What are Portzamparc’s main areas of expertise?
Vincent Le Sann: Portzamparc, a subsidiary of BNP Paribas Banque Privée, focuses on two core areas. Firstly, we advise individual investors on long-term equity investing, drawing on behavioural finance. Secondly, we advise companies and their management teams, whether already listed or considering an IPO, on an initial public offering. Our mission is to help them use financial markets to drive growth and raise capital, while ensuring their independence in terms of governance.
For SMEs and mid-sized companies, this means supporting them before, during and after financial operations, providing both strategic guidance and hands-on support.
Our collaboration with BNP Paribas Entreprises has two main components:
- Portzamparc offers a range of services to support the listing of SMEs and mid-sized companies.
- Portzamparc focuses on BNP Paribas Entreprises' existing and prospective clients that are eligible for a stock market listing, offering them specialist support throughout the process.
Portzamparc Key Figures
in assets under management
on one in three IPOs by SMEs and mid-sized companies in France
dedicated to supporting private and institutional clients
What support does Portzamparc provide to SMEs and mid-sized companies?
VLS: A listed SME or mid-sized company needs a partner that can guide it through key milestones – such as a capital raising or a public offer – but it also requires ongoing support to enhance its appeal. Our role does not end with the operation: we remain committed to helping the company communicate its strategy, broaden its investor base across Europe and support liquidity* in its shares. (*the ease with which a security can be bought or sold on the market).
In practice, this means providing ongoing equity research, maintaining close dialogue with the market and advising companies on how to enhance their visibility among investors.
What are the key objectives of the collaboration between Portzamparc and BNP Paribas Entreprises?
VLS: Having access to such a broad range of expertise within the same banking group is a real advantage for business leaders. BNP Paribas Entreprises contributes its commercial banking expertise and its close relationships with businesses, while Portzamparc complements this offering with specialist services for listed companies and those preparing for a stock market listing..
Our objective, together with the directors of BNP Paribas’ Business Centres, is twofold:
- Enhance day-to-day support for these companies with tailored services. This includes improving share liquidity through liquidity contracts, broadening the shareholder base with sponsored equity research and supporting share buyback programmes. This support deepens the company's relationship with the bank. The partnership delivered particularly strong results in the first half of 2026, with 25 additional SMEs and mid-sized companies benefiting from Portzamparc's services.
- Anticipate major corporate transactions (excluding IPOs) to solidify the relationship before decisive moments: Raising capital on the stock market to strengthen equity and finance a project or acquisition, ensuring liquidity for a minority shareholder or assessing the feasibility of a delisting requires a close and trusting relationship. Portzamparc’s decades of expertise in the listed SME and mid-sized company segment and BNP Paribas Entreprises’ longstanding relationship with its clients are the foundations of the success of these strategic capital markets transactions. We also help BNP Paribas Entreprises develop new client relationships. This was notably the case for STIF (family-owned industrial mid-sized company, Pays de la Loire Business Centre) for which we structured a buyout of minority shareholders, while allowing the business owner to retain control of his company. The close relationship between the Portzamparc team and the company's management also enabled BNP Paribas Entreprises to establish a broader corporate banking relationship with STIF and support the company's financing needs.
BNP Paribas serves one-third of French SMEs and two-thirds of French mid-sized companies
How does this closer collaboration benefit BNP Paribas' SME and mid-sized clients and prospects?
VLS: The objective of this collaboration with the Business Centres is to help relationship managers fully understand the benefits of a stock market listing for business leaders and identify the right time to discuss it with them. The SMEs and mid-sized companies we support will benefit from our broad expertise and educational approach, particularly during the many dedicated events we organise.
With the support of the Business Centres, we invite managers of SMEs and mid-sized companies who are considering this source of financing.
We invite business leaders who have successfully completed an IPO to share their experience, whether through training programmes such as IPOReady, or at executive dinners held across France. Half of listed French SMEs and mid-sized companies have their headquarters throughout France. Over the past twelve months, we have organised these “peer dinners” in Angers, Bordeaux, Lille, Lyon and Nantes. We go even further for those who wish to do so by organising informal meetings with potential professional investors.
For SMEs or mid-sized companies, these exchanges help “demystify” the listing process and help business leaders make informed decisions. This is what the relationship managers at BNP Paribas Entreprises are reporting to us. Several years can pass between the initial consideration of a listing and the decision to go public. This was the case for the company Waga (biogas, Centre d’Affaires Arc Alpin), for example, whose management team we first met four years before its Paris IPO to discuss the benefits of listing. Thanks to the close relationships built by our teams and their commitment, this approach has delivered tangible results. We raised €124 million for the company during its IPO in 2021 and then a further €52 million in 2024. The equity capital raised through the markets enabled the company to access different types of bank financing arranged by BNP Paribas. This transaction illustrates a long-term funding partnership for a client supported by BNP Paribas.
