Firms To Watch: Capital markets: equity capital markets

Capital markets: equity capital markets in France

August Debouzy

August Debouzy’s practice is headed by Jean-Damien Boulanger, who assists SMEs and some larger listed companies in dealing with a range of ECM and securities law issues, including advising on Euronext Growth’s IPOs.

Principaux dossiers


Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton offers large resources and high-level expertise to many of France’s leading listed companies, which turn to the team for support in high-end transactions. Its client base also extends to investors and underwriters, and the firm routinely advises on large IPO and rights offerings on Euronext, European and international listings, and other ECM transactions. Its extensive proficiency in securities law also makes it a top name for high-end public M&A, governance, and stock-market litigation issues. The practice is co-headed by Marie-Laurence Tibi and Frédéric Martin, who was elevated to the partnership in 2025. Also recommended is John Brinitzer, M&A star Pierre-Yves Chabert and Alexis Raguet, who was also promoted to partner early 2025.

Responsables de la pratique:

Marie-Laurence Tibi; Frédéric Martin


Autres avocats clés:

John Brinitzer; Pierre-Yves Chabert; Alexis Raguet


Les références

‘Top-tier team in securities law. Privileged contacts with the authorities.’

Pierre-Yves Chabert is excellent, highly professional, very patient and approachable.

Principaux clients

L’Oréal


Canal+


Louis Hachette Groupe


Havas


Exosens


Alstom


Planisware


Attestor


Wendel


Principaux dossiers


  • Advised Havas and Louis Hachette Group on their listings on Euronext Amsterdam and on Euronext Growth (Paris) in connection with their spin-off from Vivendi.
  • Advised the underwriters on the initial public offering and Euronext Paris listing of Exosens.
  • Advised Alstom on both a €1bn rights offering and a €750m inaugural issue of deeply subordinated (or hybrid) bonds.

White & Case LLP

White & Case LLP stands out for its large and deep bench of experts who routinely advise on the market’s most prominent transactions. The Parisian practice, which can rely on complementary internal DCM and US law expertise, is at ease assisting underwriters as issuers or shareholders with complex and large transactions on Euronext or on foreign stock exchanges due to its international capabilities. Its range of work includes support with large IPOs, share offerings, and acquisitions, as well as convertibles. The team recently advised on the listing of the first publicly traded European Generative artificial intelligence company. The sizeable team includes senior statesman Philippe Herbelin and star partners Séverin Robillard, Thomas Le Vert, and US law adviser Max Turner. Boris Kreiss, who was elevated to the partnership in 2025, is another key name within the team.

Responsables de la pratique:

Thomas Le Vert


Autres avocats clés:

Séverin Robillard; Philippe Herbelin; Max Turner; Boris Kreiss


Les références

‘Thomas Le Vert is a leading capital markets expert in Paris.’

‘Séverin Robillard is highly regarded for restructuring and convertible bonds.’

A&O Shearman

Headed by the experienced Olivier ThébaultA&O Shearman's practice routinely advises banks and financial investors, and it also has strong capabilities in assisting issuers with large EMC transactions. The team is particularly active in advising on convertibles and sales and acquisitions of shares in relation to France’s leading listed companies. The team also provides support during strategic M&A and corporate deals led by the firm and involving top listed companies. Also recommended is Jade Billere-Mellet.

Responsables de la pratique:

Olivier Thébault; Diana Billik


Autres avocats clés:

Jade Billere-Mellet


Les références

‘A&O’s expertise in the specifics of transactions, technical elements, and regulatory particularities has been invaluable to us in several situations. Their availability, responsiveness, and precision are also highly appreciated.’

‘Olivier Thébault is one of the top capital markets experts in Paris, very efficient and readily available. He is invaluable in negotiations with clients.’

‘Olivier Thébault is highly experienced and fully committed. He provides excellent follow-up throughout the various stages of transactions, making things easier for his clients. He has excellent interpersonal skills and is always available.’

