{"id":29428,"date":"2026-06-18T13:23:31","date_gmt":"2026-06-18T17:23:31","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=29428"},"modified":"2026-06-18T13:23:32","modified_gmt":"2026-06-18T17:23:32","slug":"what-is-an-ipo-a-look-at-initial-public-offerings-and-how-they-work","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/what-is-an-ipo-a-look-at-initial-public-offerings-and-how-they-work","title":{"rendered":"Qu\u2019est-ce qu\u2019un PAPE? Coup d\u2019\u0153il sur les premiers appels publics \u00e0 l\u2019\u00e9pargne et leur fonctionnement"},"content":{"rendered":"\n

R\u00e9dig\u00e9 par L’\u00e9quipe Investisseur Inspir\u00e9, Placements en Direct<\/strong><\/p>\n\n\n\n

Un premier appel public \u00e0 l\u2019\u00e9pargne (PAPE) correspond \u00e0 la premi\u00e8re mise \u00e0 disposition des actions d\u2019une soci\u00e9t\u00e9 sur les march\u00e9s publics; cela signifie que c\u2019est la premi\u00e8re fois que vous pouvez les acheter et les vendre sur une bourse.<\/p>\n\n\n\n

On parle parfois de soci\u00e9t\u00e9 qui \u00ab se lance en bourse \u00bb.<\/p>\n\n\n\n

Pourquoi les soci\u00e9t\u00e9s se lancent-elles en bourse? L\u2019une des principales raisons est de mobiliser des capitaux pour soutenir les projets.<\/p>\n\n\n\n

Cependant, toutes les soci\u00e9t\u00e9s ne choisissent pas de se lancer en bourse. En fait, depuis les ann\u00e9es 1990, le nombre d\u2019inscriptions en bourse de soci\u00e9t\u00e9s aux \u00c9tats-Unis a diminu\u00e9 de moiti\u00e9 environ1<\/sup>.<\/p>\n\n\n\n

Globalement, le march\u00e9 des PAPE fonctionne au ralenti depuis plusieurs ann\u00e9es. Le volume des PAPE dont il est question pour cette ann\u00e9e, ainsi que l\u2019envergure des soci\u00e9t\u00e9s concern\u00e9es, alimentera certainement les conversations en ligne \u00e0 leur sujet.<\/p>\n\n\n\n

Soci\u00e9t\u00e9s ferm\u00e9es et soci\u00e9t\u00e9s ouvertes :<\/h2>\n\n\n\n

Un PAPE n\u2019est pas n\u00e9cessairement la premi\u00e8re occasion o\u00f9 les gens peuvent obtenir une participation dans une soci\u00e9t\u00e9. Avant de se lancer en bourse, la soci\u00e9t\u00e9 est une soci\u00e9t\u00e9 ferm\u00e9e dont les actions peuvent \u00eatre octroy\u00e9es aux fondateurs, aux premiers investisseurs priv\u00e9s ou aux principaux employ\u00e9s. On peut en parler comme d\u2019un placement pr\u00e9alable au PAPE.<\/p>\n\n\n\n

Afin de pr\u00e9server la stabilit\u00e9 du march\u00e9 pour un nouveau titre n\u00e9goci\u00e9 dans le cadre d\u2019un PAPE, les initi\u00e9s et les premiers investisseurs font habituellement l\u2019objet de ce qu\u2019on appelle une \u00ab p\u00e9riode d\u2019immobilisation \u00bb. Pendant cette p\u00e9riode, ils ne peuvent pas vendre les actions qu\u2019ils d\u00e9tenaient avant le PAPE.<\/p>\n\n\n\n

Comment les PAPE se n\u00e9gocient-ils apr\u00e8s le lancement?<\/h2>\n\n\n\n

Il est impossible de pr\u00e9dire l\u2019avenir : certains PAPE font un bond important au moment de leur lancement (parfois soutenus par un cours cible volontairement bas), tandis que d\u2019autres tombent en de\u00e7\u00e0, ce qui se traduit par une baisse du cours de l\u2019action. Selon ce dernier cas, on parle souvent d\u2019\u00ab introduction en bourse rat\u00e9e \u00bb.<\/p>\n\n\n\n

Dans un cas comme dans l\u2019autre, le PAPE d\u2019une soci\u00e9t\u00e9 n\u2019est que le d\u00e9but de son histoire publique. Il peut parfois s\u2019\u00e9couler des jours, des semaines ou des mois, voire plus, avant que le march\u00e9 ne s\u2019entende enfin sur la valeur de l\u2019action d\u2019une soci\u00e9t\u00e9.<\/p>\n\n\n\n