What are the benefits of going public for SMEs and mid-sized companies?
VLS: In 2026, through our “IPO 360°” programme, we will identify and support SMEs and mid-sized companies that could consider an IPO within 12 to 36 months. We have built a database of more than 600 target companies across France. We draw on an existing pipeline of companies, including support programmes for fast-growing SMEs and IPO preparation initiatives such as IPO Ready or ETIncelles. This is a dynamic database that is continuously updated. But the real key lies in identifying the right opportunities. When we approach existing or prospective clients with a deep understanding of their needs, we are able to provide advice that is genuinely tailored to their situation. The "360°" approach combines the expertise of Banque Privée's Family Shareholding team with the screening work carried out alongside BNP Paribas Entreprises' Business Centres.
An IPO is not an end in itself. Business leaders choose it when it serves a business strategy, combining financing, visibility, governance and liquidity prospects. So the idea is not to “push for an IPO”, but to help our Business Centres engage business leaders on the right issues: equity financing, visibility, governance/independence, liquidity for minority shareholders, succession planning, growth plans — and to chart a realistic course."
the five benefits of an ipo (initial public offering)
1. The company grows while preserving its independence. The absence of a shareholders’ agreement gives owner-managers flexibility in the management and development of their company. Corporate governance is built around recognised best practices, including the MiddleNext Code. The presence of independent directors helps ensure balanced governance and helps protect the company’s interests over the long term.
2. Equity capital supports growth: access to European capital finances investments, while listed shares can also be used as acquisition currency.
3. Visibility increases: the company gains recognition within its ecosystem (customers, partners, talent and investors).
4. Employer attractiveness increases: performance-based incentive schemes and listed share awards serve to attract and retain managers.
5. Liquidity improves: long-standing or non-operational family shareholders have an opportunity to exit, based on an independent market price, and according to their own timetable.
Against the backdrop of the coming generational transfer of wealth, a stock market listing can help preserve family ownership while supporting the company's long-term development.
170 family-owned companies spanning multiple generations are listed in France
What type of SMEs and mid-sized companies are investors seeking?
VLS: Investors are looking for the right balance: a credible growth story at a valuation that supports strong post-IPO share performance. In practice, they often look at equity transactions of €10 to €150 million (cash-in or cash-out*). In terms of target companies, there is strong demand for family-owned mid-sized industrial companies (with EBITDA** of around €10 million or more) and for growing, profitable SMEs, particularly in the tech, AI, energy, healthcare and defence sectors. Our IPO targets match these investment criteria: the next challenge is to assess the maturity of the project, the ability to deliver on their growth plans and the quality of the preparation. That is precisely what we do in the “IPO 360°” programme.
cash-in or cash-out*: "cash in" refers to money entering a business or account, while "cash out" refers to money leaving it, either through withdrawals, expenses, or investment exits
EBITDA**: Earnings Before Interest, Taxes, Depreciation and Amortization
“SMEs and mid-sized companies are the driving force of the French economy in that they innovate, create jobs and drive economic growth across the country. By combining exceptional client service, sector-specific expertise and tailor-made solutions, our ambition is to become the bank of choice in this segment. By strengthening our collaboration with Portzamparc, we are applying our “One Bank” approach to accelerate their development and support them at every stage of their growth.”
2026: a supportive market environment for SME and mid-sized company listings
Several factors are creating a favourable environment for listed SMEs and mid-sized companies seeking to raise capital in the public markets:
- Regulatory simplification: the European Listing Act reduces the administrative burden associated with IPOs
-Reduction of the registration document to a maximum of 75 pages for SMEs and mid-sized companies (compared to more than 200 previously)
-Accelerated and more cost-effective process for companies preparing to list (4 months vs 6 previously) - The performance of recent IPOs: companies listed on Euronext Paris in the last two years have delivered strong post-IPO performance, strengthening the confidence of institutional and individual investors.
- Renewed momentum among specialist funds: funds dedicated to SMEs and mid-sized companies generated strong returns in 2025 and are once again attracting fresh capital, thereby stimulating investor demand.
Several initiatives by institutional investors help direct savings toward listed SMEs and mid-sized companies: CDC Croissance, BPI BlueSpring and Tibi3.
Portzamparc: BNP Paribas' wealth management brand for private and institutional clients
Its main role is to support clients in managing, growing and transferring their wealth by offering tailored solutions in investment, savings, life insurance, tax planning and investment advice.
Portzamparc primarily serves high-net-worth individuals and families seeking to manage, enhance and transfer their wealth over the long term. It combines personalised advice with specialist expertise while integrating environmental and social considerations into its investment recommendations.
