Equity Capital Markets Report - Epic · Despite market volatility, momentum for new listings...

Equity Capital Markets

Report

FY 2018 Despite market volatility, momentum for new listings remains:

38 new companies admitted to Borsa Italiana markets

Equity Primary Markets, Borsa Italiana

London Stock Exchange Group

The Global IPO Market &

The London Stock

Exchange Group

1.

Note: Number of IPOs by listing venue. All calculations based on deal pricing date. Index performances from FactSet. GBP/EUR = 1.13.

Source: London Stock Exchange, Borsa Italiana, FactSet, and Dealogic, December 2018.

LSEG is one of the leading groups in the Global IPO Market

• Across Europe, IPO proceeds totaled c. €38

billion in FY 2018, down -16% (yoy). The total

number of IPOs is down -14% (yoy) in the same

period.

• €12.8 billion raised across LSEG markets via

110 IPOs.

• In addition, c. €32.5 billion raised across LSEG

markets via more than 550 FOs.

• FY 2018: FTSE MIB -16%; FTSE 100 -12%;

Germany DAX -18%; France CAC 40 -12%; Euro

STOXX 50 -15%.

Number of IPOs by Exchange Nationality in FY 2018

-

20

40

60

80

100

120

0

2

4

6

8

10

12

14

LSEG FrankfurtStock

Exchange

Euronext NASDAQNordic

SIX SwissExchange

Oslo StockExchange

Istanbul StockExchange

Madrid StockExchange

Warsaw StockExchange

BulgarianStock

Exchange -Sofia

No

. o

f IP

Os

IPO

Ca

pit

al R

ais

ed

(€

bil

lio

n)

IPO Capital Raised

No. of IPOs

LSEG is the leading stock exchange group

in Europe

Top 10 Exchange Groups in Europe by IPO capital raised – FY 2018 • LSEG is the leading stock exchange group in Europe in

terms of both capital raised and number of IPOs (79

IPOs in London and 31 in Milan).

• As of end December 2018, the aggregate market cap of

companies that had their IPOs in London and in Milan in FY

2018 is equal to c. €33 billion.

• In November, Digital Value raised €22.5 million via the

ELITE SPAC in Cloud model, the first company to be

successfully listed using the model. The company listed

on AIM Italia in Milan.

• More international companies listed in London than on

all European exchanges combined in 2018, with 21 IPOs.

• In October, Smithson Investment Trust raised £823 million

through its listing on LSE’s Main Market, making it the

largest investment trust IPO ever on London’s markets,

and the second largest IPO in London in 2018.

• Aston Martin Lagonda is the largest IPO in London in

2018, with an offer size of £1.1 billion.

Note: All calculations based on deal pricing date. GBP/EUR = 1.13.

Source: London Stock Exchange, Borsa Italiana, and Dealogic, December 2018.

Italian Equity Markets,

FY 2018

2.

31 IPOs

• 26 on AIM Italia (of which 7 SPACs)

• 4 on MTA (of which 2 on STAR segment)

• 1 on MIV (RAIF)

Market Cap at admission breakdown by industry

2018 key figures 38 new companies admitted, of which 31 IPOs that raised c. €2 billion

7

Number of admissions since 2007

Other Admissions

• 5 Business Combinations

• 1 split from SPAC

• 1 split from SIIQ

6 Market Transfers

• 6 Transitions from AIM Italia to MTA

(of which 2 to STAR Segment)

33

9 8 10 10

7

20

28

33

19

39 38

-

5

10

15

20

25

30

35

40

45

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

42%

36%

8%

5%

5% 3% 1%

Industrials, 42%

Financials, 36%

Health Care, 8%

Technology, 5%

Consumer Goods, 5%

Consumer Services, 3%

Telecom, Oil & Gas, 1%

38

admissions

€ 2 Bn

Capital

Raised at

IPOs

€ 523 Mn Raised by companies listed on MTA

• Average raised: € 131 Mn

• Total market cap at IPO: € 1.5 Bn

€ 1,325 Mn Raised by companies listed on AIM

Italia


• Total market cap at IPO: € 1.8 Bn

€ 150 Mn Raised by companies listed on MIV


• Total market cap at IPO: € 150 Mn

Source: Borsa Italiana, December 2018.

Note: Companies admitted to trading on MTA in 2018.

