Euronext is a great company of companies. The operator of the Paris, Amsterdam, Milan, Lisbon, Brussels and Dublin stock exchanges has become, due to concentrations, the largest stock market platform in the EU, to the point of monopolizing the large markets and cornering the Frankfurt Stock Exchange , managed by Deutsche Börse, and that of Madrid, in the hands of BME, acquired by the Swiss company Six.
Now Euronext takes advantage of London's weakness as a large European market and is courting Spanish companies, especially technology and family companies, so that they are encouraged to list in Paris or in any of its markets.
At the head of the office in Spain is Susana de Antonio, who knows from her professional experience what it means to manage investment funds from Santander or fashion giants such as LVMH. De Antonio defends going public as an opportunity to grow and obtain resources.
What is your job at the head of Euronext in Spain?
My job is to raise awareness of the option of going public and to identify interesting companies that might do well in Paris, Amsterdam or in any Euronext market.
What type of companies are sought?
Companies that want to have an international market projection and that want to grow.
What does Euronext offer you?
It is the main operator of capital markets at European level. We have some 1,900 listed companies, of which close to 700 are technological. We have dedicated special attention to this sector of capital-intensive companies, with international ambition and desire to grow. We have the most powerful investment base in Europe.
How are companies convinced?
We have made a pre IPO program (pre IPO in Spanish, public offer for sale of shares to go public) that helps companies understand the scope of an IPO, the deadlines and times, and to lose fear of the process .
Does it cause you so much fear?
In Spain, companies lack references. It is a cultural question because there are not so many small or medium-sized companies that are listed. It looks like something for very large and consolidated companies, with more than 500 million capitalization, but when you open their eyes a little they see that it is not like that.
What does the program consist of to convince them?
It has several pillars and includes international campuses in which each country selects the companies that participate. This year it is held in Rotterdam and Lisbon. We bring together all the participants from previous editions.
Are Spanish companies also going?
This year there have been ten, with a technological profile, among them Payflow, Tansley, Cafler and Inbrain Neuroelectronics. Since this initiative began, we have had about 40 Spanish participants.
Did any Spanish technology company launch in the Euronext markets last year?
There were a couple of them that were preparing it, but due to market conditions they did not make the leap. There are many companies, in Spain or anywhere, that go public without going through this program.
What can lead a Spanish technology company to list on a market like Paris?
On the one hand, the international exposure. We are a market present in seven countries that are connected through our own platform. The visibility that companies have is greater, since any investor has an easier time betting on them. In addition, the base of comparable listed companies is larger.
Is there any Spanish technology company that is already listed on Euronext?
We have the case of the fintech Allfund, which came out in 2021 at Euronext in Amsterdam. It has a Spanish headquarters and team, but in the end it is very international. In Spain, the comparable base of listed technology companies is very limited.
Are Spanish unicorns like Cabify, that is, technology companies with a value of more than 1,000 million, invited to go public in Paris?
Yes, of course we invite Spanish unicorns to list in Paris. We have created a technological index called tech leader with companies of more than 300 million supported by JPMorgan or Morgan Stanley. They can help unicorns who believe that the markets are not for them [In Spain there are unicorns like Cabify, Devo, Jobandtalent or Travelperk].
Will the concentration process continue in the European stock markets?
I don't know if there will be more movements or not. Euronext is now the leading operator at a European level in volume and in listed companies. The integration of the Italian stock market in 2022 has been a significant leap. Then there are the German and Spanish stock markets, and other smaller ones such as the Czech, where there could be possible consolidation movements.
Has Brexit hurt the London stock market?
On the listing business side, there has been a decline in the attractiveness of the London Stock Exchange for listing. Now what technology companies are considering is not going to London, but to the American Nasdaq or Euronext. There are also companies in London that have done a dual listing to also be listed on the Dublin market, which is ours.
Investors line up to buy Treasury bills. Is there a boom in fixed income and a crisis in the variable, including stocks on the stock market?
We have not had a drought in 2022. 83 new companies were incorporated in all markets, less than in 2021, which was an exceptional year. It is true that there has been a lot of uncertainty and many operations have been put on hold, but since the end of last year a change in trend has begun to be seen. In January the evolution of the stock markets has been positive and investor appetite has increased. There are hopes that 2023 will be a turning point.
The CNMV wants to lighten the information requirements to go on the market.
It is not just the CNMV, there is a movement in the hands of the European Commission known as the Listing Act. We are in favor of it, especially for smaller companies. You have to put yourself in their shoes. Many of them don't have the time, money or resources to make a 400 page brochure. Fulfilling some minimum requirements of transparency, information and clarity, we are aligned with the idea.
That could encourage many Spanish family businesses
Yes of course. For them, going public can be a natural step. When there is a generational change or they have a certain size, the next step may be an IPO. Of course, they are invited too.
Do venture capital funds compete with you?
I don't see it that way. There are companies that, instead of going public, sell a part to private equity funds, but that does not prevent them from subsequently taking the IPO to find new investors on the stock market. 70% of the companies that go public have a fund inside. There are many examples, such as the Spanish Wallbox with Seaya, which has been listed on the Nasdaq.
Has the United States taken Wallbox away from Europe for having the Spac formula more advanced, which is used to start trading on the fast track?
No, the American market suits Wallbox because it has growth potential in its electric car charger business. It makes all the sense. We also have a long history with the Spacs. It is true that in 2021 and 2022 there was a kind of Spac bubble in the United States.
