Euronext Milan Requirements

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)