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IPO procedures in Europe : the development of practices and perspectives

Author

Listed:
  • Emmanuel Boutron

    (CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre)

  • Jean-François Gajewski

    (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Carole Gresse

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Florence Labégorre

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

Because IPO mechanisms determine the initial trading price and the allocation of newly listed firms' shares, they have financial and strategic consequences for shareholders. For that reason, it is of interest to analyse the relative advantages and disadvantages of the different procedures made available to candidate firms. A survey of listing practices in fifteen European countries shows the increasing prominence of book-building. Although this IPO mechanism is probably the only way to go public for young and risky firms that could not list otherwise, auctions run by exchanges may enhance the competitiveness and efficiency of the primary markets for issuers and investors. Further, in the prospect of integrated European stock markets, it appears necessary to pursue the harmonisation of IPO procedures and listing requirements that has started with the enforcement of the Prospectus Directive.

Suggested Citation

  • Emmanuel Boutron & Jean-François Gajewski & Carole Gresse & Florence Labégorre, 2006. "IPO procedures in Europe : the development of practices and perspectives," Post-Print hal-01528573, HAL.
    • Handle: RePEc:hal:journl:hal-01528573
    DOI: 10.3406/ecofi.2006.4439
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    Cited by:

    1. Lehmann, Timo & Weber, Matthias, 2021. "IPO Underpricing and Aftermarket Price Accuracy: Auctions vs. Bookbuilding in Japan," SocArXiv sa385, Center for Open Science.
    2. Timo Lehmann & Matthias Weber, 2023. "Auctions versus bookbuilding: The effects of IPO regulation in Japan," The Financial Review, Eastern Finance Association, vol. 58(1), pages 117-141, February.

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