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A French software company priced its initial public offering above the top of its indicated range on Thursday, in one of the more strongly subscribed listings on the main Paris stock exchange so far this year.
Lumière Technologies SA, which develops data-management software for logistics and retail clients, sold shares at the top end of an already-raised price range after the offering was covered several times over. The company said proceeds would fund international expansion and continued investment in its software platform.
Trading Debut
Shares opened for trading well above the offer price, giving the company a market valuation notably higher than initial estimates suggested at the start of the roadshow. Bankers involved in the deal said demand was broad-based, spanning both domestic institutional investors and funds based elsewhere in Europe.
Market Implications
The strong reception is likely to be closely watched by other companies weighing potential listings on the Paris market later this year, after a period in which European IPO activity had been relatively subdued. Analysts said investor appetite appears to be improving for profitable, growth-oriented technology businesses in particular, though they cautioned that broader market volatility could still affect the pipeline of upcoming offerings. Advisers said several other candidates are now evaluating listing windows before year-end.
