More than 20 internet stocks have already lined up to float this year on the Nouveau Marché, the French market for growth and technology stocks.
The surge of activity and new listings suggest that internet fever has hit France in the same way that it hit Germany's Neuer Markt last year. One analyst estimated that as many as 50 internet stocks could eventually launch IPOs in France this year. The strong pipeline of internet IPOs also shows that the Nouveau Marché is finally coming of age and catching up with Germany's Neuer Markt. Although it launched before the Neuer Markt, there are just 113 companies on the Nouveau Marché with a combined value of around E25bn ($25.3bn). The Neuer Markt has more than 200 companies with a combined value of more than E100bn. In the past fortnight ArtPrice.com and NetValue launched on the Nouveau Marché to such demand that trading had to be suspended in both stocks. In the first month of the year a further 20 internet companies have signalled their intention to float on the Nouveau Marché â which saw just 32 listings in the whole of last year. The biggest is likely to be Europ@Web, the internet investment vehicle launched by French tycoon Bernard Arnault, which is expected to float by the summer. LibertySurf, one of the biggest internet service providers, and one of Europ@Web's biggest investments, is also floating. Internet stocks from the travel, retail, consultancy and services sectors are queuing up to join the market, including iBazar, an internet retailer, TravelPrice, ChateauOnline, FranceNet and SicavOnline. Indicative of the surge in interest is the decision by SelfTrade and ConsorsFrance, two online brokerages, to float on the Nouveau Marché. Simon Barnasconi, a director in equity capital markets at ABN Amro Rothschild in Paris who led the NetValue IPO, said: "A number of factors have come together this year. "The funds available for internet stocks are much higher, companies are beginning to reach a level of maturity at which they can float, and of course, success creates success.' He said that retail interest in internet stocks had surged in the past year. As a result of the explosion in activity, the Nouveau Marché index is up 49.8% since the beginning of the year, and more than 250% in the past six months. This performance eclipses the Neuer Markt, the Nouveau Marché's bigger cousin which has climbed 96% in the past six months.
