International Flavors & Fragrances (IFF) has announced its cross-listing in Paris (ticker code: IFF) using the Euronext Paris Fast Path procedure. IFF says it is the first US-listed company to make use of this streamlined, cost-efficient process in 2015, and the fifteenth to do so since Fast Path was first introduced on Euronext markets in 2008. Listing with Fast […]
International Flavors & Fragrances (IFF) has announced its cross-listing in Paris (ticker code: IFF) using the Euronext Paris Fast Path procedure. IFF says it is the first US-listed company to make use of this streamlined, cost-efficient process in 2015, and the fifteenth to do so since Fast Path was first introduced on Euronext markets in 2008.
Listing with Fast Path allows US-listed issuers that are incorporated outside the European Economic Area to use their SEC filings as the basis of their listing prospectus on Euronext markets. Fast Path can be used in connection with a range of operations, including cross-listings, rights issues, spin-offs, direct listings without capital raising and more.
IFF was listed on Euronext Paris through the admission to trading of the 115,995,113 shares making up its equity. The admission and issue price was set at €99.39 per share. Market capitalisation on the day of listing was around €11.5 billion.
“Cross-Listing on Euronext Paris is another important step in facilitating broader ownership of IFF shares in the European capital markets and reflects our company’s historic roots, strong European ties, and global presence,” said IFF CEO and Chairman Andreas Fibig. “We are thrilled to give European investors the opportunity to more broadly participate in our recently announced Vision 2020 strategy. We believe our relentless focus on innovation and differentiation will accelerate growth and continue to create significant value for all of our shareholders.”
“We would like to welcome International Flavors & Fragrances Inc. as it joins the long list of international businesses already listed on Euronext markets,” said Anthony Attia, Chairman and CEO of Euronext Paris. “We are delighted that IFF chose Paris for its cross-listing. We are convinced that other international companies will also seek to benefit from the increased visibility and access to capital that come with listing on Euronext Paris.”
“This new listing through our Fast Path process is a good example of our ability to connect leading companies with global investors effectively and efficiently and a demonstration of the attractiveness of the Euronext platform as a leading exchange in Europe,” said Albert Ganyushin, Head of International Listings at Euronext. “This listing will give IFF broad access to European investors, while boosting its profile and visibility to help expand its business and strengthen its global presence.”