IPO – Individual shareholders: where are you?

by Mathieu Calleux – General Manager – Calyptus

1.9 million subscribed by individual shareholders (subscription to the OPO – Open Price Offer reserved for the general public) for Maisons de Monde’s IPO: this is less than 0.6% of the total amount of the transaction and, in absolute terms, barely higher than the average OPO subscriptions of the first IPOs of 2016 on Euronext and Alternext Paris.

By way of comparison, in 2015, average individual subscriptions were €5.8m, and major deals such as Ellis or Spie mobilized a large number of individual subscribers, with around €15m on the OPO tranche.

 

Admittedly, the operation was clearly not aimed at the general public: there was no advertising and nothing on the website dedicated to the introduction encouraged subscription. Maisons du Monde probably didn’t want to turn its customers into shareholders, thus avoiding a mix-up that could have threatened the loyalty of some of its customers in a down market: a sensible and understandable choice.

That said, even without advertising, the operation was widely covered in the media, and in a generally positive light (with the exception of Investir, which recommended staying away). However, in the past, we have often seen large Midcaps the size of Maisons du Monde, with massive subscriptions from individual shareholders motivated solely by media coverage. In 2013, for example, Numéricable did not run a financial advertising campaign, but this did not prevent it from raising over 56 million euros from the general public.
1.9 M€ for Maisons du Monde, or probably less than 1000 subscribers, is infinitesimal!

Which brings me, dear individual shareholder, back to my question: but you’re not here, but where are you?

Like Vianney, will I have to “replace you as best I can”?

 

 

 

Our other articles