Firms To Watch: Capital markets: equity capital markets

CMS Francis Lefebvre gained ECM capabilities after hiring the experienced Bertrand Sénéchal, who was formerly with Linklaters, in early 2024.
Squair hired the experienced Marie-Aude Noury in September 2023, who joined from her own boutique firm and has extensive experience advising on ECM, ESG and governance issues relating to publicly listed companies.
De Pardieu Brocas Maffei strengthened its equity capital markets practice with the fire of Etienne Boursican from Orrick in January 2022. The firm assists issuers with ECM, EuroPP and public M&A transactions.

Capital markets: equity capital markets in France

A&O Shearman

A&O Shearman houses a comprehensive range of capital markets and securities expertise that also spans ECM work. Through Olivier Thébault, the team has a strong involvement acting for banks while also advising issuers on a complete range of transactions: rights offering, share capital increase as well as convertible and delisting deals.

Responsables de la pratique:

Olivier Thébault; Diana Billik

Les références

‘Excellent execution ability and excellent availability. Top firm in the field’

‘Demonstrating both rigor and pragmatism, Olivier Thébault has established himself as a top name in French ECM.’

‘Very good knowledge of ECM (equity/equity linked) products’.

Principaux clients


Amplitude Surgical


Apax Partners

Bpifrance Investissement

Bpifrance Participations

Caisse des Dépôts et Consignations (CDC)

CEA Investissement

Compagnie des Alpes


Covivio Hotels

De Groof Petercam



Fonds Stratégique de Participations

French State (APE)

Gilbert Dupont

Groupe Arnault

JP Morgan

Kepler Cheuvreux


Morgan Stanley



PAI Partners






Principaux dossiers

  • Advised the bank syndicate on the distribution by Vantiva of 65% of Technicolor Creative Studios shares and the listing on the regulated market of Euronext Paris of Technicolor Creative Studios.
  • Advised the bank syndicate in connection with the EUR1.2 bn rights issue of ALD Automotive to finance the acquisition of Leaseplan.
  • Advised Wendel on the issue of bonds exchangeable for ordinary shares of Bureau Veritas due 2026 by way of a public offering only to qualified investors, for a nominal amount of EUR750 million.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has an experienced team and is sought out by for major ECM deals. The team is regularly called upon to advise on IPO projects on Euronext Paris and also assists leading companies with rights offering and convertibles matters, while its range of expertise also extends to high-end public M&A deals. The practice is co-headed by the highly regarded John Brinitzer, Marie-Laurence Tibi and Andrew Bernstein.

Responsables de la pratique:

John Brinitzer; Marie-Laurence Tibi; Andrew Bernstein

Les références

‘Marie-Laurence Tibi: expertise, experience, established relationship with the Financial Markets Authority, responsiveness.’

‘Marie-Laurence Tibi is an excellent adviser.’

‘Excellence, high-level expertise, great experience: a top firm.’

Principaux clients

The French State




Principaux dossiers

  • Advised the French State on its €9.6 billion tender offer on Électricité de France (EDF).
  • Advising Solvay SA on its announced project to split into two companies.
  • Represented Neoen in its €750 million rights offering.

White & Case LLP

Housing one of the market’s largest capital markets teams, White & Case LLP  is a powerhouse in the field and is retained by leading banks as well as corporations to assist with large strategic transactions including IPOs, share capital increases as well as cash tender offers and the issuances of convertibles and warrants. The highly experienced team is headed by Séverin Robillard and includes Philippe Herbelin, as well as the highly regarded Thomas Le Vert and Max Turner.

Responsables de la pratique:

Séverin Robillard

Autres avocats clés:

Philippe Herbelin; Thomas Le Vert; Max Turner

Les références

‘Very complete team, the best in Paris. Very available, always innovative and friendly.’

‘Thomas Le Vert is the most gifted lawyer of his generation and the greatest specialist currently in all segments of the French capital markets. He is a top name in the field both on the issuer and banking syndicate sides.’

Principaux clients


Belfius Bank

BofA Merrill Lynch


BNP Paribas

BNP Paribas Personal Finance


Crédit Agricole SA

Crédit Agricole CIB

CA Consumer Finance

PSA Banque Finance/Credipar

Credit Mutuel Arkea

Credit Suisse

Deutsche Bank

Goldman Sachs


J.P. Morgan



Société Générale


Air France-KLM

Air Liquide







Plastic Omnium












Principaux dossiers

  • Advised ALD in connection with its capital increase with shareholders’ preferential subscription rights, for an amount  of approximately €1.2 billion to partially finance the acquisition of LeasePlan.
  • Advised a banking syndicate on Neoen’s €750 million share capital increase.
  • Advised Teleperformance SE on its voluntary cash and share offer to acquire 100 percent of the shares of Majorel for a total consideration of €3 billion.

