Type of listings

When aiming at getting their equity securities admitted to listing and/or trading on Euronext’s markets, companies can choose among different types of transactions independent of the market they select. The company can access the market through an introduction by way of trading or an introduction by way of issue of new equity securities. Depending on the type of transaction and the selected market, a prospectus approved by the Competent Authority might be required.

Initial Public Offering (“IPO”; “Public Offering”)

Within an IPO, the equity securities of the company are offered for subscription to institutional and retail investors. The IPO process is used when the company seeks to raise capital. This type of listings is used when the company offers its equity securities to the public. For a Public Offering of equity securities, a prospectus approved by the Competent Authority is required.

Private placement

A private placement involves an offering of equity securities to a selected base of professional/qualified investors. An approved prospectus is not required except if the equity securities are admitted to listing and/or trading on a Regulated Market. In case of a first admission to trading on Alternext, the company must provide the Listing Execution team or the EMS CA team with an information document, which must be drafted in accordance with the same standards as those for a prospectus.

Direct listing (technical listing)

A direct listing simply consists in making securities tradable (no capital raising). An approved prospectus is not required except if the company seeks for a listing on a Regulated Market. Note that in case the company’s equity securities are already admitted to trading on another EU-regulated Market for more than 18 months, the EU Prospectus Directive’s passporting process (a facility for issuers wishing to publicly offer securities or admit securities to trading on a Regulated Market in a Member State other than their home Member State’s Regulated Market) is available.