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bioMerieux, a Family-Owned French Firm, Finally Goes Public

In early July, the family-owned French firm bioMerieux SA launched an IPO by listing a third of its shares on the French bourse. The offering has been a success, primarily enabling a restless shareholder to sell its stake. And while the microbiology company didn't raise money for itself, it will have to change its corporate culture, opening its books to the public for the first time and requiring it to be responsive to shareholders.

Amid intense publicity, in early July, the family-owned French firm bioMérieux SA, launched an initial public offering (IPO) by listing a third of its shares on the French bourse. [See Deal] The offering has been a success, as the price began trading at €30 ($36.86), the high end of the expected range, signaling extensive interest in the world's eighth largest diagnostics company. BioMérieux's valuation is €1.2 billion or slightly more than one times sales.

But in some ways, the offering was much ado about nothing. The company didn't raise any money for itself—although it concurrently had a private placement of one million shares to...

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