Quick introduction to rationale and process behind an IPO on Paris Stock Exchange. For further information / presentation on this topic, feel free to contact me (jmpailhon_pro at yahoo dot fr)

1. September 11th, 2013 – Jean-Michel Pailhon
Get Ready for
an IPO on the
Paris Stock Exchange

2. Reminder n°1: The Supply & Demand Golden Rule
2
Excess
Savings
Financing
needs
Investors Companies
Securities
€ / $

3. REMINDER n°2: IPO Definition
3
Initial Public Offering

4. WHY OPTING FOR AN IPO? (1)
4
Raise Money for the Company

5. WHY OPTING FOR AN IPO? (2)
5
Develop Visibility

6. WHY OPTING FOR AN IPO? (3)
6
Enhance Growth

7. WHY OPTING FOR AN IPO? (4)
7
Etc
…
Employees’ Commitment

8. 1
Company
MAIN STAKEHOLDERS FOR AN IPO IN FRANCE
8
2
Advisors
3
Bankers
6
Investors
4
Regulator
5
Market Operator

9. Market to be Chosen Based on Various Criteria
9
Complexity / Length of the admission process
Investors Protection
Market Capitalisation
Growth Proceeds
EURegulatedmarket
EURONEXT
Exchange-regulated
ALTERNEXT
Organizedmarket
MARCHE
LIBRE

10. Admission Process (1/2)
10
 Phases 1-3: Before the « kick-off » (1-4 months):
Decision to go for
an IPO
• Taken by the AGM
• Delegation to Board of
Directors
• Internal Task Force
team
Partners selection
• Banks
• Law firms
• Com° Agencies
• and so on
Preparatory works
• Internal reorganisation
• Indicative timeline
• Filing documentation
drafting

11. Admission Process (2/2)
11
 Phases 4-7: The IPO Process (1-2 months +/- 1 month):
Filing
• To competent
authority / regulator
(the AMF)
• To market operator
(NYSE Euronext)
Validation
• Trading admission
validated by listing
authority
• Visa on the
prospectus (AMF)
Global offering
• Roadshow
• Book building (pro)
• Centralization (retail)
IPO + initial trading
In case of success

12. 12
THANK YOU FOR YOUR ATTENTION
Jean-Michel Pailhon
Jmpailhon_pro@yahoo.fr