Bredin Prat

Leveraging its top public M&A practice and client base, Bredin Prat’s capital markets team predominantly advises corporate clients on IPOs, share offerings, convertible and bond issues. The team was notably involved in the few high-profile IPOs in  France in 2023 and regularly assists clients with large public M&A deals. Olivier Saba leads the practice. Of note, the firm also has a leading complementary stock-market litigation practice.

Responsables de la pratique:

Olivier Saba

Les références

‘Very competent.’

Principaux clients



Technicolor Creative Studios


Fnac Darty





Johnson & Johnson

Principaux dossiers

  • Advised Vantiva (previously Technicolor) in connection with the IPO of its visual effects and creative animation technologies subsidiary, Technicolor Creative Studios (TCS), on Euronext Paris.
  • Advising Mersen Group in connection with its share capital increase with preferential subscription rights for existing shareholders in France.
  • Advising Johnson & Johnson Innovation (JJDC) on its equity investment and global licensing agreement with Nanobiotix.

Clifford Chance

Clifford Chance often assists leading banks and financial advisers in ECM transactions and also regularly advises issuers. The Paris team, which combines French and US law capabilities, has been particularly active recently advising on deals concerning the German, French, Dutch and Belgium stock markets and is also experienced in advising on share capital increases via private placement deals. Through US securities expert Alex Bafi, the team also handles innovative Rule 144A IPO transactions. The experienced Aline Cardin and counsel Olivier Plessis are other key team members. Anne Lemercier offers collective employees’ shareholder share plan advice to leading companies.

Responsables de la pratique:

Alex Bafi; Aline Cardin; Jonathan Lewis; Anne Lemercier; Olivier Plessis

Les références

‘Aline Cardin demonstrates very good experience in all aspects of stock market law (legal technique and investor communication).’

‘Excellent team.’

‘Aline Cardin is exceptionally reliable and competent’.

Principaux clients

BNP Paribas


Crédit Agricole CIB

Bryan Garnier

International Banks

Goldman Sachs


Morgan Stanley

J.P. Morgan

Deutsche Bank




Credit Suisse


ABN Amro



La Française des Jeux






Europcar Mobility Group






Exclusive Networks






Caisse de dépôt et placement du Québec


Principaux dossiers

  • Advising the International Banking Syndicate on Porsche AG’s offering of 113,875,000 preferred shares.
  • Advising Dongfeng and BNP Paribas on the accelerated bookbuild offering of ordinary shares in the capital of Dutch company Stellantis N.V.
  • Advising Nicox on completing a financing through a private placement of 6,849,316 new shares with warrants attached to subscribe up to 6,849,316 new shares.

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

Gide Loyrette Nouel A.A.R.P.I.  runs a comprehensive practice, capable of handling a range of work including block trades and private placements, as well as IPOs and complex financings. The team also regularly works on convertible transactions and has in-house US expertise. It assists financial advisers and banks as well as issuers, and has a strong presence in the biotech sector. Arnaud Duhamel, US expert Melinda Stege-Arsouze and Guilhem Richard are the key partners, with of counsel Scott Logan also providing US legal support. In addition, the firm also has complementary expertise advising leading French companies on share capital increase reserved for employees through expert Sami Toutounji.

Responsables de la pratique:

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

Autres avocats clés:

Scott Logan; Sami Toutounji

Principaux clients

Antin Infrastructure Partners


Veolia Environnement


Deutsche Bank

BNP Paribas Group

Société Générale



Morgan Stanley

Credit Suisse

Crédit Agricole CIB

EFG Hermes (Egypt)

Citigroup Global Markest


Namsen Capital

JPM Securities

American Industrial Partners




Principaux dossiers

  • Assisted Air France-KLM in connection with an offering of deeply subordinated undated bonds (TSSDI) convertible into new shares and/or exchangeable for existing shares for a multimillion-euro nominal amount.
  • Advised Nippon Steel Corporation on the sale of its shares from Vallourec.
  • Advised GenSight on its initial public offering (IPO) on Euronext Paris, numerous private placements and its prior bond financing with Kreos.

Jones Day

Jones Day combines strong US and French ECM expertise within its Paris office, and has a strong involvement alongside issuers including a number of startups and biotech companies, while also assisting several banks and arrangers. The practice regularly assists clients with share capital increase and IPO transactions and also handles convertible work. On the US front, it assists clients with SEC registration and US private placement needs. The team also stands out for its ability to assist dual-listed French issuers on their US registered Yankee bond programmes. The team is jointly headed by US expert Linda HesseFlorent Bouyer, and Renaud Bonnet. Charles Gavoty also contributes.