Principaux clients

Bpifrance


CACIB


Clariane


Compagnie des Alpes


Euronext


Natixis


Peugeot Invest


Rexel


Ubisoft


Principaux dossiers


  • Advised CACIB and Société Générale on the spin-off of Hachette Group and Havas from Vivendi.
  • Advised Euronext on its initial issue of OCEANEs.
  • Advised a bank syndicate on the issue by Artemis of non-dilutive cash-settled bonds exchangeable for Kering shares.

Darrois Villey Maillot Brochier

Led by Laurent Gautier, Darrois Villey Maillot Brochier’s ECM practice complements the firm’s M&A department, with which it works in close collaboration. The ECM team assists leading issuers, controlling shareholders, and investors with shares buyback and acquisitions, rights offerings, capital increases, and IPO transactions. Recently, the team has also worked on the ECM aspects linked to the debt restructuring of large corporations. Isabelle Touré-Farah provides further key support.

Responsables de la pratique:

Laurent Gautier


Autres avocats clés:

Isabelle Touré-Farah


Les références

‘The team is excellent.’

‘Laurent Gautier is brilliant.’

Principaux clients

Carrefour S.A.


Atos SE


Clariane


TowerBrook Capital Partners


KKR


SAS Rue La Boétie


Bellon S.A.


Principaux dossiers


  • Advised Atos SE on its financial restructuring.
  • Advised Clariane on capital increases totaling €328m, announced on 17 May 2024 and closed in July 2024.
  • Advised Carrefour S.A. on the sale of shares in Carmila S.A.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I. demonstrates a great ability to assist banks, financial advisers, and corporations with a vast range of transactions, from capital increases, block trades, and private placements, to IPOs. The practice advises on both small and large transactions, and is notably active in the life sciences and technology sectors.  Arnaud Duhamel is a highly recommended member of the practice, as is US law expert Melinda Stege-Arsouze, Scott Logan, and Guillaume Monnier.

Responsables de la pratique:

Arnaud Duhamel; Melinda Stege-Arsouze; Laurent Vincent; Hubert Merveilleux du Vignaux


Autres avocats clés:

Scott Logan; Guillaume Monnier


Les références

‘Gide’s team combines international-standard of execution with deep local regulatory fluency, delivering advice that is not only technically sound but decision-ready.’

‘They are responsive, flexible, translating complex issues into clear options, risks, and recommended actions under tight timelines.’

‘They are pragmatic and outcome-oriented.’

‘Melinda Stege-Arsouze stands out for clear, practical advice delivered fast, without missing the details. She has strong experience, takes ownership from start to finish, and breaks complex issues into simple steps. She is persistent—keeps things moving and closes open points—while staying calm under pressure. Just as important, she’s easy to work with: responsive and friendly, which keeps negotiations productive. These qualities set her apart make her our first call for time-sensitive matters.’

Principaux clients

Air France KLM


Renault


Deutsche Bank


HSBC


BofA


Morgan Stanley


Goldman Sachs


Turkcell


Citigroup Global Markest


Jefferies


Piper Sandler


DBV Technologies


Antin Infrastructure Partners


Veolia Environnement


BNP Paribas Group


Leerink


Société Générale


American Industrial Partners


Kempen


Inventiva


Crédit Agricole CIB


Principaux dossiers


  • Advised a bank syndicate on Abivax’s public offering of American Depositary Shares in the United States for USD750m.
  • Advising Agence des Participations de l’Etat on Eutelsat’s recapitalisation project.
  • Advised Younited on its de-SPACing transaction with Iris Financial, a special-purpose acquisition company based outside France.

