Euronext Milan Requirements
Formal requirements for Euronext Milan market
Formal requirements at IPO |
Euronext Milan |
Free Float |
25% |
Audited financial statements |
3 |
Accounting principles |
International |
Offering |
Institutional / Retail |
Other documents |
Prospectus |
Market Cap (€) |
Min € 40 m |
BoD (# independent members) |
TUF |
Internal audit committee |
Recommended |
Remuneration committee |
Recommended |
Incentives to top management |
Recommended |
Investor relations manager |
Recommended |
Website |
Mandatory |
Main advisor |
Listing Agent / Global coordinator |
Formal requirements ongoing |
Euronext Milan |
Corporate Governance Code |
Comply or explain |
Specialist |
Mandatory for companies with a capitalization of less than 1bn for the first 3 years from listing |
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 |
Not mandatory |
Half year data |
Yes - within 90 days from half year end |
Annual data |
Yes - within 120 days from year end |
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) |
For further details please send an email to: borsaitalianaprimarymarkets@euronext.com