IPO

Euronext Growth Milan is Borsa Italiana’s stock market dedicated to SMEs with high growth potential and provides access to stock markets with a simplified listing process. It confirms itself as the main channel for raising capital for the growth of SMEs: from 2009 to date, it has welcomed 280 companies and IPO inflows amounted to approximately €5.8bn, a sign of a cultural evolution in favour of equity that is affecting all sectors. As at May 31, 2023, there were 10 IPOs raising €91.0M.

EGM contributed to the growth of the regulated market with 25 companies translisting on EXM/STAR. The total capitalization at translisting was €6,043M, for an average of €242M: as at May 31, 2023, the 22 companies listed on the main market capitalized a total of €12.969M, recording an average performance since translisting of +119%. EGM also recorded 21 takeover bids (IPOs), 35 delistings and 3 mergers.

As at 31 May 2023, there were 196 companies listed on Euronext Growth Milan (of which 1 SPAC, 4 Business Combinations and 2 Reverse Takeovers) with a total capitalisation of €9.558bn. The market has grown considerably since 2016, thanks to the combined effect of Individual Savings Plans (PIR) and the Tax Credit on IPO costs: +155% in terms of listed companies compared to December 31, 2016, +229% in terms of capitalization compared to December 31, 2016.

The Tax Credit on IPO costs was extended by the 2023 Budget Law: the measure sees the allocation of an additional €10M and a tax credit cap of €500K for Italian SMEs as defined by the EU that will be admitted to listing by 2023.