Going Public

International Companies can list their equity directly on the Borsa Italiana’s markets, either if the Company is already listed on its own domestic market or if it is not.

If a Company already listed on its market can apply for a dual listing on Borsa Italiana. There are already some foreign companies listed on Borsa Italiana, for some of them Italian Market become the first market in term of liquidity and volume of trades.

A foreign company that wants to apply for a dual listing needs to meet all the requirements placed on all domestic companies listed on Borsa Italiana, and in particular:

• The provision of the Rules of the Market Organized and Managed by Borsa italiana, title 2.1, 2.2, 2.3 and 2.4
• the Company must be compliant with Consob “Provision of Issuers”

Furthermore, there are some additional conditions for issuers established under foreign law (art. 2.1.4, Rules of the Market Organized and Managed by Borsa Italiana):

1. they must demonstrate that there are no impediments to their compliance with the provision concerning the information to be made available to the public, Consob or Borsa Italiana;
2. they must demonstrate that there are no impediments to the exercise of all the rights attaching to the financial instruments they want to list on Italian markets;
3. Consob must issue a declaration of equivalence of the auditing of annual accounts of the Company;
4. if the issuers is based in a EU Country and if exist in the form of paper certificates, these certificates must conform with the provision in force in such EU Country;
5. if the issuers is based in a non-EU Country, Borsa Italiana must verify that the paper certificates representing the instruments offer sufficient guarantees for the protection of investors;

Also if a Company is not listed yet, it can apply for a “primary” listing on Borsa Italiana. In this case, Borsa Italiana  will ascertained that the absence of listing in the home country is not due to the need to protect investors.

All stages of the admission process on the MTA market and AIM Italia market are managed online by QUiCK, QUOTATION in a CLICK.

For any further information on the listing of a foreign company on Borsa Italiana, you can contact us.