Euronext Launches European Common Prospectus to Revitalize IPO Activity

Euronext has announced the launch of the European Common Prospectus, a standardized template designed to simplify equity listings and promote greater integration of European capital markets. The prospectus is immediately available for use across all Euronext listing venues.

The European Common Prospectus introduces a streamlined format that reduces the previous 21 required sections to 11, aiming to facilitate the listing process for issuers. Although it must undergo the usual regulatory approval process, it complies fully with existing EU regulations and is prepared to adapt to the upcoming Listing Act, expected to be implemented in June 2026.

Euronext began developing the new prospectus in November 2024, responding to the urgent need to revitalize IPO activity in Europe. The company stated that the current regulatory environment complicates access to public markets, and simplifying these processes could help restore competitiveness on a global scale.

“Action is required at the level of European policy-makers and regulators”

Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, commented, “Europe cannot afford to wait. Action is required at the level of European policy-makers and regulators. But bottom-up initiatives driven by industry can deliver fast European integration milestones. This European Common Prospectus is not only about regulatory alignment; it is also about competitiveness. As global markets evolve rapidly, Europe must ensure its companies have efficient tools to access capital. By acting now, Euronext is offering a practical path forward to simplify access to capital, enhance investor confidence, and boost IPO activity across the continent. The European Common Prospectus mirrors global best practices, and positions European markets as more accessible and attractive to both issuers and international investors.”

Issuers using the new template will benefit from an English-language document intended to increase cross-border access to investors. Investors will gain from greater comparability across Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris, enabling them to evaluate offerings through a shared structure.

Charles-Henry Gaultier, Managing Director at Lazard, commented, “This new European Common Prospectus template simplifies access to public markets for companies with European ambitions, facilitating cross-border investor participation. Following the Listing Act, it is a practical step to boost IPO activity in Europe, underscoring the vital role of capital markets in driving economic growth and innovation.”

Camilla Iversen, Partner at Advokatfirmaet BAHR, commented, “We welcome this initiative as a valuable addition towards a deeper integration between Norwegian and other European capital markets. This new template structure for IPO prospectuses is a good supplement to support equity issuers in Norway. It offers a helpful reference point to enhance consistency and accessibility across the EEA.”

Sigrid Ververken, Counsel, Advocaat at Freshfields, commented, “By trying to simplify the listing process while ensuring compliance with EU regulations, the European Common Prospectus aims to play a crucial role in boosting IPO activity and maintaining Europe’s competitive edge in the global market. We are therefore proud to contribute to the development of this initiative.”

The European Common Prospectus remains optional. Issuers may continue to use other formats, such as the EU Growth Prospectus and the Follow-on Prospectus, where appropriate. Euronext has strongly encouraged adoption of the new format to maximize the benefits of consistency and efficiency.

Over the past year, Euronext has continued efforts to simplify market access by harmonizing rulebooks and operating a unified liquidity pool through its Optiq® trading platform. These steps form part of Euronext’s broader mission to serve as the backbone of Europe’s Savings and Investments Union.

Euronext stated that it will continue engaging with issuers, regulators, and investors to ensure that European capital markets remain accessible, competitive, and supportive of long-term economic growth.