Listing on AIM Italia

Fabio Brigante, Head of Mid & Small Caps Origination, Italy Primary Markets

What are the main characteristics of the AIM Italia market?

AIM Italia is a market regulated by Borsa Italiana designed for dynamic SMEs interested in raising equity capital. Since we launched the market, companies have appreciated its regulatory flexibility, simplicity of access and ongoing inclusion requirements. Today on the market there are a very large number of high-potential SMEs, companies that during the admission phase raised capital mainly through capital increases, companies that have firmly maintained control. This confirms for us that some of the characteristics required during the admission phase, such as a minimum free float of 10% with at least five institutional investors, financial statements certified according to Italian accounting standards, US GAAP or IAS, and support for the companies from a Nomad, both during admission and throughout their lives as listed companies, are elements that confirm for us that this market fully meets SMEs’ needs.

What is the Professional Segment of AIM Italia?

It is a new segment created to meet new needs that have come to light on the market. In recent years we have encountered start-ups, scale-ups and SMEs interested in an IPO, but some of them needed a more gradual approach to the capital market. The Professional Segment thus has this goal, it meets these needs, and it does so above all by confirming some of the safeguards established by the AIM Italia Rules, such as access to the market with support from a Nomad, both during the IPO process and throughout the company’s life as a listed company. It also does so by changing several characteristics, such as being able to grant access to the market to professional investors only, or providing for a daily auction mechanism. Another possibility that is offered over the AIM Italia market is being able to consider a “just-listing” process, without raising capital, but while still allowing the company to benefit from the opportunities provided from being listed on the exchange.

What opportunities does being listed on AIM Italia offer?

The main goal of a listing on the exchange, regardless of the target market, is certainly access to capital. This should be considered not only during the listing phase, but also afterwards. Indeed, once a company is listed, it achieves a status that makes it decidedly more attractive to qualified, equity and debt investors, as well as to the banking system. Focusing on the SMEs currently listed on AIM Italia, they were very interested above all in the benefits of listed status, in other words how this status would allow, and had allowed, them to accelerate their growth process. Being listed means being more transparent, more structured, and having a management structure that is suited to achieving certain goals. And when you are listed it is also easier to attract qualified personnel helpful in achieving those goals. Being listed greatly facilitates combination processes and this can help the company approach a competitive scenario in a completely different way.