Equity Direct Distribution for Intermediaries

The new Equity Direct Distribution service aims to support intermediaries involved in the listing process, providing them with a trading infrastructure for conducting Public Offers.

Why choose Equity Direct Distribution

• Flexible and complementary tool
  Can be integrated into the placement strategy without interfering with the bookbuilding process.
  
• Automated operational workflows
  The system manages end-to-end retail subscriptions, reducing operational workload and execution risks.
  
• Expanded potential retail base
  Access to a network of intermediaries already connected to Optiq^®.
  
• Reduced logistical complexity
  Minimises the need for operational coordination among banks and intermediaries.
  
• Greater overall attractiveness of the offer
  A broader retail offer can contribute to the success of the IPO and a more liquid secondary market.

How Equity Direct Distribution works for intermediaries

The Issuer, in coordination with the Global Coordinator, must notify Borsa Italiana of the name of the intermediary appointed to sell the shares on the market and the main characteristics of the offer as set out in the Prospectus or Admission Document, as well as the intention to involve in the Offer Syndicate all intermediaries connected to the market platform, or a subgroup only.

The new Equity Direct Distribution service can manage multiple parallel tranches, reserved tranches, bonus shares and allocation algorithms in the event of oversubscription. The procedure also allows for extreme flexibility in terms of early closure, extension of the offer period and adjustment of the final allocation quantities, provided these are set out in the Prospectus or Admission Document.

The Equity Direct Distribution procedure also provides for complete integration between the trading platform managed by Borsa Italiana and the settlement platform managed by Euronext Securities, ensuring an efficient and secure post-trade flow.
This service does not support the price discovery process, which, as usual, remains part of the bookbuilding process outside the Optiq^® trading platform. 

The Equity Direct Distribution service should therefore be considered complementary to the standard process managed by the Issuer, its Advisors and the Global Coordinator, while enabling more efficient access to the retail investor market.