Software group Planisware shares soar in Paris trading debut (updated)
18/04/2024 11:39
(Adds context throughout, updates share price in paragraph 3)
LONDON, April 18 (Reuters) - Shares in French software
group Planisware PLNW.PA jumped on their first day of trading
in Paris on Thursday, adding momentum to a much-anticipated
revival in initial public offerings.
Planisware shares initially rose as much as 33% and were
last trading 27% above their issue price.
Europe has seen a string of IPOs this year amid higher stock
prices. But performance has been mixed, with German perfume
retailer Douglas falling below its issue price on its market
debut.
Planisware said shareholders, including buyout group Ardian,
expect to raise up to 278 million euros ($296.63 million) from
the stock sale, which valued the group at around 1.1 billion
euros.
The company's founders will retain a majority stake.
Planisware, which provides cloud project management
solutions to businesses, attempted an IPO in the autumn of 2023,
but tough market conditions forced it to pull the plan.
The company returned with a fixed-price offer of 16 euros
per share this week, which attracted interest from investors
including Invesco, T. Rowe Price and CDC Tech Premium, it said.
France updated its IPO framework last month to remove a
provision that compelled companies to reserve a portion of
shares for retail investors, a rule that was criticised for
creating additional red tape.
The rule change, coupled with the fact that Planisware had
gone through a full IPO process last year, allowed the company
to execute an expedited share offering aimed at institutional
investors in just two days, a source close to the deal said.
Reuters reported in May 2023 that Planisware was considering
a potential IPO and had enlisted banks to explore a transaction.
($1 = 0.9372 euros)
(Reporting by Pablo Mayo Cerqueiro; Editing by Kirsten Donovan
and Jane Merriman)
((Pablo.MayoCerqueiro@thomsonreuters.com;))