Savoyard developer Rising Stone has filed with the AMF to list on Euronext Growth, aiming to raise capital to expand luxury alpine projects in Méribel, Courchevel, Val d’Isère and beyond.
Rising Stone, a Savoyard specialist in high-end mountain real estate, has taken the first formal step toward an initial public offering on the Paris stock exchange, positioning itself to be one of the earliest — and potentially the first — Paris IPOs of 2026.
On Monday, 26 January, the company announced that the Autorité des Marchés Financiers (AMF) approved its registration document, a required milestone ahead of listing. Rising Stone plans to seek admission on Euronext Growth, the Paris compartment geared toward small and mid-cap companies.
Founded in 2016, Rising Stone has carved out a niche building luxury chalets and apartments in premier alpine resorts — Méribel, Courchevel, Val d’Isère and Megève among them — as well as in other premium destinations. The group emphasizes vertical integration, handling land acquisition, design, construction, interior fit-out, high-end para-hotel operations, concierge services and tailored wealth-management offerings. The company says this end-to-end model helps ensure quality control, tighter deadlines and cost optimization.
Since inception, Rising Stone reports it has designed, built and marketed more than 22,000 square meters of property. The developer currently lists a commercial portfolio of 15 programs and three contracts delivered on behalf of private investors or family offices, representing a projected business volume exceeding €1 billion through 2030. Management says it has identified land opportunities amounting to some 130 projects under study across French Alpine resorts, the Côte d’Azur, and international markets including Portugal and Dubai.
CEO Jean-Thomas Olano described 2025 as a turning point, with construction begun on the group’s flagship Méribel project, Allodis, which is slated for delivery at the end of 2027.
Rising Stone offered a snapshot of its financial trajectory: consolidated revenue of about €48 million and net profit of €9 million for the past year. The company forecasts €75 million in revenue with over €15 million net profit in 2026, rising to €100 million revenue and more than €22 million net profit in 2027, and expects to reach at least €155 million revenue and €30 million net income by 2028 — roughly triple its 2025 turnover.
To support that growth, Rising Stone already secured subscription commitments totaling €5.6 million from investors including Fideas Capital (notably via the Fideas ACT for Climate SICAV) and Banque Transatlantique. Those commitments are based on a proposed share price of €58.30, implying a pre-money valuation of about €120 million ahead of the capital increase tied to the IPO.
The planned listing could provide Rising Stone with fresh capital to accelerate land purchases and development, while potentially re-energizing a Parisian IPO market that has been largely quiet. With AMF registration approved, the company will now progress the remaining steps toward market admission and the finalization of offer terms.
