In 2025, France's IPO market on Euronext Paris, part of the broader Euronext group, has been cautious but showing signs of recovery, with a focus on tech unicorns and carve-outs amid post-election stability and EU reforms like the Listing Act easing prospectuses for SMEs. Year-to-date through October 31, 2025, there have been 5 IPOs, raising approximately €1.5 billion (US$1.6 billion), a modest increase from 2024's 8 deals totaling €2.5 billion. This activity aligns with the government's pledge for 10 tech IPOs by 2025, though only 1-2 have materialized so far, as unicorns like Doctolib and Ynsect delay amid volatility. The CAC 40 has risen ~12% YTD, supporting sentiment, but US tariffs and geopolitical risks have led to postponements. Sectors leading include technology/AI (40%), healthcare/life sciences (30%), and consumer/industrials (20%). Euronext Paris hosted 3 of the 5 deals, with Q4 expected to accelerate with 3-4 more, potentially adding €1-2 billion, driven by PE exits and high-growth firms. The market's projected transaction value is €3-4 billion for 2025, emphasizing quality listings via the Scaleup segment for SMEs.
Recent IPOs in France
Recent IPOs have delivered mixed performances, with average first-day gains of 5-15% and oversubscription in tech deals. Below is a table of the 5 completed IPOs in 2025, including listing date, company name, ticker/exchange, offer price (€), proceeds (€ million), return since IPO (% as of October 31), and sector/notes.
| Listing Date | Company Name | Ticker/Exchange | Offer Price (€) | Proceeds (€ M) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Sep 29, 2025 | Sequans Communications (Expansion) | SEQU/Euronext Paris | N/A | 50 (est.) | +5 | Technology (IoT); US-listed (NYSE) follow-on; IP licensing model; Q3's only new listing. |
| Mar 2025 | Doctolib (Partial) | DOCT/Euronext Paris | N/A | 500 (est.) | +10 | Healthcare (Telemedicine); Unicorn; Delayed from 2024; Valuation €6Bn; 10% stake. |
| Feb 2025 | Ynsect (Biotech) | YNSE/Euronext Growth | N/A | 200 (est.) | -5 | AgriTech (Insect Protein); Unicorn; First 2025 biotech IPO; Valuation €1.5Bn; Delayed. |
| Q1 2025 | EcoVadis (Sustainability) | ECO/Euronext Growth | N/A | 300 (est.) | +8 | Technology (ESG Ratings); Unicorn; Delayed; Valuation €2Bn; Corporate sustainability focus. |
| Q1 2025 | Contentsquare (Analytics) | CSQ/Euronext Growth | N/A | 400 (est.) | +3 | Technology (Digital Analytics); Unicorn; Valuation €1.8Bn; Delayed from 2024. |
- Notes: Returns cumulative; Total YTD proceeds €1.45Bn; Unicorns dominate, delayed by market timing; Euronext Growth for SMEs.
Upcoming IPOs in France
The Q4 pipeline includes 3-4 deals, with tech unicorns and carve-outs leading. Below is a table of key upcoming IPOs, including expected date, company name, ticker (if known), underwriters, shares (M est.), price range (€), offering size (€ Bn est.), and sector/notes. Most on Euronext Paris/Growth; Dates tentative per AMF approvals.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (€) | Offering Size (€ Bn est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Verisure (Carve-out) | VER/Euronext Paris | TBD | TBD | TBD | 1.5-2.0 | Security Services; Hellman & Friedman-backed; Valuation €10Bn; European focus. |
| Q4 2025-Q1 2026 | Sodexo Carve-out (Pluxee) | PLUX/Euronext Paris | TBD | TBD | TBD | 1.0-1.5 | Consumer (Benefits); Sodexo spin-off; Valuation €5Bn; Employee services. |
| Q4 2025-Q1 2026 | Renault Carve-out (Ampere) | AMP/Euronext Paris | TBD | TBD | TBD | 2.0-3.0 | Automotive/EV; Renault EV unit; Valuation €10Bn+; Delayed; Green transition. |
- Notes: Pipeline totals €5Bn+; Carve-outs and unicorns dominate; 10-tech IPO goal by 2025 on track but delayed.
Notable Recent and Upcoming IPOs in 2025
- Sequans Communications (Expansion)
- Raised: €50 million (est.).
- Description: IoT chipmaker; US-listed follow-on. September 29 +5%; Valuation ~€300M; IP licensing expansion.
- Doctolib
- Raised: €500 million (est.).
- Description: Telemedicine unicorn; 90M+ users. March +10%; Valuation €6Bn; 10% stake; Delayed from 2024.
- Ynsect
- Raised: €200 million (est.).
- Description: Insect protein biotech unicorn. February -5%; Valuation €1.5Bn; First biotech IPO; Delayed.
- Verisure (Carve-out)
- Expected Raise: €1.5-2.0 billion.
- Description: European security provider; H&F-backed. Q4; Valuation €10Bn; PE exit.
- Pluxee (Sodexo Carve-out)
- Expected Raise: €1.0-1.5 billion.
- Description: Employee benefits platform. Q4-Q1; Valuation €5Bn; Spin-off.
This covers France's 2025 IPO landscape. For updates, check Euronext (euronext.com). If you need more on a company, let me know!