Source: Borsa Italiana and publically available information, December 2018.

MTA case studies, 2018

Industrials, 3 Health Care, 1

Technology, 1 Financials, 1

3

1

1 6

admissions

1

• A leader in control technology and humidification for air conditioning and refrigeration

• Shares started trading on STAR segment on 11/06/2018

• Market cap at IPO: € 720 Mn • Capital raised at IPO: € 290 Mn (of which €

252 Mn to existing shareholders) • Oversubscribed 4.5x

• International leader in production of non-refillable and aluminium closures

• Shares started trading on STAR segment on 06/08/2018 after Business Combination with Space4, which had raised € 500 Mn in 2017

• Peninsula Capital II participated in the transaction and became the largest institutional investor in Guala Closures

• Worldwide leader in supplying the plastics industry with ancillary equipment, engineered solutions and other services

• Shares started trading on STAR segment on 19/10/18

• Market cap at IPO: € 445 Mn • Capital raised at IPO: € 156 Mn (100% for

existing shareholders)

• Leader in Italy in the field of private accredited healthcare that employs over 1,800 people

• Shares started trading on 09/11/2018 • Market cap at IPO: € 267 Mn • Capital raised at IPO: € 64.5 Mn (100%

capital increase)

• Provider of business solutions and services through the use of technology that employs more than 1,500 people and has a portfolio of more than 150 clients

• Shares started trading on 19/12/2018 • Market cap at IPO: €108 Mn • Capital raised at IPO: €12.56 Mn

• Italian SIIQ with the objective of creating and maintaining a medium-long term income real estate portfolio consisting of commercial property (mainly retail and office)

• Aedes (formerly named Sedea) is a result of a 1:1 spin-off from Restart (formerly Aedes)

• Shares started trading on 28/12/2018

• Industry: Financials

• SPAC

• Money Raised: € 100 Mn

• Start of trade: 01/02/18


• SPAC




• SPAC




• SPAC



• Industry: Health Care

• Market Cap: € 9.2 Mn

• Money Raised: € 3.1 Mn


• Industry: Cons. Services





• SPAC




• SPAC

• Split from EPS Equita PEP


• Industry: Industrial





• Business Combination




• SPAC







AIM Italia case studies, 2018

Note: Companies admitted to trading on AIM Italia in 2018.


8

8

5

4

2

1

1 1

1

Financials, 8 Industrials, 8

Consumer Services, 5 Consumer Goods, 4

Technology, 2 Health Care, 1

Basic Materials, 1 Telecommunications, 1

Oil & Gas, 1

31

admissions














• SPAC







• Industry: Oil & Gas




AIM Italia case studies, 2018

• Industry: Consumer Goods




• Industry: Technology




• Industry: Technology




• Industry: Industrials




• Industry: Consumer Goods




• Industry: Cons. Goods





• Mkt Cap: € 27.0 Mn



















• Industry: Telecom.








Note: Companies admitted to trading on AIM Italia in 2018.


Key historical figures In FY 2018, €3.5 billion aggregate market cap at IPO, €2.0 billion raised through IPOs and

€2.3 billion raised via FOs


Market cap evolution and % Market cap on GDP Investment flows channelled through the exchange

via IPO and further offers

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

100

200

300

400

500

600

700

800

900

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Market cap (€ Bn) % Market cap on GDP

-

5,000

10,000

15,000

20,000

25,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Money raised via IPOs (€ Mn) Money raised via FOs (€ Mn)

Relative performance of FTSE MIB compared to

other benchmark indices

International comparison of benchmark index performance, January 2017 to December 2018

+11%

- 5%

- 9%

- 6%

- 8%

- 4%

Jan 2017 to

Dec 2018

performances

Source: Borsa Italiana and FactSet, December 2018.

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE Italia Mid Cap

FTSE Italia All-Share

FTSE Italia Small Cap

Performance of mid and small cap indices


Indices performance since 2003

Indices performance, January 2017 to December 2018

- 4 %

+ 6%

- 5 %

- 17 %

+ 68%

- 28 %

60

70

80

90

100

110

120

130

140

150

Ja

n-1

7

Feb

-17

Mar-

17

Apr-

17

May-1

7

Ju

n-1

7

Ju

l-17

Aug

-17

Sep

-17

Oct-

17

No

v-1

7

De

c-1

7

Ja

n-1

8

Feb

-18

Mar-

18

Apr-

18

May-1

8

Ju

n-1

8

Ju

l-18

Aug

-18

Sep

-18

Oct-

18

No

v-1

8

De

c-1

8

FTSE Italia Mid Cap



Outlook on Italian Equity

Markets

3.

