SFR prepares its offensive for long monthsIt did exacerbate a diffuse sense of illegitimacyEC which Canal took note with satisfactionYoplait is the third if the submitted offer5 million units sold last year of which 2Resume meets their desire to speak to their accountIt is my duty it is the general interestThis old term seems to become barely audibleOther voices could be heard yesterday to call for government interventionBut in his eyes the latter is manageableIndividual investors have largely contributed to support the recent introductions on the stock exchange. "These are even they who rescued Enel Green Power," commented a banker. Indeed, almost 78 of the renewable energy of the Italian group division titles have been assigned to individual shareholders, a record on major Italian operations since 2005.
The "retail" also played a role in the success of the entry into stock market of Warsaw Stock Exchange, since the latter received 30 of the offer (1).
In the difficult operation of the Italian group - the price range was reviewed to decline - the share allocated to individuals has been increased end-of-process, in view of the mixed reception of institutional. "Individuals have a stabilizing role should not be overlooked, especially in times of turbulence", comments Thierry Olive, primary market responsible for shares in BNP Paribas.
They tend to be less sensitive to development, which makes it an asset for companies "down" to investors. Especially in the current context where the price remains one of the keys to the success of most of the introductions on the stock exchange.
"It must be a known name".
However, support of the "retail" is not only benefits: "individuals make fewer transactions than the institutional, which has consequences for the liquidity of the company", note a professional. "The public tends to sell as soon as the first points of increase and is not necessarily always present in future calls to the market", adds a second.
This recent example of Enel Green Power is rather is an exception to the operations of the past years. The proportion is, indeed, in General, more low, except for major privatisation. In Italy, the share allocated to individuals has been understood between 10 and 62.7 for further introductions of EUR 200 million, since 2005, according to BNP Paribas. France - Where bankers should reserve 10 of the offer to individuals, the average is 16, raising more of 50 million euros.
But this percentage ranges from 1.6 in Paris Re (in 2007) to 68.3 in EDF (in 2005). "To attract individuals, it must be a known name and a strong communications policy," says Thierry Olive." In addition, the hexagonal banks have rather used to sell a more diversified mutual funds than direct actions. "" The proportion varies from one country to another and one time to another, depending on the culture, although obviously the general orientation of the stock market and fiscal incentives", added Jerome Leleu, in charge of the primary actions for the France at Morgan Stanley.
"Appetite".
It is in Asia that individuals appear to show the most interest, as evidenced by the case of the French L'Occitane: demand reached 160 times the offer for individual investors (and was close to that of the institutional in amount), for a final allocation of 50. "Appetite of individuals is much stronger in Hong Kong and Europe," confirms Cyril Michel, primary market official shares in HSBC France. The rate of over-subscription for the "retail" slice reached 6 to 470 times on 10 more big of the year in Hong Kong, according to BNP Paribas (on the basis of the size of the "retail" application divided by the size of the slice that is addressed to them). It has been 10 times for AIA and is mounted, most recently, until 1.226 to Evergreen International!
