds to this “40% of IPOs at the start of the year were tech companies”. “Tech companies are more sensitive to rising interest rates and their valuations rise as rates fall”explains.

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