Euronext STAR Milan Requirements

Formal requirements at IPO

Euronext STAR Milan Segment

Free Float

35%

Audited financial statements

3

Accounting principles

International

Offering

Institutional / Retail

Other documents

Prospectus 

Market Cap (€)

Min € 40 m – Max 1 bn

BoD (# independent members)

Mandatory (# within Issuer Regulation)

Internal audit committee

Mandatory

Remuneration committee

Mandatory

Incentives to top management

Mandatory (remuneration related to performance)

Investor relations manager

Mandatory

Website

Mandatory

Main advisor

Listing Agent / Global coordinator

Requisiti formali on going

Segmento Euronext STAR Milan

Corporate Governance Code

Partially mandatory

Specialist

Mandatory (liquidity provider / 2 annual research / meeting with investors)

Takeover

TUF – 30% mandatory 25% non SMEs (20% - 40% statutory for SMEs), 60% preventive, 90%-95% residual

Related parties

Procedures and reporting requirements

Quarterly data

I-III quarterly report within 45 days from quarte end (no IV quarterly report if  annual report is published within 90 days from year end)

Half year data

Yes - within 75 days from half year end

Annual data

Yes – is within 90 days form year end no IV quarterly report

Accounting information

TUF and Issuer Regulation

Price sensitive and extraordinary deals

These documents need to be produced according to  (i) Italian GAAP (ii) International GAAP – mandatory in case the issuer has widespread financial instruments, (iii) US GAAP – Generally Accepted Accounting Principles

Communication, as soon as possible, of: preferred info, i.e. asset acquisition /sale , extraordinary deal, change in expected financial results (profit warning and earning surprise), change in key manager

In case of acquisitions / divesture with a significant impact on the issuer and / or critical deals with related parties, the issuer has to publish and information  addendum

Technical information

The issuers communicate further information, according to Borsa Italiana Regulation, in order to ensure a correct and organized market management (i.e. agenda of events, change in capital, change of company name)