Measures facilitating access to the stock markets of the tricolor digital nuggets were unveiled on Wednesday. And this, despite the current financial setbacks of tech.
by Vincent Fagot
Happy are the start-ups that managed to raise hundreds of millions of euros at the start of 2022 to finance their development. For at least six months, the tables have been increasingly hard to complete and the amounts, less than high. As for turning to the scholarship, we must not think about it for the moment, as the technological values are jostled.
This does not prevent thinking about it. This is all the challenge of the reflection led by the government, which lifted the veil, Wednesday, November 23, on new measures intended to facilitate the IPOs of tricolor nuggets. He hopes that these are primarily being made within the Euronext Tech Leaders index, created this summer and devolved to innovative businesses of the Old Continent. It is within the framework of an event organized by Euronext that Jean-Noël Barrot, Minister Delegate in charge of the Digital Transition, made his announcements.
“For five years, France has brought to light businesses with very strong growth, European, if not global scale. We want them to continue their growth in France, continue to recruit,” argues Mr. Barrot. For the most valued, only IPO will allow them to support their development. Indeed, the amounts at stake become difficult to access by private funds.
favor Europe for the rating
The government has set a goal of a dozen new IPO by 2025 French technology companies, including two with valuations above 5 billion euros. He hears their paver the way so that they favor Europe for their rating. “The IPO window has closed, which is why we are engaging in these projects today, so that the conditions are met when the dynamics resume,” admits the delegate minister.
m. Barrot has therefore announced several measures to facilitate this development, especially at the financial level “of the means of the public sphere, more than a billion euros, can be mobilized to support IPO,” he explains. Bpifrance and the Caisse des Dépôts will be the armed arms of the State in this operation.
On the regulatory level, Bercy will launch a reflection on the possibility of issuing multiple voting rights for these listed companies, a provision which allows founders and shareholders to maintain a minimum of control. Support devices are also planned with the support of the “French Tech Mission”, which notably offers administrative aid.
“convince major fund managers”
The government has also been associated with the drafting of a guide to good practices aimed at mobilizing major market players – in particular institutional and other major managers – to support this European place. “We must convince major fund managers, develop them on their relationship to risk and growth,” said Stéphane Boujnah, Euronext boss.
It does not set a quantitative objective as to the number of companies called to be registered with the Euronext Tech Leaders index. His goal: to erase “a truncated perception which would like there is no European NASDAQ”.
Over five years, the evolution of valuations of listed companies today at the Euronext Tech Leaders index is very comparable, according to him, to those recorded at NASDAQ: + 86 % for the first, + 95 % for the seconds. “We must continue to stick as much as possible at the NASDAQ, to continue to convince investors,” adds Boujnah who intends to make the main European stock market a serious competitor to the famous American technological scholarship.