October 10 the Alternext index declined by 41

Alternext is seized. The market for small and medium-sized enterprises is head-on stock market turbulence. He allowed only 9 companies since the beginning of the year (including 7 in Paris and 2 in Brussels), which lifted a little more than 34 million euros, against 35 companies and EUR 356 million for the first nine months of 2007. Most recent rating entries are made via direct quotes, with investments private investors.

"I do not think that there are many introductions of here at the end of the year, except perhaps private investments more adapted to market conditions, said Yannick Petit, President and CEO of Allegra Finance." Managers keep their liquidity and avoid small values. Once the bulk of the crisis passed, investors may first wish to if interest already rated securities whose valuations have fallen rather than to new admissions.

"Alternext has a number of handicaps at the moment." "Investors are demanding a very substantial risk premium," notes Didier Demeestère, President of Amplégest. October 10, the Alternext index declined by 41.1 since early 2008, against 39.8 for the CAC Mid & Small 190 and 43.4 for CAC 40.

Constraints limited

However, most professionals are a relatively positive balance of Alternext. This organized but unregulated segment is still benefit from the notoriety of his cousin and London model, AIM, but it has helped many SMEs to take advantage of the stock market with limited constraints. Since its inception in 2005, he allowed more than 130 introductions, corresponding to more than 1 billion euros raised.

Much of the news about have been accompanied by funds: over two-thirds of the French companies listed on Alternext in 2007 have been through the investment capital, according to a study of Allegra. About 65 of them are today backed financial investors. However, the funds are not in the majority because they hold on average one third of the capital.

In terms of profile, backed by financial corporations are identical to the "independent", but they seem to be more successful than the other. End of 2007, they had raised nearly EUR 9 million (median amount by the IPO) against less than 6 million euros, for others. At the introduction, they had a higher valuation and greater demand for securities. "Companies with funds in their capital were more accustomed to financial communication.". "And the funds have tended to defend the valuations", resumed Yannick Petit.

Springboard for "technos".

In the domain specific technology (40 companies), Alternext was a springboard for many companies could raise funds and acquire a certain reputation, image of Meilleurtaux, publicized in its entry and then when his transfer on the Eurolist. "Several success of Alternext were names of the Internet," said Virginia Lazs, Associate Director of Bryan Garnier.

A study of Nyse Euronext with Coe-Rexecode, published this summer, notes that 51 of Alternext companies are labelled or funded by the national agency of valorisation de la recherche (Anvar). About half are eligible for the mutual funds in innovation (FCPI).

Pool of SMEs, which could soon benefit from new regulatory relief, Alternext is therefore be "death" for the majority of professionals. "The market going through a difficult period but the interest back." "The possibilities of tax cuts on capital, Tepa law, are a catalyst for SMEs," concluded Bruno Jacquot, Director-General contractor venture.