0

10

20

30

40

50

60

70

80

90

100

€0-5m €5-10m €10-50m €50-100m €100-500m €500m-€1bn €1-5bn €5-10bn €10bn+

No

. o

f C

om

pan

ies

Market Cap Bands

Note: Market Capitalisation data refers to domestic companies only. Chart on bottom right: domestic companies that are not suspended.


companies listed on Borsa

Italiana

40 companies, aggregate

market capitalisation € 404

Bn, representing 75% of

total market capitalisation

74 listed companies,

€ 33 Bn total market

capitalisation

113 listed companies,

€ 6.6 Bn total market

capitalisation

357

FTSE MIB

aggregate market

capitalisation

STAR

AIM Italia

Snapshot of listed companies

€ 542 Bn

14

27

82

44

90

19

51

11

20% Consumer

Goods

10% Oil & Gas

2% Telecomm.

18% Utilities

3% Basic Materials

2% Cons. Serv.

28% Financials

13% Industrials

3% Health Care

1% Technology

€ 542 Bn

AIM Italia

MIV

MTA

13

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE Italia Mid Cap


FTSE MIB

FTSE MIB companies

Performance FTSE MIB, FTSE Italia Mid Cap and FTSE Italia All-Share since

2003 - 16% FTSE MIB

in FY 2018

Key stats on FTSE MIB companies

• 40 companies comprise the FTSE MIB index, which represents the

largest and most liquid companies in the market

• € 404 Bn total market cap, € 10.4 Bn average market cap

• € 54 Mn average daily turnover in FY 2018, 5,112 average daily N.

of contracts

• 94% of foreign investors out of total number of institutional investors

in FTSE MIB companies

FTSE Italia Index Series:

Review Dates

March: effective from 19 Mar, announcement on 28 Feb, cut-off 19 Feb

June: effective from 18 Jun, announcement on 30 May, cut-off 21 May

September: effective from 24 Sep, announcement on 5 Sep, cut-off 27 Aug

December: effective from 27 Dec, announcement on 5 Dec, cut-off 26 Nov

Industry breakdown by market cap

Note: Market Capitalisation data refers to domestic and foreign companies.


