Next Generation Partners

Firms To Watch: Capital markets: equity capital markets

Goodwin launched its ECM practice with the September 2024 hire of Guilhem Richard (ex Gide Loyrette Nouel A.A.R.P.I.) He has a strong focus advising on Euronext and Nasdaq transactions in the biotech, medtech and tech sectors, complementing the firm’s strength in venture capital matters.
Squair's Marie-Aude Noury, who joined the firm in September 2023, has a wealth of experience advising on ECM, ESG and governance issues relating to publicly listed companies.
August Debouzy added ECM expertise in September 2023 with the hire of Jean-Damien Boulanger from Bredin Prat. His recent work includes SPAC-related matters.
CMS Francis Lefebvre added ECM capabilities to its capital markets offering after hiring the experienced Bertrand Sénéchal, who was formerly with Linklaters, in early 2024.

Capital markets: equity capital markets in France

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is the go-to-firm for large IPO and rights offerings transactions on Euronext - the team worked on most of the market’s 2024 largest IPO transactions.  The Parisian team, which combines both French and US law expertise, is retained by leading French issuers as well as the world’s leading underwriters including French banks to handle domestic and European work, while the firm's US platform also allows the Paris office to seamlessly assist French clients with US placements. Additionally, the ECM practice also regularly combines forces with the firm’s leading public M&A practice, notably to work on challenging public companies’ spin-off and restructuring transactions. The practice is co-headed by the highly experienced John Brinitzer  and Marie-Laurence Tibi. Senior counsel Andrew Bernstein , star M&A partner Pierre-Yves Chabert and counsel Frédéric Martin  also contribute.

Responsables de la pratique:

John Brinitzer; Marie-Laurence Tibi


Autres avocats clés:

Andrew Bernstein; Jean-Yves Chabert; Frédéric Martin


Les références

‘They have experience that is difficult to match in France. Top-level service, commitment, excellent service.’

‘John Brinitzer and Marie-Laurence Tibi both combine excellent technical skills and exceptional view on matters.’

‘The team is one of the most recognised.’

Principaux clients

Planisware


Coty


Vivendi


Canal+


Alstom


Solvay


The French State


MAIF


Attestor


Citi


BNP Paribas


JP Morgan


Principaux dossiers


  • Advised Planisware in its €300m initial public offering comprising a sale of shares by existing shareholders in a private placement to institutional investors and a listing on Euronext Paris.
  • Advised MAIF in the financial restructuring of Orpea, including the innovative rights issues and reserved capital increase with priority right implemented in connection with such restructuring.
  • Advised the underwriters in a $300 million registered global offering and new Euronext Paris listing by NYSE-listed Coty Inc. (Coty).

White & Case LLP

White & Case LLP  is routinely retained by leading banks and corporations, as well as shareholders to advise on the market’s largest ECM deals. Regularly seen advising on the market’s largest IPO, the comprehensive practice also assists clients with complex transactions such as linked to carve-out projects and also works on large share capital increases, rights offerings and equity-linked transactions. The practice is led by Thomas Le Vert  since August 2024 and includes  Séverin Robillard  , senior statesman Philippe Herbelin, star partner Thomas Le Vert and US adviser Max Turner.

Responsables de la pratique:

Séverin Robillard


Autres avocats clés:

Philippe Herbelin; Thomas Le Vert; Max Turner; Séverin Robillard


Les références

‘Intimate knowledge of market practices, banking players, corporate and market authority. Good sense of customer relations, good ability to explain issues, commercial capacity and ability to find solutions.’

‘The best team, very complete, very well-rounded with cutting-edge expertise.’

‘Thomas Le Vert is the most remarkable lawyer in the Parisian capital markets sector. He is a must-have for this type of deals. Simply the best.’

Principaux dossiers


  • Advised high-tech company Exosens on its €402.5 million initial public offering on Euronext Paris.
  • Advised the bank syndicate on the €278 million initial public offering and listing on Euronext Paris of Planisware.
     
  • Advised the banking syndicate on Alstom’s share capital increase with shareholders’ preferential subscription rights for an amount of approximately €1 billion.

A&O Shearman

A&O Shearman 's team has a strong involvement with leading French banks and financial institutions while also regularly handling work for investors and issuers. The practice is able to deal with a wide array of transactions: IPOs, share capital increases, equity-linked and convertibles.  It recently advised on ECM issues linked to major debt restructuring proceedings, and also advises on public M&A deals.   Olivier Thébault is highly regarded and ably supported by senior associate Jade Billere-Mellet .

