Determining IPO prices for innovative firms: the case of young French bio-medtech firms

Evelyne Poincelot () and Dominique Poincelot ()
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Evelyne Poincelot: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]
Dominique Poincelot: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: The large number of French biotech firms that have recently gone public prompts us to analyse the role and characteristics of their initial backers and their influence in determining the offer price at the time of the IPO. We assume the offer price is set so as to underprice companies in conjunction with the exit motives of their main shareholders and the nature and characteristics of the venture capital firms backing them. The paper characterizes listed bio-medtech firms, although the results sometimes fail to reveal underpricing for the 39 bio-medtech firms that went public on Euronext Paris between 2010 and 2016.

Keywords: Prices; Bio-medtech (search for similar items in EconPapers)
Date: 2020-07-16
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Published in Bankers Markets & Investors : an academic & professional review, 2020, 159 (1), pp.1-16

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02959933

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