+ 68%

- 17%

- 25%

- 6% FTSE MIB

since 2009

- 3% FTSE MIB

since 2014

31%

20% 15%

13%

9%

3% 3%

3% 3% Financials, 31%

Utilities, 20%

Consumer Goods, 15%

Oil & Gas, 13%

Industrials, 9%

Health Care, 3%

Basic Materials, 3%

Technology, 3%

Telecommunications &Consumer Services, 3%

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE Italia Mid Cap


FTSE MIB

31%

20% 15%

12%

11%

4% 3%

2% 2%

Industrials, 31%

Financials, 20%

Utilities, 15%

Consumer Goods, 12%


Telecommunications, 4%

Oil & Gas, 3%

Technology, 2%

Basic Materials, 2%

FTSE Italia Mid Cap companies

Key stats on FTSE Italia Mid Cap companies

• 60 companies comprise the FTSE Italia Mid Cap index

• € 85 Bn total market cap, € 1.4 Bn average market cap

• € 2.9 Mn average daily turnover in FY 2018, 784 average daily N. of

contracts


in FTSE Italia Mid Cap companies



Review Dates





- 20% FTSE Italia

Mid Cap in

FY 2018


+ 70% FTSE Italia

Mid Cap

since 2009

Performance FTSE MIB, FTSE Italia Mid Cap and FTSE Italia All-Share since

2003

+ 30% FTSE Italia

Mid Cap

since 2014

+ 68%

- 17%

- 25%

FTSE Italia Small Cap companies

Key stats on FTSE Italia Small Cap companies

• 125 companies representing 10 industries

• € 14 Bn total market cap, € 112 Mn average market cap

• € 344,903 average daily turnover in FY 2018, 148 average daily N. of contracts



Performance FTSE Italia Mid Cap, FTSE Italia All Share and FTSE Italia Small

Cap since 2003 - 25%

FTSE Italia

Small Cap

in FY 2018


Review Dates






- 14% FTSE Italia

Small Cap

since 2009

+ 7% FTSE Italia

Small Cap

since 2014

33%

20%

17%

14%

9%

2% 2% 1% 1% 1% Industrials, 33%

Consumer Goods, 20%


Financials, 14%

Technology, 9%

Utilities, 2%


Basic Materials, 1%

Health Care, 1%

Oil & Gas, 1%

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE Italia Mid Cap



+ 68%

- 17%

- 28%

0

100

200

300

400

500

600

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE Italia STAR


STAR segment


• Alongside being included in the FTSE Italia STAR index, STAR companies

are also included in FTSE MIB, FTSE Italia Mid Cap and FTSE Italia Small

Cap indices

• € 33.3 Bn total market cap, € 456 Mn average market cap

• Approximately € 6.0 Bn raised at IPO, of which € 1.8 Bn raised through

capital increase*

• C. € 3.4 Bn raised through follow ons

• 90% of foreign investors on total institutional investors

STAR Conference

• In 2018, the STAR Conferences

in Milan and in Londonwere

privileged occasions for one to

one meetings between STAR

companies and investors

• Overall, 123 companies, 410

investors participated in the

conferences and 3,600

meetings had been organized

Performance FTSE Italia STAR and FTSE Italia All-Share


- 17% FTSE Italia

STAR in

FY 2018

+ 257% FTSE Italia

STAR

since 2009

Note: *refers to all companies listed on the STAR Segment since 2001


+274%

- 17%

+ 79% FTSE Italia

STAR

since 2014

49%

12%

10%

9%

8%

6% 4% 1% 1%

Industrials, 49%

Financials, 12%

Health Care, 10%


Technology, 8%

Consumer Goods, 6%

Utilities, 4%

Basic Materials, 1%


Key stats on companies listed on the STAR segment

AIM Italia

Evolution of number of listed companies Money raised breakdown



• All companies listed on the AIM Italia market are eligible for inclusion in the FTSE AIM

Italia index

• € 6.6 Bn total market cap, € 59 Mn average market cap, € 35 Mn median market cap

• € 3.6 Bn raised at IPO, of which:

• € 3.4 Bn raised in capital increase (94%)

• € 0.2 Bn raised by sale of existing shareholders (6%)

• 36.5 % average free float at IPO


30%

17%

13%

13%

9%

6%

4% 4% 3% 1%

Financials, 30%

Basic Materials, 17%

Consumer Goods, 13%

Industrials, 13%


Technology, 6%

Health Care, 4%

Oil & Gas, 4%

Utilities, 3%

Telecommunication, 1%

7 15

20 24

36

57

74 77

95

113

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Key stats on AIM Italia companies

22%

21%

23%

13%

6%

15%

< 3 €Mn

3 - 5 €Mn

5 - 10 €Mn

10 -20 €Mn

20 -30 €Mn

> 30 €Mn

15 Closed -

Ended Funds

• 15 closed-ended funds are listed on

MIV – Market for Investment

Vehicles. Investment strategies

mainly focused on Real Estate

3 Permanent

Capital Vehicles • 2 Reserved Alternative Investment

Companies listed on MIV and AIM

Italia, respectively

• 1 Specialty Investment Company

listed on MIV

13 SPACs

• 13 SPACs currently listed on AIM

Italia

• 15 SPACs have completed Business

Combinations

6 SIIQ (REITs)

• 6 Real Estate Investment Trusts

(Società di Investimento Immobiliare

Quotata) listed on MTA (of which 1 on

STAR segment)

Snapshot of Listed Investment Vehicles on the

Italian markets


A clear proposition for Italian markets after AIFMD MIV: the regulated market dedicated to investment vehicles. Investment vehicles include

both Alternative Investment Funds (AIFs), including ELTIFs and Venture Capital Funds, and

Special Investment Vehicles (SIVs), including SPACs

MTA: the regulated market dedicated to SIIQ (REITs), with a minimun NAV of €200 mln at

admission or a ratio NAV / (NAV + Capital Increase) >=0.3

AIM Italia: the growth market dedicated to companies and small investment vehicles

The first listed private equity fund under the

form of a SICAF-RAIF

Company Details

Company NB Aurora S.A. SICAF-

RAIF

Market MIV – Professional

Segment

Industry Financials

Ticker NBA

Country of

Incorporation Luxembourg

Transaction Details

Listing Date 04/05/2018

Money raised at IPO € 150 Mn

Market Cap at IPO € 150 Mn

Market Cap (end Dec. 2018) € 142 Mn

Discount to NAV* - 18%

Investment policy

An investment company with fixed capital that operates in the

private equity market focused on investing in Italian SMEs and

funds.