Responsables de la pratique:

Olivier Thébault; Diana Billik


Autres avocats clés:

Jade Billere-Mellet


Les références

‘One of the best teams in Paris.’

‘Olivier Thébault has great and reliable expertise in capital markets’.

‘Excellent expertise and transaction management, great network’.

Principaux clients

Bpifrance


Clariane


EDF Pulse Holding


JP Morgan


Natixis


Sartorius


Ubisoft


Stifel


Wendel


Principaux dossiers


  • Advised the Sartorius group on equity raisings with a total volume of EUR1.4bn.
  • Advised Ubisoft on the issue of bonds convertible into and/or exchangeable for new or existing shares (“OCEANEs”) due 2031 by way of a public offering only to qualified investors, for a nominal amount of EUR494.5 million and the concurrent repurchase of its oustanding OCEANEs due 2024 for a nominal amount of EUR250 million.
     
  • Advised the bank syndicate on the capital increases carried out by Clariane in the context of its financial structure strengthening plan, including a EUR 237 million rights issue.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I.  regularly assists banks acting as underwriters, investors as well as some issuers with mid-cap transactions, spanning IPOs, share capital increases as well as convertibles and private placements, while also occasionally handling larger deals. The team is particularly active in the biotech sector where it handles a whole array of transactions including combined EU and US private placements. Key names in the practice include the highly experienced Arnaud Duhamel and US law expert Melinda Stege-Arsouze. Counsel Scott Logan  provides support. Of note, Guilhem Richard   and counsel Marie-Hélène Gryparis  left the firm in 2024.

Responsables de la pratique:

Arnaud Duhamel; Melinda Stege Arsouze; Laurent Vincent; Hubert Merveilleux du Vignaux


Autres avocats clés:

Scott Logan


Les références

‘Excellent expertise and ability to think outside the box, commitment of partners and excellent quality of analyses.’

‘Arnaud Duhamel is a dealmaker bringing the parties together and also defending the interests of his clients. Excellent expertise.’

‘Excellent skills, complementarity team and availability.’

‘Leading team in ECM, particulary also for small and mid-cap transactions. The team is well staff and has enough resources, in particular also capabilities with regards to US law. Their work is excellent; the team is always very quick and responsive and ensure fast and smooth processing of the transaction. Great expertise in biotech/medtech deals that incorporate US placements.’

‘Melinda Stege Arsouze has a great expertise in US law and international ECM deals. She is also frequently involved in various biotech/medtech deals that we have been doing that incorporate US placements. Arnaud Duhamel is very experienced and recognised.’

Principaux clients

Vivendi


Antin Infrastructure Partners


Veolia Environnement


Renault


Deutsche Bank


BNP Paribas Group


Société Générale


HSBC


BofA


Morgan Stanley


Credit Suisse


Crédit Agricole CIB


EFG Hermes (Egypt)


Citigroup Global Markest


Mizuho


Inventiva


JPM Securities


American Industrial Partners


Kempen


Air France KLM


Soitec


Principaux dossiers


  • Assisted the underwriters in the rights issue of Axways in order to finance the acquisition of SBS from its main shareholder, Sopra Steria.
  • Assisting the banks with two capital increases for Sensorion, a biotechnology company listed on Euronext Growth.
  • Advising biopharma company GenSight on numerous private placements and bond financings with Kreos and Heights Capital.

Jones Day

Jones Day is a reference for French and US ECM work in the biotech and tech sectors, notably on the Euronext Growth segment, through the Parisian team's combined US and French ECM expertise. The firm assists many startups and biotech companies with their ECM needs including share capital increase, IPOs and private placement transactions. The team is co-headed by US expert Linda Hesse , Florent Bouyer and Renaud Bonnet. Charles Gavoty  and counsel Seth Engel  also contributes.

Responsables de la pratique:

Linda Hesse; Renaud Bonnet; Florent Bouyer


Autres avocats clés:

Charles Gavoty; Seth Engel


Les références

‘Pleasant and efficient team. Good work capacity. Pragmatic approach.’

‘Florent Bouyer is very friendly, conscientious and knows the market well.’

