Software company, Planisware, saw its shares soar 33% as it debuted on the French stock exchange.
The software company, which has its UK and Ireland base at MediaCity, had delayed its IPO (Initial Public Offering) late last year, due to a deteriorating market environment. That decision appears to have paid off.
15m shares were priced at €16 each at the IPO, but stock opened much higher, at €21.01 and closed at €20.09.
“Planisware’s IPO was well-received by investors from all horizons. We are delighted to welcome them as shareholders in the company to support our growth journey at the heart of the Project Economy,” said Pierre Demonsant, Co-founder and Chairman of Planisware.
“The success of our IPO marks the start of a new phase in our company’s development. Our convictions and ambitions have been strengthened. We are looking to the future to become the leading provider of multi-specialist project management solutions.”
The initial price valued the company €1.11bn and was the largest IPO on the Euronext Paris stock exchange for 3 years, raising $297m.
Planisware’s founders will retain a majority stake, with cornerstone investors, CDC Tech Premium, DNCA Finance, Invesco Asset Management Limited and T. Rowe Price International Ltd each acquired €25m, taking up a total of €100m.
“Planisware is ideally positioned to meet our customers’ needs, transform the way organisations plan and deliver their project portfolios and take advantage of market opportunities,” added Loïc Sautour, CEO of Planisware.
“The success of the global offering with institutional investors and the strong participation of our employees in the concurrent offer reserved for employees attest to their confidence and inspire us to pursue with enthusiasm the development of the Group that we are building every day with our ecosystem of customers and partners. Today marks an exciting new chapter in Planisware’s history.”
Planisware operates in more than 30 countries, with 12 offices around the world, including its MediaCity base, headed up by UK&I CEO, Kai Ojo. In total it employs more than 600 staff and works with companies including Airbus, Pfizer, Johnson&Johnson, PepsiCo and Ford.