Key peculiarities:

• First investment was the acquisition of 44.55% of the

units of Fondo Italiano d’Investimento.

• Focus on Italian small mid cap companies with

turnover typically between €30 Mn and €300 Mn and

are leaders in their respective niches/market.

• Equity ticket betweeen €10 Mn and €50 Mn, possibly

to leverage on co-investments and to syndicate the

deals.

• Mainly family-owned companies that have never been

invested by a financial sponsor.

• Preference for export-driven companies, with a clear

competitive advantage and a feasible business plan.

Note: *Calculated on NAV as at 30/06/2018.

Source: Borsa Italiana and publically available information. December 2018.

78%

12%

8% 1% 1%

Italy, 78% United Kingdom, 12%

United States, 8% Luxembourg, 1%

Switzerland, 1%

47%

26%

20%

4% 1% 1% 1%

Asset Manager, 47% Family Office, 26%

Private Banking, 20% NB, 4%

Insurance, 1% Managers, 1%

Others, 1%

Investors by country and by type at IPO Share price performance

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

7

7.5

8

8.5

9

9.5

10

10.5

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Vo

lum

e n

um

ber

of

shar

es (

actu

al)

Shar

e p

rice

(€)

Acquired

44.55%

of FII

FII sold its

35.55%

stake of

Rigoni di

Assago FII sold its

15.96%

stake in

Sanlorenzo

NBA

published

H1 2018

results

FII

completes

sale of

Megadyne

Closed sale

of majority

share capital

of Mesco

Group (incl.

FII’s stake)

Completion of

sale of General

Medical

Merate

NBA completes

acquisition of

minority stake in

Club del Sole

Listed Real Estate Investment Funds

15 Closed-ended Real Estate Investment Funds listed on MIV – Regulated Market


Financial Instrument

SGR - Investment

Advisor - Investment

Manager

Market Segment Sub-type Expiration

Date

Market Cap,

€Mn (end Dec

2018)

NAV, €Mn

(30/06/2018)

Premium /

Discount to

NAV

Avg. Daily

Turnover, €

(FY 2018)

QF Mediolanum RE B Mediolanum Gestione

Fondi SGR MIV SMIV

Real Estate Investment

Fund 31/12/21 150 279 -46% 34,636

QF Alpha Immobiliare DeA Capital Real Estate

SGR MIV SMIV


Fund 27/06/30 144 284 -49% 40,492

QF Immobiliare Dinamico BNP Paribas Reim SGR MIV SMIV Real Estate Investment

Fund 31/12/20 122 267 -54% 52,181

QF Atlantic 1 DeA Capital Real Estate

SGR MIV SMIV


Fund 31/12/19 113 262 -57% 74,291

QF Unicredit Imm Uno Torre SGR MIV SMIV Real Estate Investment

Fund 31/12/20 102 162 -37% 62,898

QF Amundi RE Europa Amundi Real Estate Italia

SGR MIV SMIV


Fund 31/12/19 83 145 -43% 51,802

QF Socrate Fabrica Immobiliare SGR MIV SMIV Real Estate Investment

Fund 31/12/20 64 119 -46% 16,508

QF Opportunita Italia Torre SGR MIV SMIV Real Estate Investment

Fund 31/12/22 59 149 -60% 48,328

QF Amundi RE Italia Amundi Real Estate Italia

SGR MIV SMIV


Fund 31/12/19 55 145 -62% 27,024

QF Polis Polis Fondi Immob.