Par exemple, le titre de Facebook (maintenant Meta) a recul\u00e9 de plus de 50 % au cours des cinq mois suivant son lancement en bourse en 2012.<\/p>\n\n\n\n

Tesla est une autre histoire int\u00e9ressante. Le cours du PAPE de l\u2019action de Tesla \u00e9tait de 17 $ US et, si l\u2019on tient compte du fractionnement, cela repr\u00e9sente environ 1,13 $ par action. Le 27 mai 2026, il \u00e9tait d\u2019environ 442 $ par action2<\/sup>, mais le parcours pour y arriver a \u00e9t\u00e9 tumultueux.<\/p>\n\n\n\n

Quoi que vous fassiez, attendez-vous \u00e0 composer avec des fluctuations en ce qui a trait aux PAPE et tenez compte de votre horizon de placement lorsque vous planifiez vos choix de placement.<\/p>\n\n\n\n

La volatilit\u00e9 et l\u2019absence d\u2019ant\u00e9c\u00e9dents en mati\u00e8re de n\u00e9gociation en bourse peuvent faire des PAPE un placement plus risqu\u00e9, alors assurez-vous de faire vos propres recherches avant d\u2019investir.<\/p>\n\n\n\n

Les cinq plus importants PAPE mondiaux par capitaux mobilis\u00e9s<\/h3>\n\n\n\n

En date de juin 2026, voici les cinq plus importants premiers appels publics \u00e0 l\u2019\u00e9pargne (PAPE) par montant mobilis\u00e9. Les montants n\u2019ont pas \u00e9t\u00e9 rajust\u00e9s en fonction de l\u2019inflation3<\/sup>.<\/h4>\n\n\n\n
Rang\/Soci\u00e9t\u00e9<\/strong><\/td><\/td>Montant mobilis\u00e9 ($ US)<\/strong><\/td>Ann\u00e9e de l\u2019offre<\/strong><\/td><\/tr>
1. SpaceX<\/td><\/td>75 G$<\/td>
2026<\/td><\/tr>

2. Saudi Aramco<\/td>		<\/td>25,6 G$<\/td>
2019<\/td><\/tr>
3. Alibaba<\/td><\/td>21,9 G$<\/td>2014<\/td><\/tr>
4. SoftBank<\/td><\/td>21,3 G$<\/td>
2018 <\/td><\/tr>
5. NTT Mobile<\/td><\/td>18,1 G$<\/td>1998<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Que signifie se voir attribuer des actions?<\/h2>\n\n\n\n

Si vous participez \u00e0 un PAPE, il est possible que vous soyez attribu\u00e9s des actions d\u00e8s qu\u2019elles sont disponibles sur les march\u00e9s publics.<\/p>\n\n\n\n

Qu\u2019est-ce que cela signifie? Pensez-y comme \u00e0 des billets de concert. Vous pouvez habituellement acheter des billets directement aupr\u00e8s de l\u2019artiste d\u00e8s qu\u2019ils sont en vente pour la valeur nominale, mais le nombre de billets disponibles est limit\u00e9. Si vous manquez la vente initiale des billets, vous pouvez les acheter sur le march\u00e9 de la revente ou le march\u00e9 secondaire, mais \u00e0 un prix fond\u00e9 sur la demande du march\u00e9, qui pourrait \u00eatre nettement plus \u00e9lev\u00e9 (ou inf\u00e9rieur) que le co\u00fbt nominal.<\/p>\n\n\n\n

Si des actions vous sont attribu\u00e9es dans le cadre d\u2019un PAPE, c\u2019est comme si vous obteniez un billet au moment o\u00f9 il est vendu au public : vous b\u00e9n\u00e9ficiez du cours du PAPE \u00e9tabli par la soci\u00e9t\u00e9 plut\u00f4t que celui du march\u00e9. Si le prix du billet de concert augmente, vous avez la possibilit\u00e9 de revendre les billets en faisant un profit, mais il y a aussi un risque que le prix baisse et que vous ayez pu les acheter \u00e0 moindre co\u00fbt ou que vous ayez \u00e0 les vendre \u00e0 perte.<\/p>\n\n\n\n

