(BFM Stock Exchange) – The Parisian market for the IPO has not shone by its dynamism in recent years. Market conditions have for many dissuaded contenders from embarking on the stock market bath. And for the companies that dared to bet the scholarship, has their audacity been rewarded?

In recent years, the Paris Stock Exchange has lost a significant number of its residents, when, in parallel, the contenders for a renewal of the coast are scarce over time.

While in 2025 person or almost was tapping at the door of the Paris Stock Exchange, a thrill was observed in recent days. On June 12, the component specialist for semiconductors Semco Technologies expressed his intention to join the Parisian square.

This company plans to raise funds on Euronext Growth, the compartment of small and medium capitalizations, to finance its growth and its expansion internationally.

A few days later, it was the supplier of spare parts for aeronautics and defense ACI Group who unveiled his project to join the Paris Stock Exchange and its Euronext Growth compartment next fall.

Few introductions in 2024

For the time being, the latest operations date back to December 2024 with the arrival of the specialist in precision parts for the cutting edge industries Odyssey Technolgies and Louis Hachette Group, a Holding company in Lagardère, on Euronext Growth.

We will have an exception from the Younited consumer credit specialist who entered Euronext Paris at the start of 2025 via a double rating, the group being already present in Amsterdam.

Have the valiant companies that nevertheless attempted the stock market experience on the Paris Stock Exchange last year saw their audacity rewarded? The decline is now sufficient to take stock of the stock market course for these newcomers since their first steps.

To simplify the following graph, we have chosen to retain only the main IPOs, excluding certain anecdotal operations carried out without fundraising and transfers from one compartment to another.

Variations stopped at the end of 06/19/2025

A quality 2024 Cru

Since entering the stock market, Exosens has panicked scholarship meters, enjoying a promising market environment. The specialist in optronics for military applications is torched by more than 300% and even joined the SBF 120 at the end of March, the second index in the Parisian square, less than a year after his first scholarships.

The defense group is followed by Odyssey Technologies which has not experienced stock market turmoil since its IPO in December 2024. The manufacturer of precision mechanics is pulled out of the game with its exhibition at the Defense Market. Throughout the year 2025, its title recorded a generous gain of 242%. Compared to its IPO fixed price set at 13 euros, the increase increases to 282%.

Planisware also does not have to be ashamed, the project management specialist evolves very clearly above his price of IPO.

On the other hand, the month of June does not succeed in Lighton which saw its course be divided by almost two. This led the title to accuse a fall back 16% since its first steps on the stock market, at the end last Thursday.

On Friday, the title of the AI ​​specialist, however, returned to 26%, brought by the signing of a contract with a subsidiary of Arianegroup. This copious increase enabled him to go back above his course retained for his IPO, and to display a positive gain, 5.3%.

Pluxee and Louis Hachette Group constitute two special cases. These two companies entered the scholarship following split, the first of Sodexo, and the second of Vivendi. Pluxee has, since its introduction in February 2024, given its course falling by 31%. The specialist in restaurant titles and gift titles suffered, like his rival Edenred, fears of favorable developments in regulations in France and Brazil. Louis Hachette Group, for his part, is doing much better, with an increase of almost 50% of his course since his arrival on the Paris Stock Exchange last December.

The 2024 vintage therefore did not count many stock market entries, but the companies that have tried the financial market experience have rather seen their audacity rewarded.

If we are now expanding the magnifying glass over the year 2024 alone but on all the IPO since 2021, only a handful of companies has managed to generate a positive performance. The year 2021 was not chosen at random. This is the last year, which had counted a significant number of IPOs in Paris, 33 to be more precise.

To simplify the following graph, we have chosen to focus solely on companies that have made a public offer, to rule out spacs, double quotes and direct quotes from Euronext Growth. We have also taken care to withdraw from this graph the companies which have been the subject of a removal of the side either after a public offer or after a liquidation.

Variations stopped at the end of 06/19/2025

If Exoseens has panicked the counters since its IPO, another company is much better than the specialist in electro-optical detection and imaging technologies. It is Stif, author of a dizzying stock market with a title that has been in 717% since its IPO at the end of 2023.

Founded in 1984, Stif is a group specializing in protection equipment against the risk of explosions in an industrial environment. The company is experiencing exponential growth, taking advantage of sustained development in the anti-explosion panels dedicated to energy storage systems by batteries (BESS). She thus counts as customers the Tesla car manufacturers or her large Chinese rival byd. By filling up contracts in the protection against explosions, Stif has seen its valuation on the stock exchange to 273 million euros, almost 8 times more than during the IPO.

On the other hand, several companies introduced in 2021 and in particular in the field of biotechs experienced more dramatic destinies, after having collected clinical failures and ultimately, suffered from cash problems. Last week, the Lyon economic affairs court pronounced the judicial liquidation of Phaxiam Therapeutics, a company born from the merger in 2023 of biophamaceutical companies, Erytech Pharma and Pherecydes Pharma, the latter having joined the Paris Stock Exchange in 2021.

Big disappointments

At the beginning of 2025, Acticor Biotech actions were removed from the side after the compulsory liquidation of this biopharmaceutical company specializing in the development of innovative drugs for the treatment of cardiovascular emergencies. Acticor Biotech joined the rating in the fall of 2021.

The shareholders of these companies have lost everything since no reimbursement can be made for lack of sufficient asset. Because in the event of liquidation, they find themselves good in the list of stakeholders (condition, employees, suppliers, creditors) to be reimbursed.

Other companies are in very complicated situations. The specialist in Low Carbon Terres Florentaise, introduced on the stock market in 2023, fights for his survival. The group launched a partial transfer process of one of its activities as part of a continuation plan. The company was already in a precarious financial situation when running at the Paris Stock Exchange, short of liquidity and very indebted.

Also in difficulty, Namr, was unable to transmit its annual financial report in time for the year 2024. The actions of the group specializing in the “data intelligence” of buildings were transferred to the compartment of sanctions by Euronext Paris.

On the whole of our panel, only 7 companies are evolving above their IPO lesson, when 41 live under their price at which they entered the Parisian coast, at the end of Thursday, June 19.

“If we look at the IPOs that have occurred in recent years, the 5/6th of companies have evolved under their introduction courses which tends to demonstrate that they had entered the rating at a price too high. The more small you are, the more the probability of knowing a drop after the introduction is important,” said Pascal Quiry, author of the Vernimmen financial letter and professor at HEC, Small and medium capitalizations on the Paris market.

This question of the valuation of companies recently returned to the fore during the project to withdraw the side of the Believe digital music publishing group, which entered the Paris Stock Exchange in 2021. In a LinkedIn publication, Pascal Quiry questioned Believe’s introduction course while many 2021 vintage stock exchange had been made on very high levels of valuations.

Despite everything, the scholarship remains a formidable way for companies to finance themselves. However, the “market conditions” -systematically implicated when the operation does not alone summarize the failure or the success of an operation. It is indeed the conditions offered to investors (multiple valuation requested) which ultimately guarantee the success of the project.

For private investors, IPOs also have a precious virtue. The arrival of a new company located near their home can encourage private investors to be interested in financial markets, and to forge their financial culture, according to a study entitled Local Ipos and Household Stock Market Participation.

Published in 2024, this study managed by the three academics, Feng Jiang, Michelle Lowry and Yiming Qian has indeed noticed that households were more likely to be more interested in the IPOs of companies located near their home.