(Reuters) – Pluxee shares climbed more than 6% on Thursday morning, as investors showed their appetite for Sodexo’s former employee benefits division on the day it debuted on the Paris Stock Exchange.
At 11:40 a.m., Pluxee shares were listed at 27.71 euros, exceeding the technical reference price of 26 euros set on Wednesday by stock exchange operator Euronext, representing a valuation of more than 4.2 billion euros.
This early investor enthusiasm could be considered a good omen for European capital markets, which have lacked dynamism of late.
According to PwC, funds raised in Europe through IPOs fell for the second year in a row in 2023, generating 10.2 billion euros, a drop of 35% compared to the previous year.
Sodexo, however, had come out for Pluxee, banking on the fact that the company would continue to benefit from the cost of living crisis, with employers turning to its meal vouchers and benefits to support their staff without increasing salaries.
“As a pure player, our objective is to generate profitable growth by strengthening our position as a major international player in the growing employee benefits and engagement market,” said Aurélien Sonet, CEO of Pluxee, in a press release.
The Bellon family, founders of Sodexo, will own approximately 42.8% of the outstanding common shares and 60.0% of the voting rights, the company said.
(Written by Olivier Sorgho and Stéphanie Hamel; edited by Blandine Hénault and Kate Entringer)
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