O\u00f9 trouver les PAPE qui sont \u00e0 venir?<\/h2>\n\n\n\n

L\u2019un des d\u00e9fis li\u00e9s \u00e0 un lancement en bourse est qu\u2019il n\u2019y a pas toujours beaucoup d\u2019information publique sur les donn\u00e9es financi\u00e8res de la soci\u00e9t\u00e9 pour aider les investisseurs \u00e0 d\u00e9terminer si l\u2019entreprise a du potentiel. Votre exp\u00e9rience personnelle pour d\u00e9cider si la soci\u00e9t\u00e9 est une bonne entreprise (par exemple, vous aimez un produit ou vous en faites une critique \u00e9logieuse \u00e0 des amis) peut \u00eatre pr\u00e9cieuse, mais, dans l\u2019id\u00e9al, vous voudrez tout de m\u00eame examiner les donn\u00e9es.<\/p>\n\n\n\n

Une soci\u00e9t\u00e9 qui souhaite se lancer en bourse doit d\u00e9poser un prospectus aupr\u00e8s des organismes de r\u00e9glementation des valeurs mobili\u00e8res. Le prospectus pr\u00e9sente l\u2019historique financier de la soci\u00e9t\u00e9, une description de son \u00e9quipe de direction, les risques associ\u00e9s \u00e0 la soci\u00e9t\u00e9 et d\u2019autres renseignements importants.<\/p>\n\n\n\n

Au Canada, le prospectus se trouve sur un site Web public appel\u00e9 Syst\u00e8me \u00e9lectronique de donn\u00e9es d\u2019analyse et de recherche (SEDAR+), qui est g\u00e9r\u00e9 par les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM). L\u2019\u00e9quivalent am\u00e9ricain est EDGAR, qui est g\u00e9r\u00e9 par la Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

Les PAPE peuvent \u00eatre une partie int\u00e9ressante de votre parcours de placement, mais y investir peut s\u2019accompagner d\u2019une forte volatilit\u00e9. Faites des recherches et assurez-vous que les PAPE auxquels vous envisagez de participer correspondent \u00e0 vos objectifs et ne d\u00e9passent pas votre tol\u00e9rance pour le risque.<\/p>\n\n\n\n

Sources: <\/em><\/p>\n\n\n\n

    \n
  1. Columbia Business School, \u201cFewer Companies Are Going Public. Are Regulations Driving the Drop?\u201d (en anglais seulement), \u00ab Moins d\u2019entreprises se lancent en bourse. La r\u00e9glementation est-elle \u00e0 l\u2019origine de cette chute? \u00bb (traduction libre), ao\u00fbt 2025.<\/li>\n\n\n\n
  2. Yahoo Finance, Tesla, consultation le 27 mai 2026..<\/li>\n\n\n\n
  3. The Associated Press, \u201cSpaceX stock soars in debut and makes Elon Musk the first trillionaire\u201d (en anglais seulement), \u00ab L\u2019action SpaceX monte en fl\u00e8che \u00e0 ses d\u00e9buts et fait d\u2019Elon Musk le premier billionaire \u00bb (traduction libre), juin 2026.<\/li>\n<\/ol>\n\n\n\n

    Cet article a \u00e9t\u00e9 publi\u00e9 \u00e0 l\u2019origine sur RBC Placements en Direct <\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    D\u00e9couvrez les m\u00e9canismes de l\u2019investissement en introduction en bourse, de la compr\u00e9hension de l\u2019allocation d\u2019actions \u00e0 la recherche de nouvelles inscriptions.<\/p>\n","protected":false},"author":22,"featured_media":29429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[511,514],"tags":[425,1158,1159,1160],"rbcwm_content_owner":[],"rbcwm_need":[548],"rbcwm_segment":[538],"rbcwm_solution":[545,550],"rbcwm_topic":[551],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-29428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-placements","category-planification-patrimoniale","tag-investissement","tag-ipo-investing","tag-ipos","tag-pre-ipo-investing","rbcwm_need-dons-de-charite","rbcwm_segment-particuliers-et-familles","rbcwm_solution-placements","rbcwm_solution-planification-de-patrimoine","rbcwm_topic-votre-patrimoine"],"acf":{"rbcwm_subtitle":"D\u00e9couvrez les m\u00e9canismes de l\u2019investissement en introduction en bourse, de la compr\u00e9hension de l\u2019allocation d\u2019actions \u00e0 la recherche de nouvelles inscriptions.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"RBC Placements en Direct Inc. et Banque Royale du Canada sont des entit\u00e9s juridiques distinctes et affili\u00e9es. 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