Les procédures d'introduction en Bourse en Europe : évolution des pratiques et perspectives

Because IPO mechanisms determine both the initial trading price and the allocation of newly-listed firms' shares, they have financial and strategic consequences for shareholders. For that reason, it is of interest to analyse the relative advantages and disadvantages of the different procedures for made available to candidate firms. A survey of listing practices in fifteen European countries shows the increasing prominence of book-building. Although this IPO mechanism is probably the only one way to go public for young and risky firms that could not list otherwise, auctions run by exchanges may enhance the competitiveness and efficiency of the primary markets for issuers and investors. Further, in the prospect of integrated European stock markets, it appears necessary to pursue the harmonisation of IPO procedures and listing requirements that has started with the enforcement of the Prospectus Directive.