Banche Popolari MIV SMIV


Fund 31/12/20 53 96 -45% 25,663

QF Immobilium 2001 Investire SGR MIV SMIV Real Estate Investment

Fund 31/12/20 32 61 -48% 6,512

QF Mediolanum RE A Mediolanum Gestione

Fondi SGR MIV SMIV


Fund 31/12/21 28 52 -45% 4,121

QF Risparmio Immobiliare

Uno Energia Castello SGR MIV SMIV


Fund 31/12/21 21 30 -28% 562

QF Valore Imm Global Castello SGR MIV SMIV Real Estate Investment

Fund 31/12/19 17 24 -28% 7,036

QF Securfondo Investire SGR MIV SMIV Real Estate Investment

Fund 31/12/19 14 25 -41% 4,439

Real Estate Investment Trusts & Permanent Capital Vehicles

6 Real Estate Investment Trusts (SIIQ) listed on MTA

Note: *Beni Stabili merged into Covivio and delisted on 02/01/2018. The latter started trading on MTA on the same day.

** Proportional partial splitting of Aedes in favor of Sedea. Sedea consequently renamed Aedes and Aedes renamed Restart. Admitted to trading on 28/12/2018.


Company Subsector (FTSE) Index Market Cap, €Mn

(end Dec 2018) NAV, €Mn

(30/06/2018)

Premium / Discount

to NAV

Avg. Daily Turnover, €

(FY 2018)

Beni Stabili* Industrial & Office REITs FTSE Italia Mid Cap 1,542 1,866 -17% 2,385,075

IGD - Immob. Grande

Distribuzione Retail REITs FTSE Italia Mid Cap 598 1,286 -54% 1,613,141

Coima Res Industrial & Office REITs FTSE Italia Small Cap 253 394 -36% 177,722

Nova RE Real Estate Holding &

Development FTSE Italia Small Cap 43 68 -37% 25,374

Aedes (formerly Sedea)** Retail REITs FTSE Italia Small Cap 38 n.a. n.a. 75,443

Restart (formerly Aedes)** Real Estate Holding &

Development FTSE Italia Small Cap 4 n.a. n.a. 379,299

2 Permanent Capital Vehicles listed on MIV

Company Type Market Segment Subsector

(FTSE)

Market Cap, €Mn


(30/06/2018)

Premium /

Discount to NAV


(FY 2018)

4AIM SICAF Reserved Alternative

Investment Company AIM AIMMA

Equity Investment

Instruments 5.9 5.7 +4% 2,617

Company Type Market Segment Subsector

(FTSE)

Market Cap, €Mn


(30/06/2018)

Premium /

Discount to NAV


(FY 2018)

NB Aurora Reserved Alternative

Investment Company MIV SV

Equity Investment

Instruments 142 173 -18% 69,304

M&C Specialty Investment

Company MIV SMIV Specialty Finance 15 30 -50% 66,947

1 Permanent Capital Vehicle listed on AIM Italia

SPAC SPAC Market IPO SPAC Capital raised at IPO

(€ Mn) Target B.C. Target Target Market

Italy 1 Investment MIV 27/01/2011 150 IVS Group 03/06/2013 MTA

Space MIV 18/12/2013 130 FILA 12/11/2015 MTA - STAR

Space 2 MIV 31/07/2015 300 Avio 10/04/2017 MTA - STAR

Made in Italy 1 AIM Italia 27/06/2011 50 Se.Sa 22/10/2013 MTA - STAR

Industrial Stars of Italy AIM Italia 22/07/2013 50 LU.VE 09/07/2015 MTA

GreenItaly 1 AIM Italia 27/12/2013 35 Prima Vera* 23/12/2015 AIM Italia

Capital for Progress 1 AIM Italia 04/08/2015 51 GPI 29/12/2016 AIM Italia

Glenalta Food AIM Italia 10/11/2015 80 Orsero 13/02/2017 AIM Italia

Industrial Stars of Italy 2 AIM Italia 27/05/2016 50.5 SIT 22/07/2017 AIM Italia

Space 3 MIV 05/04/2017 150 Aquafil 04/12/2017 MTA – STAR

EPS Equita PEP AIM Italia 01/08/2017 150 ICF Group 14/05/2018 AIM Italia

Crescita AIM Italia 15/03/2017 130 Cellularline 04/06/2018 AIM Italia

Glenalta AIM Italia 19/07/2017 98 CFT 30/07/2018 AIM Italia

Space 4 MIV 21/12/2017 500 Guala Closures 06/08/2018 MTA – STAR

Innova Italy 1 AIM Italia 19/10/2016 100 Fine Foods & Pharmaceuticals 01/10/2018 AIM Italia

SPACs & Business Combinations

15 SPACs have successfully completed Business Combinations with their respective target companies

Note: *New company name: Zephyro


SPACs & Business Combinations

13 SPACs are currently looking for target companies; 4 deals have already been announced

Note: *Split from EPS Equita PEP on 10/05/2018.