Jones Day

Jones Day's French and US integrated Paris ECM team is particularly sought after by issuers, including healthcare, medtech, and biotech companies, which constitute a significant proportion of the firm's client base. The team, which can also advise underwriters, assists with private placements, convertibles, tender offers, share capital increase, and share offerings transactions. The team is co-headed by US law expert Linda HesseFlorent BouyerRenaud Bonnet, and Charles Gavoty, who also handles M&A and private equity deals. Anne Kerneur and Seth Engel are also key contacts in the practice.

Responsables de la pratique:

Linda Hesse; Renaud Bonnet; Florent Bouyer; Charles Gavoty


Autres avocats clés:

Anne Kerneur; Seth Engel


Les références

‘Florent Bouyer is extremely well-regarded and involved in major deals. Also experienced in smaller projects.’

‘Jones Day knows how to intelligently strike the right balance between pragmatism and protecting its clients.’

‘Jones Day has a thorough understanding of its clients’ needs and offers a comprehensive range of expertise, with teams that work very well together.’

‘Linda Hesse is remarkably pragmatic.’

‘Florent Bouyer knows the market very well.’

Principaux clients

Sanofi


Orange


BNP Paribas


EUROAPI


Voltalia


Natixis


Valneva


Waga Energy


Cellectis


Genfit


Carmat


Criteo


Arverne Group


Nanobiotix


Bryan Garnier & Co Ltd


Innate Pharma


Société Générale


ADOCIA


Median Technologies


Vinpai


Kalray


Principaux dossiers


  • Advised Sanofi on the capital markets aspects of the EUR16bn split-off of Opella, including related French and U.S. capital markets aspects and ongoing disclosure issues.
  • Advised Legrand S.A. on its EUR800m private placement of convertible bonds in Europe, representing the largest convertible bond issued in France since September 2020
  • Advised Orange S.A. on the voluntary delisting of its American Depositary Shares from the NYSE and voluntary deregistration from the SEC.

Bredin Prat

Bredin Prat’s practice boasts 'genuine business acumen', and is led by the highly experienced Olivier Saba, who assists issuers and investors with mid to large share capital increases and share transactions pertaining to France’s leading companies, while also handling public M&A work. Douceline Chabord also significantly contributes to the department.

Responsables de la pratique:

Olivier Saba


Autres avocats clés:

Douceline Chabord


Les références

‘Ability to anticipate needs and difficulties, combined with genuine business acumen by integrating the client’s concerns without judgement to consider trade-offs, legal security, and speed of execution.’

‘They are dedicated to serving the client.’

Principaux clients

Eutelsat


DSM-Firmenich


Iris Financial


Bpifrance Investissement


Fnac-Darty


EuroApi


Principaux dossiers


  • Advising Eutelsat, a leader in the French satellite operator market, on its capital increase project for an amount of €1.5bn.
  • Advised Iris Financial, a Euronext Amsterdam-listed special purpose acquisition company focused on the financial services sector, on its combination with Younited, a leading European credit institution and the foremost provider of instant credit in Europe.
  • Advised Bpifrance Investissement on Alstom’s share capital increase with preferential subscription rights of approximately €1bn, the final step in its deleveraging plan.

Clifford Chance

Clifford Chance boasts expertise in the ECM field within its Parisian office, which can also handle US-related. The practice benefits from being to regularly work alongside the firm's other international offices, including in Amsterdam. The team often assists underwriters, coordinators, and book runners. Aline Cardin and Olivier Plessis, who has US expertise, are the key names to note in the department.

Responsables de la pratique:

Aline Cardin; Jonathan Lewis; Anne Lemercier; Olivier Plessis


Les références

‘Present everywhere, very useful for complex transactions involving many countries. Very knowledgeable about US issues.’

‘The Parisian ECM team is extremely user friendly, experienced on all ECM products, responsive, hard-working and highly efficient. They really listen to clients’ needs and have proved themselves time and again to be trusted advisers.’

‘They really know the market standards, act equally strongly for issuers and underwriters, are consistent and balanced, and can navigate to the best solutions and positions for ECM capital raisings and selldowns.’

