By Aisling Finn on Wednesday 2 June 2021
The fintech first gained regulatory approval from the French regulator back in December 2020.
The platform, which allows retail investors to take part in public company fundraises, has teamed up with fellow investment platform Euronext to launch in France.
PrimaryBid, which received regulatory approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in December 2020, is open to French retail investors as of yesterday.
“We launch in France at a time when companies have a strategic need for financing and when French people want to contribute directly to the country's post-Covid economic recovery,” Anand Sambasivan, CEO of PrimaryBid, said.
“Our overarching ambition is to democratise capital markets, making them accessible to retail investors on equal terms as institutions. We have been delighted by the early reception to PrimaryBid in France and look forward to working with leading companies to offer retail investors the ability to participate in equity offerings.”
Retail investors directly own 12 per cent of listed shares in France, a figure that has since risen since the start of the pandemic, making PrimaryBid’s entry into the market even more timely.
“A record-breaking 500,000 retail investors participated in the listing of Française des Jeux on Euronext Paris in November 2020, which led to a marked revival of retail interest in equity investment,” Anthony Attia, global head of primary markets and post trade at Euronext, added.
“By enabling retail participation in listed companies’ capital raises under the same conditions as institutional investors, PrimaryBid is bridging the gap which excluded these investors from taking part in certain transactions. PrimaryBid’s technology delivers this access, and is aligned with Euronext’s mission to promote the financing of the real economy through capital markets.”
The investment platform has completed over 140 capital raisings for UK listed companies, including Deliveroo, PensionBee, Ocado and Aston Martin.