SPAC SPAC Market IPO SPAC Capital raised

at IPO Target B.C. Target Actual Market

SprintItaly AIM Italia 21/07/2017 150 n.a. tbd tbd

Capital for Progress 2 AIM Italia 04/08/2017 65 n.a. ABK tbd

Spactiv AIM Italia 27/09/2017 90 n.a. tbd tbd

Industrial Stars of Italy 3 AIM Italia 19/10/2017 150 n.a. tbd tbd

IDeaMI AIM Italia 11/12/2017 250 n.a. tbd tbd

Alp.I AIM Italia 01/02/2018 100 n.a. Antares Vision tbd

Spaxs AIM Italia 01/02/2018 600 n.a. Banca Interprovinciale tbd

Vei 1 AIM Italia 27/02/2018 100 n.a. tbd tbd

Life Care Capital AIM Italia 07/03/2018 140 n.a. tbd tbd

Gabelli Value for Italy AIM Italia 20/04/2018 110 n.a. tbd tbd

Equita PEP Spac 2* AIM Italia 10/05/2018 - n.a. tbd tbd

Archimede AIM Italia 21/05/2018 47 n.a. Net Insurance tbd

The Spac AIM Italia 02/08/2018 60 n.a. tbd tbd

• Borsa Italiana offered the highest turnover velocity

among competitors in 2018.

• In the last 10 years Borsa Italiana has steadily been

more liquid than other major international stock

exchanges. The high liquidity of the Italian market

is sustained by a wide and diversified institutional

investors community and by an active retail base.

• Retail investors actively contribute to IPO

subscription and secondary market trading.

• In 2017 the liquidity of Italian listed companies has

further increased due to the introduction of a fiscal

incentive for Italian residents to invest in Italian

assets. Turnover velocity maintained in 2018.

Competitors comparison

Turnover Velocity

FY 2018 & FY 2017

The Turnover Velocity is the ratio between the turnover of domestic shares and their market capitalisation.

NYSE: New York Stock Exchange; DB: Deutsche Börse; BME: Spanish Exchanges; SWX: SIX Swiss

Exchange; AUS: Australian Securities Exchange; HKXE: Hong Kong Stock Exchange; OMX: NASDAQ OMX

Nordic; ENXT: Euronext; LSE: London Stock Exchange.

The highest capital rotation on equities

Source: Borsa Italiana elaborations on data from World Federation of Exchanges, Federation of European Securities Exchanges, December 2018.

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

BorsaItaliana

NYSE DB BME SWX AUS HKXE OMX ENXT LSE

FY 2018 FY 2017

STMICROELECTRONICS

FERRARI

* Fragmentation of ordinary shares taking into account lit and auction trades by volume.

** The ratio of ordinary shares to ADRs for STMI is 1:1; for Tenaris it is 2:1.

Source: Borsa Italiana elaborations on data from Fidessa. December 2018.

CNH INDUSTRIAL

TENARIS

FCA

Milan is the leading trading venue

Analysis of dually listed companies:

• The charts represent the fragmentation

of trades by trading venue*

• The percentage of trades refers to

ordinary shares and ADRs**

• Time period : Jan – Dec 2018

33.36%

24.06%

11.17%

5.47%

5.42%

Milan

Paris

Cboe CXE

Cboe BXE

NYSE

BZX

Turquoise

NASDAQ

NYSE Arca

Aquis

63.55% 8.05%

6.42%

3.44%

3.41%

Milan

Cboe CXE

NYSE

NASDAQ

BZX

Cboe BXE

NYSE Arca

Turquoise

BYX

Aquis

54.02%

12.92%

5.58%

5.46%

5.00%

Milan

Cboe CXE

NYSE

Cboe BXE

Turquoise

BZX

NASDAQ

BYX

NYSE Arca

Cboe Periodic

49.65%

8.95%

8.92%

8.43%

4.84%

Milan

NASDAQ

NYSE

Cboe CXE

Cboe BXE

BZX

NYSE Arca

Turquoise

BYX

NASDAQ BX

41.32%

12.42%

10.26%

10.16%

8.14%

Milan

Cboe CXE

NASDAQ

NYSE

BZX

NYSE Arca

Cboe BXE

BYX

Turquoise

NASDAQ BX

Building the future pipeline

4.