Principaux clients

BofA


Stifel


Bryan Garnier


Goldman Sachs


Natixis


NSIG Sunrise


Principaux dossiers


  • Advising NSIG Sunrise and BofA Securities on the accelerated bookbuild offering of ordinary shares in the capital of French company Soitec, a leading designer and manufacturer of semiconductor materials, listed on Euronext Paris.
  • Advised BofA Securities and Goldman Sachs as solicitation agents on the successful consent solicitation of Orange in relation to the amendment of certain outstanding SEC-registered notes in the context of Orange’s delisting of its shares and deregistration in the US.
  • Advised a syndicate of underwriters, comprising J.P. Morgan, Morgan Stanley, BNP PARIBAS, Goldman Sachs, and ING on the €300m equity issuance by CTP N.V., Europe’s largest publicly listed industrial developer by gross leasable area.

Jeantet

Led by Cyril Deniaud, Jeantet boasts a strong practice that is popular with issuers, shareholders, and investors involved in small to mid-cap ECM transactions, including convertibles. The team also demonstrates a strong ability to handle larger mandates and has advised on a number of significant tender offers followed by a delisting. Support is also provided by Benjamin Cohu, another key team member.

Responsables de la pratique:

Cyril Deniaud; Frank Martin Laprade


Autres avocats clés:

Benjamin Cohu


Les références

‘Highly professional in Securities Law. Accessible and available.’

‘Cyril Deniaud is an excellent, tenacious and pedagogical lawyer who provides unfailing support.’

‘Expertise, experience on complex topics, client focus.’

‘A phenomenal work ethic and excellent command of regulations make Jeantet a partner of choice.’

‘Expertise, availability, and responsiveness.’

‘Excellent team, very active in the market, with a strong ability to identify and synthesize problems and find business solutions.’

‘Benjamin Cohu is well-known for his rigour.’

‘Cyril Deniaud takes the time to understand the entire context before formulating his recommendations, which allows him to provide relevant and practical solutions rather than creating additional difficulties. He seeks legal solutions, not legal obstacles.’

Principaux clients

Esker


Gecina


Sartorius Stedim Biotech


Société pour l’Informatique Industrielle


PulluP Entertainment


Compagnie Industrielle et financière d’Entreprises


Advantech Co., Ltd


Figeac Aéro


Keyrus


Cogelec


Groupe LDLC


Hoffmann Green Cement Technologies


Quadpack Industries


Prologue


M2i


Osmozis


Alpha Blue Ocean


IQ-EQ Management


Florentaise


Bluelinea


Entreparticuliers.com


Intrasense


L1 Capital


Ikonisys


Rebirth S.p.A


Predilife


Principaux dossiers


  • Advised Esker on the €1.6bn voluntary public tender offer by Bridgepoint, alongside General Atlantic and Esker management shareholders, leading to the successful delisting of Esker from Euronext Growth Paris.
  • Advising Cogelec and the shareholders of Cogelec Développement, indirect majority shareholder of Cogelec, on the contemplated acquisition of the Cogelec Développement shares by Legrand, to be followed by a mandatory simplified public tender offer to acquire the remaining Cogelec shares, valuing Cogelec at approximately EUR254m.
  • Advised M2i and its controlling shareholder, Prologue, on the sale of a 59.94% stake in M2i to Skolae, followed by a simplified public tender offer by Eductive SAS for the remaining shares, valuing M2i at €49m.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's ECM practice draws on the firm’s excellent public M&A expertise and US capabilities and the Parisian team often assists US financial institutions acting as financial advisers with public tender offers and take-private transactions. Its US capabilities are also sought after by leading French companies and international institutions for their US capital markets notes offerings. M&A partner Olivier De Vilmorin, US law adviser Garth W. Bray, and Arnaud Berdou, who was elevated to the partnership in 2025, are key contacts.