‘Florent Bouyer: great expertise, recognised for techs and biotechs in particular.’

‘Exceptional quality, customer relations and responsiveness. Excellent collaboration and synergy between team members, particularly appreciable on operations with a US component. A very friendly team, on which one can always count even in emergency situations, and with whom one can work in complete confidence.’

‘Florent Bouyer is very accessible, pragmatic and technical.’

‘Linda Hesse has a great command of her subjects and knows how to surround herself to provide pragmatic answers in the interest of clients. Seth Engel knows how to advance the most specific files while remaining calm and pragmatic.’

‘This team provides high-quality legal advice, taking into account the client’s constraints and needs without compromising on legal rigor and with unfailing availability and patience, not forgetting exceptional technical skills.’

‘Linda Hesse: availability, teaching skills and extensive experience in the subjects covered, which is a major asset for this type of project. Seth Engel: availability, patience, precision and undeniable technical skills in the subjects covered.’

Principaux clients

Sanofi


BNP Paribas


EUROAPI


Voltalia


Natixis


Carmat


Cellectis


Waga Energy


Genfit


Criteo


Arverne


Nanobiotix


Bryan Garnier & Co Limited


Orange


Valneva


Innate Pharma


Bank of America


Principaux dossiers


  • Advised Arverne Group SAS on its business combination with Euronext listed Transition SA to create the future French leader in geothermal and low-carbon lithium production.
  • Represented Cellectis as both French and U.S. counsel, in the context of an initial share capital increase of USD 80 million and the issue of 16 million ordinary shares, followed by a second share capital increase of USD 140 million and the issue of preferred shares to AstraZeneca.
  • Represented Waga Energy, as French Counsel, in a EUR 52 million equity fundraising via an accelerated bookbuilding process.

Bredin Prat

Bredin Prat’s  Olivier Saba  regularly assists issuers with their securities needs including share capital increases, delisting and private placements of equity and debt securities in France. He also assists companies in public M&A deals.

Responsables de la pratique:

Olivier Saba


Les références

‘Particularly detailed knowledge of the legal and regulatory context, extensive transactional experience, innovative and commercial approach, availability.’

Principaux clients

Bpifrance


EDF


Fnac Darty


Impala / Neoen


Johnson & Johnson Innovation (JJDC)


Mersen


PSP


Saint-Gobain


Segro


Softbank


Stellantis


Technicolor Creative Studios


Ubisoft


Principaux dossiers


  • Advising Bpifrance in the context of Alstom’s capital increase.
  • Advising Fnac-Darty group which announced mid-july its purchase project of Unieuro.
  • Advising PSP in the sale of its stake in Clariane to Prédica.

Clifford Chance

Clifford Chance ‘s Paris-based team mainly assists coordinators and book runners with companies’ share capital offerings and private placement of shares, often acting alongside the Brussels office. Counsel Olivier Plessis is recommended. Alex Bafi has retired.

Responsables de la pratique:

Aline Cardin; Jonathan Lewis; Anne Lemercier; Olivier Plessis


Les références

‘Very good team, especially on US aspects.’

‘Olivier Plessis is a brilliant lawyer and an excellent professional.’

Principaux clients

BofA Securities


BNP Paribas / BNP Paribas Fortis


Bryan Garnier & Co


J.P. Morgan / J.P. Morgan Securities plc


ABN Amro


Goldman Sachs


Principaux dossiers


  • Acted as transaction counsel advising NSIG Sunrise and BofA Securities Europe on the accelerated bookbuild offering of ordinary shares in the capital of French company Soitec.
  • Advised the Joint Global Coordinator and Joint Bookrunner on Avantium’s Euronext Amsterdam €50 million Publicly Marketed Follow-On Offering.
  • Advised Joint Global Coordinators and Joint Bookrunners on the capital raise for Shurgard.

Fieldfisher

Fieldfisher's Samuel Pallotto has a strong involvement among biotech, medtech and cleantech companies whom he assists with their IPOs on Euronext Growth and share capital increase transactions. He is supported by counsel  Mathilde Cazé.