Responsables de la pratique:

Linda Hesse; Renaud Bonnet; Florent Bouyer

Autres avocats clés:

Charles Gavoty

Les références

‘Very complementary team and very close to its customers. Responsiveness, efficiency and quality. Always good advice and very friendly. Great fluidity in exchanges and communication.’

‘Serious and available team, both on the French and American side of the practice.’

‘Florent Bouyer is very friendly and makes himself available. He seeks ways to move things forward in complicated situations while striving to preserve the interests of his clients.’

Principaux clients


BNP Paribas






Waga Energy

Bank of America




Bryan Garnier & Co Limited



Principaux dossiers

  • Advised Voltalia on its EUR 490 million capital increase with shareholders’ preferential subscription rights on the regulated market of Euronext in Paris.
  • Advised Arverne Group on its business combination with Euronext listed SPAC, Transition SA, to create the future French leader in geothermal and low-carbon lithium production.
  • Advised BNP Paribas, Natixis and Bryan Garnier on the rights offering by Carbios with a private placement to certain qualified investors in the United States pursuant to a private placement exemption.

Latham & Watkins

Latham & Watkins often assists private equity investors or their portfolio companies with ECM work, including share capital increase and convertibles work. The team regularly advises on Euronext Paris and Euronext Growth IPOs as well as on squeeze out deals. Practice head Thomas Margenet-Baudry and Roberto Reyes Gaskin, who are both French and US qualified, also regularly advise on US securities matters and on DCM transactions.

Responsables de la pratique:

Thomas Margenet-Baudry

Autres avocats clés:

Roberto Reyes Gaskin

Les références

‘The team provides an exceptional level of service. Highly recommended for their ability to flawlessly execute and for their pragmatic transaction management.’

‘Roberto Reyes Gaskin is an impressive lawyer with a great eye for detail and the ability to flawlessly execute.’

Principaux clients

Loxam SAS

Société Générale

BNP Paribas

Alain Afflelou SA

Briarwood Chase Management LLC


Bertrand Corp. SAS

Natixis Financement Paris


TechnipFMC plc




Elior Group

Principaux dossiers

  • Advised Tencent in connection with its subscription of €36 million of new shares issued by DON’T NOD, an independent French studio that creates, develops and publishes video games listed on Euronext Growth
  • Advised Marcolin and its shareholders on the negotiation of a long-term license with The Estée Lauder Companies (ELC) for TOM FORD eyewear.
  • Advised Bertrand Invest in connection with the mandatory squeeze-out and tender offer initiated in respect of Groupe Flo.


Fieldfisher is one of the market’s go-to-firms for small-cap ECM transactions with a strong presence in the life sciences sector alongside biotech, medtech and cleantech companies conducting IPOs on Euronext Growth or share capital increase transactions. Outside the life sciences sector, the team also advises SMEs and some banks. Samuel Pallotto leads the practice, supported by counsel Mathilde Cazé.

Responsables de la pratique:

Samuel Pallotto

Autres avocats clés:

Mathilde Cazé

Les références

‘Dynamic, accessible team, which adapts to our needs and our operating methods.’

‘Mathilde Cazé is very attentive, professional and  flexible’.

‘Good knowledge of the market, performance, flexibility, availability and accessibility’.

Principaux clients


Mon Courtier Energie Groupe

Groupe Rousselet

Affluent Medical


BOA Concept

Cabasse – VEOM Group


HRS (Hydrogen Refueling Solutions)



HDF Energy



Omer-Decugis & Cie

Groupe Berkem

Principaux dossiers

  • Advised CARBIOS on its capital increase with preferential subscription rights of approximately €141 million, the largest capital increase on Euronext Growth since 2015.
  • Advised Lepermislibre as legal counsel to Euronext Growth Paris market IPO.
  • Advised on the distribution in kind by VEOM Group (formerly Cabasse Group) of 50.1% of the shares comprising the share capital of its subsidiary Cabasse.


Jeantet is recommended for its solid small- to mid-cap transactions expertise that is appreciated by SMEs as well as international investors involved in Euronext Growth IPOs and share capital increase transactions. The team also regularly handles convertible transactions and public M&A and block trading deals. Cyril Deniaud and counsel Benjamin Cohu are the key contacts and Frank Martin Laprade adds complementary litigation expertise.