Responsables de la pratique:

Olivier De Vilmorin


Autres avocats clés:

Garth W. Bray; Arnaud Berdou


Principaux clients

Allianz


AXA


Citigroup


Electricité de France


Elis


ING Groep N.V.


Morgan Stanley


Winston & Strawn LLP

Chaired by Annie Maudouit-RiddeWinston & Strawn LLP's Parisian practice shows excellent expertise advising on mid-cap deals, including complex transactions. Mainly assisting issuers, including fintech and tech companies, the Parisian team also stands out for its solid track record advising on SPAC transactions, while its ability to rely on the firm’s US and international platform is also a key asset for cross-border transactions.

Responsables de la pratique:

Jérôme Herbet; Annie Maudouit-Ridde


Les références

‘The team demonstrates great commitment and professionally defends the interests of clients.’

‘Annie Maudouit-Ridde is committed and very persevering.’

‘A strong Capital Markets and M&A team in Paris. Annie Maudouit-Ridde and her team provide excellent client service.’

‘Annie Maudouit-Ridde has good commercial common sense. Her technical arguments are always on point and direct.’

‘Annie Mauduit-Ridde is a brilliant lawyer, with a commercial approach and who knows the issues of financial products and markets.’

‘Annie Mauduit-Ridde has a good knowledge of securities law.’

‘A dynamic, professional, innovative team dedicated to its clients.’

‘Annie Maudouit-Ridde has a thorough understanding of the regulations and their intricacies.’

Principaux clients

Aubay


Aurel BGC


Cantor Fitzgerald


Digital Virgo


Drone Volt


GECI International


Invest Securities


Montbleu Finance


Portzamparc


Roth Mions


TP ICAP


Transition Evergreen


Principaux dossiers


  • Advised Osmosun and the placing agents Portzamparc and TP ICAP on Osmosun’s initial public offering on Euronext Growth.
  • Advised Smart Good Things Holding on its listing on Euronext Access + Paris, followed a few months later by a strategic equity investment by group Casino.
  • Advised Digital Virgo Group, a French FinTech, on its contemplated business combination with Goal Acquisitions Corp., a U.S. SPAC, and its reverse IPO on the Nasdaq stock exchange.

CMS Francis Lefebvre

CMS Francis Lefebvre's Bertrand Sénéchal brings a wealth of experience advising issuers and investors on small to mid-cap transactions surrounding the sale of shares, private placements, and investments in companies often listed on Euronext’s regulated Market. The team also advises on unsolicited tender offers.

Responsables de la pratique:

Bertrand Sénéchal


Les références

‘Availability. Proactive approach. Solution finder.’

‘Bertrand Sénéchal is proactive, knowledgeable, experienced, and pragmatic.’

‘Responsiveness, availability, adaptability. In addition to technical expertise, an excellent understanding of market practices.’

Principaux clients

Capital B


Genfit


GenSight


INNATE PHARMA


Lhyfe


NHOA


Transgene


Principaux dossiers


  • Advised Capital B on the set-up of an “ATM-like” programme by Capital B, a French Bitcoin treasury company listed on Euronext Growth.
  • Advised Citadel LLC on its investment into DBV Technologies, a French biotech company listed on the regulated Market of Euronext in Paris and on NASDAQ.
  • Advised GenSight, a French biotech company listed on the regulated market of Euronext in Paris.

Goodwin

Headed by Guilhem Richard, Goodwin's ECM practice is a go-to for clients active in the biotechnology sector, and its portfolio also includes agents, banks, and issuers. The team advises clients on significant transactions, from private placements and rights offerings, to IPOs. Its ability to combine forces with the firm's US offices is also another strong asset for the Parisian team, which regularly advises on cross-border transactions. Mariléna Gryparis provides further key support.

Responsables de la pratique:

Guilhem Richard


Autres avocats clés:

Mariléna Gryparis


Les références

‘An extremely competent team, very responsive and available, and very friendly.’

