Pricing an IPO
By Samia Sellam & Erwan Barre
The French Autorité des marchés financiers (AMF) now allows for more flexibility in pricing initial public offerings, finally accepting a price range of approximately 20%. In difficult market conditions, these new rules make it easier to resize an IPO, with a limited impact on the timetable. However, first implementation cases show that careful drafting of prospectuses is essential to benefit from this flexibility.