(News Bulletin 247) – The French software publisher is relaunching its IPO on Euronext Paris which was put on hold last October due to adverse market conditions.

With the return of spring, IPOs in Europe are flourishing. On Monday, the CVC investment fund announced that it wanted to join the Amsterdam Stock Exchange in the coming weeks, after two postponed attempts. In Paris, a revival of the rating is also expected in the coming days with the arrival of Planisware.

The name of this specialist in software dedicated to project management means something to those familiar with IPOs. Planisware had in fact attempted for the first time to enter the regulated market of Euronext Paris last October, before turning back the day before this operation, citing “difficult market conditions”.

This postponement had the effect of a bomb as this operation was supposed to boost a Parisian market which hoped for a clear resumption of IPOs in 2023.

A new attempt

Six months later, Planisware felt the time was right to join the Paris Stock Exchange. The company has therefore unveiled the new terms of its IPO and has thus opened the possibility since this Tuesday morning for institutional investors to participate in its offer.

The company is still aiming for an entry into compartment A of Euronext Paris – reserved for the largest capitalizations of more than 1 billion euros – which has not seen new entrants since OVH Groupe, the European leader in cloud computing services. , in October 2021, or for the most finicky since the arrival of Pluxee, resulting from its split with Sodexo last February.

Planisware shares are this time offered at a fixed price of 16 euros, which corresponds to the bottom of the old indicative range communicated last October, which was between 16 and 18 euros. The subscription period is reduced, institutional investors will have until April 17 at 5 p.m. to participate in this operation.

However, sufficient time for Planisware. A spokesperson told News Bulletin 247 that the entire order book had been covered since 8:30 a.m. this morning, including the over-allotment option.

The software publisher is thus targeting a valuation of 1.11 billion euros at the end of the operation during which a maximum number of 15.09 million existing shares will be sold, realizing proceeds from the sale of 241 million euros. The offer will also be supplemented by an over-allotment option targeting a maximum number of 2.26 million additional ordinary shares representing approximately €36 million.

Four investors have committed to place an order in the order book for an amount of 25 million euros, at the offer price, i.e. 100 million euros in total and have also committed to purchase the shares ceded which would be allocated to them at the offer price.

The founders will retain a majority stake in its capital following this IPO intended to strengthen Planisware’s visibility “with its customers and partners and to provide it with greater financial flexibility to seize possible future growth opportunities “. The operation “will also provide liquidity to the selling shareholders”, specifies the company.

A new phase of growth

Founded in 1996 by Pierre Demonsant, Planisware is a company specializing in the publishing of software for the Project Economy. This term is defined by the Project Management Institute as the part of the global economy in which “organizations create value for their stakeholders through successful project execution, product delivery, and value chain nesting.”

Thus, the French group provides solutions to help organizations transform the way they design, plan and deliver their projects, project portfolios, programs and products. Present in nine countries, the company serves 545 clients in a wide range of sectors and professions in nearly 40 countries around the world, in particular numerous “key account” clients including the pharmaceutical giant Pfizer and the bank Société Générale.

Planisware claims average annual growth in revenue of 20% between 2020 and 2023 and an adjusted Ebitda (gross operating profit) margin greater than 30% over this same period.

And in 2023, the group maintained this same dynamic, which allowed it to unveil annual accounts higher than the objectives announced in October during the first IPO attempt. Performances which also pushed the group to want to relaunch its project of joining the Parisian coast.

Last year, Planisware achieved a total turnover of 156 million euros and an adjusted gross operating profit of 52 million euros. The corresponding margin thus came out to 33%, which is above the company’s own objectives which was counting on a margin higher than 31% in 2023.

For the current year, the company plans to achieve revenue growth of 19.5%, which will be, according to Planisware, driven in particular by its SaaS (Software as a Service) activities. as service, Editor’s note), before achieving annual growth in its turnover at constant exchange rates of more than 20% in 2026.

Planisware’s adjusted Ebitda (gross operating surplus) margin is expected to be close to its level last year, around 33% in 2024. The company also expects to achieve an adjusted Ebitda margin of around 35% in 2026, an improvement of approximately 200 basis points (two percentage points) compared to the financial year ending December 31, 2023.

Planisware securities will be listed on Thursday April 18 in the form of promises, that is to say shares which have not yet been created or delivered to investors, before their settlement-delivery which will be effective on Monday April 22. The shares will then be admitted to trading on the Euronext Paris market from April 23, under the ticker code “PLNW”.

A revival of IPOs in Paris?

The Planisware operation will be decisive in measuring investor appetite for IPOs in Paris. If successful, other suitors who were still hesitant would then be tempted to accelerate their pace to join the Paris Stock Exchange which is sorely lacking in new blood. Last year, 31 companies were delisted from the Euronext Paris and Euronext Growth markets in 2023, i.e. 6 more exits than in 2022, according to the EY firm’s count published at the start of the year.

Among the companies that are expected to join the Paris Stock Exchange, we can cite Pathé which has carried out several operations to prepare for its entry on the stock market in 2024, L’Informé believed to know at the end of 2023.

The dean of French cinemas founded by the Pathé brothers in 1896, first unveiled this project in September 2022 in the columns of Les Echos, with a view to attracting new shareholders to finance significant investments both in cinemas and contents.

The awakening could also come from slightly more modest-sized operations. Some companies revealed last September their desire to launch on the stock market. Including Imeon Energy, with its artificial intelligence at the service of autonomous homes, or Groupe Morlot, a specialist in construction and the wood industry which would be candidates for an arrival on Euronext Growth this year…