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Etudes de cas déposées (2012), ESSEC Business School

Case study of an IPO on Euronext

On 4th April, 2007, REXEL is relisted in compartment A of the Euronext Eurolist market under the symbol RXL. Trading is to begin on the 5th of April. Lead managers and book runners are BNP Paribas, CALYON, JPMorgan, Lehman Brothers, and Merrill Lynch International. The initial public offering includes a public offer to retail investors in France (OPO, Offre à Prix Ouvert) and an international (underwritten) global offer (PGG, Placement Global Garanti) to institutional investors inside and outside France. The main learning objective of the case is to work on aspects of an IPO, including pre-IPO operations, and to give students an insight into equity capital market activity. - What are the main reasons for an IPO and how to prepare it? - What are the different aspects of the IPO: number of offered shares, profile of investors, price range, final offer price and amount raised…? - What are the consequences of the IPO on the capital structure and gearing of the listed company? - When is it possible to say that the IPO is successful? Lien vers l'article

BUISSON, V. (2012). Case study of an IPO on Euronext. ESSEC Business School.

Mots clés : #IPO, #Initial-Public-Offering, #Euronext, #Eurolist, #price-range, #free-float, #offer-price, #tick, #cap, #book-building, #EBITA, #EBITDA, #PER, #EV, #peer-multiples, #share-split, #capital-increase, #merger-absorption, #BSA, #gearing, #dilution, #EPS, #OPO, #Public-Offer-to-Retail-Investors-PGG, #Underwritten-Global-Offer, #Greenshoe, #over, #allotment, #extension-facility, #Finance