Responsables de la pratique:

Cyril Deniaud; Frank Martin Laprade

Autres avocats clés:

Benjamin Cohu

Les références

‘Extremely flexible, innovative, professional and responsive team. ’

‘Good expertise, responsiveness, availability, rigor, listening and relevance of opinions and recommendations.’

Principaux clients

Group of unsecured creditors of ORPEA

Sartorius Stedim Biotech

Nippon Steel Corporation

Figeac Aéro

Compagnie Industrielle et Financière d’Entreprises

Groupe Prologue (Prologue and M2i)

Hoffmann Green Cement Technologies





Global Bioenergies

Alpha Blue Ocean

L1 Capital

Yorkville Advisors

Negma Group

Heights Capital Management


Equitis Gestion

Bryan Garnier & Co

RiverFort Global Opportunities

Groupe Archos


Principaux dossiers

  • Advising a group of unsecured creditors of ORPEA, a company listed on the regulated market of Euronext Paris (compartment A), in the context of ORPEA’s financial restructuring, and in particular the forced equitisation of unsecured creditors.
  • Advised the Japanese group Nippon Steel Corporation on the sale of its entire shareholding in Vallourec S.A. for a total sale price of EUR 77.7M, as part of an Accelerated Book Building (ABB) transaction.
  • Advised Keyrus and K Eagle Investment in connection with the proposed simplified tender offer for Keyrus shares to be launched by K Eagle Investment, acting in concert with Eric Cohen, several managers of Keyrus and BNP Paribas Développement.


Linklaters handles ECM, equity linked and US and international capital markets work on behalf of issuers and underwriters. Luis Roth is an expert at advising on securities offerings involving US investors. Of note, Bertrand Sénéchal left the firm early 2024.

Responsables de la pratique:

Véronique Delaittre

Autres avocats clés:

Luis Roth

Principaux clients

Banco Bilbao Vizcaya Argentaria

Banco Santander

Bank of America Securities

Barclays Bank

Bel Group


Crédit Agricole Corporate and Investment Bank



Iliad SA





Société Générale

Principaux dossiers

  • Advised Nexans on the issuance of its inaugural sustainability-linked bond for an aggregate nominal amount of 400 million euros.
  • Advised Eramet on the issuance of its inaugural sustainability-linked bonds (SLB) in a principal amount of €500 million.
  • Advised Lhyfe on its initial public offering and listing on the regulated market of Euronext in Paris.

Winston & Strawn LLP

Led by Annie Maudouit-Ridde, Winston & Strawn LLP's team handles a large spectrum of deals on behalf on issuers, investors and financial advisers. The team advises on small to larger offerings including block trade sales and shareholder capital increase, and also regularly works on Euronext Growth and Access + IPOs as well as on major IPOs by SPACs.

Responsables de la pratique:

Jérôme Herbet, Annie Maudouit-Ridde

Les références

‘Good responsiveness, skills and advice highlighting risk factors and opportunities. Innovative solutions.’

‘Deep knowledge and genuine care for clients. They don’t just offer standard solutions but think creatively and outside the box. Their relentless pursuit of results, combined with a strong ethical grounding, ensures clients’ legal concerns are handled expertly. Annie Maudouit-Ridde shows incredible skills in navigating complex legal landscapes, always ensuring clients’ needs are met with precision and timely responses. Their consistent communication and willingness to go the extra mile is especially valuable.’

‘Annie Maudouit-Ridde is very precise and summarizes key subjects perfectly.’

‘Annie Maudouit-Ridde is an outstanding lawyer. She is business savvy, commercial and understands what needs to be done for clients. From a technical point of view, she is highly skilled, but also approachable and great to work with.’

‘Particularly efficient and constructive team. Capable of delivering very high quality documents in record time.’

‘Friendly and customer-oriented team’.

‘Excellent team.’

‘Annie Maudouit-Ridde is a very talented lawyer, with whom it is easy to collaborate. She will seek innovative solutions with the aim of facilitating the completion of her clients’ operations. She has a perfect command of the regulations and knows how to make herself heard by the French securities regulator.’

Principaux clients

Auplata Mining Group

Aurel BGC

Cantor Fitzgerald Europe

Digital Virgo Group

Delta Drone

Drone Volt

GECI International

Groupe Airwell



Priveterra Acquisition Corp. II



Transition Evergreen

Yorkville Advisors

Smart Good Things

Principaux dossiers

  • Advised Osmosun and the placing agents Portzamparc (Groupe BNP Paribas) and TP ICAP in connection with Osmosun’s initial public offering on Euronext Growth.
  • Advised Smart Good Things Holding in connection with 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 US SPAC, and its reverse IPO on the Nasdaq stock exchange.