Primary listing: the company's benchmark market

A primary listing refers to the market where a company is principally admitted to trading. This is generally the venue where it conducted its initial public offering (IPO) and where the majority of trading volume for its shares is concentrated.

This exchange serves as the issuer's reference market. It is notably where regulatory obligations and financial disclosures are centralized and, in most cases, where the primary stock indices to which the company belongs are based. For French companies, the primary listing is most often Euronext Paris.

Why list on multiple markets?

Some companies choose to extend the trading of their shares to other financial centers. This is known as a secondary listing or dual listing. This typically aims to broaden the investor base, increase share liquidity, or bolster the company's visibility in a region where it generates a significant share of its business. For local investors, this presence also facilitates the buying and selling of shares within their own time zone and in their local currency.

STMicroelectronics: a flagship example

Amongst companies with ties to France, STMicroelectronics is one of the best examples of multiple listings. The Franco-Italian semiconductor manufacturer is traded on Euronext Paris, in Milan, and on the New York Stock Exchange. This presence on three major financial centers allows it to access a wide range of European and American investors. The company thus benefits from international visibility consistent with the global scale of its operations.

The specific case of US markets

For many French companies, accessing American investors does not necessarily require a full dual listing. Some opt instead for an ADR (American Depositary Receipt) program. These financial certificates represent shares held in the home market and are traded in the United States. TotalEnergies, Schneider Electric, Edenred, and Dassault Systèmes all maintain ADR programs, allowing American investors easier access to their securities.

The distinction is important: in the case of an ADR, the shares remain primarily listed on their home market, whereas a true dual listing involves the direct admission of shares to multiple stock exchanges.

In practice, secondary listings primarily concern large-cap companies that already possess a significant international footprint. For the majority of French firms, Euronext Paris remains more than enough to ensure share liquidity and investor access.

However, in a climate where companies seek to diversify their shareholder base and optimize their valuation, particularly in the United States, the question of listing on several financial centers remains a recurring topic of discussion.