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Italian Stock market: record for the SME segment

Various food companies are listed on Euronext Growth Milan

In 2021 Euronext Growth Milan, the stock market segment (formerly Aim) dedicated to SMEs recorded a record listing: 44, including 2 Spacs. This is what emerges from the analysis of the PMI - Equity Capital Markets Observatory of IR Top Consulting. The segment includes various agri-food companies (including Italian Wine Brands, Longino & Cardenal, Gambero Rosso, Masi Agricola), catering services (Clabo, Alfonsino, Sirio), and in the field of food supplements (Arterra, Kolinpharma, Shedir Pharma).

Anna Lambiase, CEO of IR Top Consulting, comments: "The numbers of the EGM market, formerly AIM, with a new IPO record of 44 admissions in the year 2021, demonstrate a growing propensity of SMEs to go public, a sign of an evolution cultural heritage in favor of Equity which is affecting all sectors, from technology to industry, finance and services. The characteristics of the price list, calibrated to the needs of small and medium-sized companies, the growing attention of PIR compliant funds to small caps and the tax credit on listing costs have accelerated the development of the market in the last 5 years. The government, through the allocation of 5 million euros in the financial 2022 which will allow the financing of at least 25 IPOs, will allow our country to play an important role in supporting finance for SMEs, favoring the meeting between supply and demand for capital growth".

Euronext Growth Milan recorded total deposits in 2021, including greenshoe where exercised, equal to 837.3 million euro, of which 358.0 million euro raised by SPAC Revo and Industrial Stars of Italy 4. Raising in capital increase (OPS) is equal to 750.0 million euros (90% of the total).

Net of the SPACs, the identikit of the company listed in 2021 presents the following average IPO data: free float equal to 24%, average capitalization equal to 47 million euros, average deposits equal to 11.4 million euros.

According to the analysis of the PMI Observatory, at 31 December 2021 the Euronext Growth Milan market had 174 listed companies for a total capitalization of 11.5 billion euros. Euronext Growth Milan is confirmed as the main channel for raising capital for the growth of SMEs: from 2009 to date it has welcomed over 230 companies (including transfers to MTA and delisting) and IPO deposits amounted to over 4.7 billion EUR.

The market has grown considerably since 2016, thanks to the combined effect of the Individual Savings Plans (PIR) and the tax credit on IPO costs (CDI): + 126% in terms of listed companies compared to 31 December 2016, + 296% in terms of capitalization compared to 31 December 2016.

FTSE Italia Growth recorded a performance of + 57.4% in 2021, outperforming all other Italian indices: FTSE Italia Small Cap (+ 50.8%), FTSE Italia STAR (+ 44.7%), FTSE Italia MID Cap (+ 30.8%), FTSE MIB (+ 23.0%).

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EFA News - European Food Agency