 

Responsables de la pratique:

Samuel Pallotto


Autres avocats clés:

Mathilde Cazé


Principaux clients

Carbios


HRS


Hydrogene de France


Cabasse


VOGO


VEOM Group


Affluent Medical


Kenerzeo


Imeon Energy


Jeantet

Jeantet is retained by issuers and investors to assist with share capital increase, IPO and public M&A transactions and convertible offerings. The steady practice mostly advises on small and mid-cap transactions but is also regularly involved in larger transactions. Cyril Deniaud and counsel Benjamin Cohu are the key contacts.

Responsables de la pratique:

Cyril Deniaud; Frank Martin Laprade


Autres avocats clés:

Benjamin Cohu


Les références

‘Very competent team and excellent practice in stock market law; good availability, agility and responsiveness of the team.’

‘Cyril Deniaud is an excellent practitioner in stock market law and capital markets.’

‘Efficiency. Business expertise.’

‘Availability, expertise, good interpersonal skills.’

‘Relevance, great availability.’

Principaux clients

Société pour l’Informatique Industrielle (SII)


Sartorius Stedim Biotech


Figeac Aéro


Compagnie Industrielle et Financière d’Entreprises (CIFE)


Group of unsecured creditors of ORPEA


Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France (CADIF)


Keyrus


Hoffmann Green Cement Technologies


Prologue


Alpha Blue Ocean


IQEQ Management


Bryan, Garnier and Co.


Florentaise


Global Bioenergies


Intrasense


Cogelec


Yorkville


L1 Capital


Groupe Archos (Archos, Logic Instrument, Medical Devices Venture)


RiverFort Global Opportunities


Ikonisys


Gecina


Predilife


2CRSi


Osmozis


Pullup Entertainment


Enertime


Advantech


Groupe Safe


Principaux dossiers


  • Advised SII (listed on Euronext Paris) and SII Goes On with the acquisition of the entire share capital of SII by way of a simplified tender offer (OPAS) initiated by SII Goes On.
  • Advised Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France in connection with the simplified tender offer for the shares of Rothschild & Co filed by Rothschild & Co Concordia.
  • Advised Compagnie Industrielle et Financière d’Entreprises, Embregour SAS and certain members of the Tardy family group in connection with the sale of a controlling stake in CIFE to Spie Batignolles and the simplified public tender offer for CIFE shares filed by Spie batignolles.

Latham & Watkins

Latham & Watkins assists companies and investors in relation to share capital increase and convertible offerings while also advising on IPOs and providing general advice.  Thomas Margenet-Baudry and Roberto Reyes Gaskin are the key contacts.

Responsables de la pratique:

Thomas Margenet-Baudry


Autres avocats clés:

Roberto Reyes Gaskin


Principaux clients

Loxam SAS


Société Générale


BNP Paribas


Alain Afflelou SA


Briarwood Chase Management LLC


Eutelsat


Burger King France


Kingspan Group PLC


Derichebourg


TechnipFMC


TotalEnergies SE


Lagardère SA


JP Morgan Chase


Kapla Holding (Kiloutou)


Simon Property


Slb (ex Schlumberger)


Paprec


Winston & Strawn LLP

Winston & Strawn LLP has built an excellent practice advising issuers, investors and underwriters on small to mid-cap IPOs on Euronext Growth and other equity and equity-linked offerings. Headed by the promising  Annie Maudouit-Ridde, the practice is also acknowledged for its strong knowhow of SPAC transactions.

Responsables de la pratique:

Annie Maudouit-Ridde


Les références

‘Very good skills, great flexibility, and ability to innovate in the solutions provided. Great availability.’

‘Proximity and good customer follow-up.’

‘Efficient and attentive team.’

‘Very dynamic team with partners of a very high quality.’

‘Annie Maudouit-Ridde: very promising partner, excellent technician, particularly on SPACs.’

 

Principaux clients

Auplata Mining Group


Aurel BGC


Cantor Fitzgerald Europe


Digital Virgo


Drone Volt


GECI International


Groupe Airwell


Osmosun


Priveterra Acquisition Corp. II


Portzamparc


Roth


TP ICAP


Transition Evergreen


Yorkville Advisors


Principaux dossiers


  • Advised Osmosun and the placing agents Portzamparc in connection with Osmosun’s initial public offering on Euronext Growth.
  • Advised Smart Good Things Holding in connection with its listing on Euronext Access + Paris.
  • Advised  French FinTech Digital Virgo on its contemplated business combination with Goal Acquisitions Corp., a U.S. SPAC, and its reverse IPO on the Nasdaq stock exchange.