A structured approach to origination In contact with 1,000+ companies and 40+ investment vehicles

Main activities

Source: Borsa Italiana internal records, based on Amadeus Database, integrated by confidential and public information.

683*

COMPANIES

From Database

186*****

COMPANIES

From ELITE 1,070****

COMPANIES

From PE

129**

COMPANIES

From News

850

COMPANIES

From Advisors

190***

COMPANIES

From Sales activity

*Database – DBGEO companies (screened with the following criteria: sales>€20Mn, positive EBITDA, NFP/EBITDA<6x) potentially

interested/interesting for a IPO **New companies on the news in 2018; ***meetings scheduled in 2018; ****Source: AIFI; *****ELITE companies

potentially interested/interesting for a IPO

Companies under watch

Flagship events organized

at the Exchange 4 IPO Forums

IPO Forum

To facilitate contacts

with advisors 15 BEAUTY CONTESTS

2 FOR INVESTMENT

VEHICLES

Beauty contests

Updates to target

companies on relevant

financial news and

IPOs 34 IN TOUCH

“In touch”

Key Stakeholders

(listed and private

companies) 4 VIP DINNERS

VIP Dinners

At local level, hosted by

partners and

stakeholders 44 IPO Seminars

IPO Seminars

170 SMALL CAPS

17 LARGE CAP

40 INVESTMENT VEHICLES

With target companies

and vehicles at different

stages of their process

1 to 1 meetings

Key initiatives in 2018 &

upcoming events

5.

Borsa Italiana flagship events

Italian Equity Roadshow 2018

Italian Equity Conference London Jan

STAR Conference Milan March

AIM Italia Conference May

Italian Equity Conference Asia & Australia June

Italian Sustainability Day July

Italian Equity Week (Lifestyle, Industrial, Infrastructure) Sept

AIM Italia Conference London Oct

STAR Conference London Oct

Italian Equity Conference NY & Toronto Nov

6000+ One to one meetings

1000+ Institutional investors

300+ Listed companies

9 Initiatives

Borsa Italiana Equity Roadshow in 2019

STAR Conference 2019,

Milan

STAR Companies attending our flagship

and recurring event in Milan.

20-21

Mar

AIM Italia Conference 2019,

Milan

AIM Italia Companies meeting with

domestic and international investors.

27

May

A selection of Italian Mid-Large Caps with

business in Asia and Australia.

17-21

June

Italian Equity Conference,

Asia & Australia

Italian Sustainability Day,

Milan

A selection of Italian Mid-Large Caps.

2 July Italian Equity Week,

Milan

Listed companies from the following

sectors: Lifestyle (3 Sept), Industrial (4

Sept) and Infrastructure (5 Sept).

3-5

Sept

A selection of AIM Italia Companies.

21

Oct

AIM Italia Conference 2019,

London

STAR Conference 2019,

London

STAR Companies attending our flagship

and recurring event in London.

22-23

Oct


North America

A selection of Italian Mid-Large Caps

attending the event in New York.

19-20

Nov


London

A selection of Italian Mid-Large Caps.

16-17

Jan

Large Caps, Investment Vehicles & Market Intelligence

Patrizia Celia

Head of Large Caps, Investment Vehicles & Market Intelligence

[email protected] – 02/72426552

Francesco Paolo Virgilio



Caterina Crociata


[email protected] - 02/72426600

Federica Giacometti



Imran Abdul Cader

Large Caps, Investment Vehicles & Market Intelligence Intern


Mid & Small Caps Origination Fabio Brigante Head of Mid & Small Caps Origination [email protected] – 02/72426083 Roberta Laveneziana Mid & Small Caps Origination [email protected] – 02/72426055

Mid & Small Caps Product Development Luca Tavano Head of Mid & Small Caps Product Development [email protected] – 02/72426428 Elettra Pescetto Mid & Small Caps Product Development [email protected] – 02/72426373

Marketing & Events - Primary Markets, Italy Sofia Bottiani Marketing & Events [email protected] – 02/72426904 Marialivia Nutini Marketing & Events Intern [email protected] – 02/72426839

Primary Markets Italy | Contacts

Barbara Lunghi, Head of Primary Markets, Italy


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