‘A team with excellent knowledge in the field of biotechnology. Pragmatic and technically skilled, with excellent teamwork.’

‘Guilhem Richard is an excellent lawyer.’

‘It is a very solid and responsive team, with a deep knowledge of cross-border (France-US) and complex transactions.’

‘Guilhem Richard and Mariléna Gryparis are two very notable members of the team. Very rigorous, creative, and friendly.’

Principaux clients

Jefferies


Evercore


Stifel


Bank Degroof Petercam SA/NV


Invest Securities


Leerink Partners


BNP Paribas


Phaxiam Therapeutics


Van Lanschot Kempen


Guggenheim


B. Riley Securities


Northland Capital Markets


Ose Immunotherapeutics


Genfit


Principaux dossiers


  • Advised Jefferies, Evercore, and Stifel on the capital increase of Medincell for a total gross amount of €43m.
  • Advised Northland Capital Markets and B. Riley Securities, who acted as joint lead placement agents, and Yorkville Securities, who acted as a placement agent, on the $376m debt and equity offering of Sequans Communications S.A.
  • Advised Genfit on its royalty monetisation financing with HCRx for a total amount of €185m.

Latham & Watkins

Latham & Watkins assists issuers and shareholders with various ECM transactions, including IPOs, convertibles, and share acquisitions, and also provides guidance on securities law. The Parisian team also regularly combines forces with the firm's US offices when handling cross-border and US transactions, as well as advising on matters related to American Depositary Shares. Thomas Margenet-Baudry and Roberto Reyes Gaskin are key contacts in the practice.

Responsables de la pratique:

Thomas Margenet-Baudry


Autres avocats clés:

Roberto Reyes Gaskin


Les références

‘Excellent knowledge of the capital markets, solution-orientated and focused on execution.’

‘Roberto Reyes Gaskin is knowledgeable, experienced, and gets transactions done.’

Principaux clients

Alain Afflelou SA


BNP Paribas


Briarwood Chase Management LLC


Burger King France


Derichebourg


Eutelsat


JP Morgan Chase


Kapla Holding


Kingspan Group PLC


Lagardère SA


Loxam SAS


Paprec


Simon Property


SLB


Société Générale


TechnipFMC


TotalEnergies SE


Principaux dossiers


  • Advised Iteris on entering into a definitive merger agreement to be acquired by Almaviva S.p.A..
  • Advised TI Fluid Systems on its recommended takeover offer by ABC Technologies Acquisitions Ltd (ABC Technologies) for £1.8bn.
  • Advised SLB on the voluntary delisting of its ordinary shares from the regulated market of Euronext Paris.

Lexelians

Lexelians assists SMEs that specialise in biotechnologies and high-tech with their convertibles, share capital increases, IPOs, and delisting transactions. The team is led by Laurent Beauvoit, and another key contact within the department is Jonathan Santoro and is lauded for his 'strong expertise in the issues facing listed companies'.

Responsables de la pratique:

Laurent Beauvoit


Autres avocats clés:

Jonathan Santoro


Les références

‘A team that listens and is constructive, with a pragmatic approach.’

‘Jonathan Santoro and Laurent Beauvoit are proactive and close to the ground, providing practical and accessible solutions.’

‘Adapted to SMEs.’

Principaux clients

St Dupont


Reboost Blockchain Corp


Eurobio Scientific


Theraclion


Metavisio


Tonner Drones


Odiot


Charwood Energy


Toosla


Nicox


Broadpeak


Auplata Mining Group


Vergnet


Klarsen


Dronevolt


Principaux dossiers


  • Assisted NICOX with the negotiation and implementation of a share issue with warrants.
  • Assisted the lead bank and bookrunner in the initial public offering of the company ODYSSEE TECHNOLOGIES on Euronext Growth Paris with a capital increase of EUR8m.
  • Assisted the initiator of the takeover bid and the compulsory delisting of the PAROT Group for an amount of EUR51m.