Equity Direct Distribution for Retail Investors

The new Equity Direct Distribution service allows retail investors to subscribe for shares during the public offering phase, in parallel with the sale process to institutional investors.

Why choose Equity Direct Distribution

• Direct and transparent access to IPOs
  Opportunity to participate in share offerings that were previously limited to institutional investors.
  
• Simplified investment experience
  Subscription through existing channels (bank/intermediary already connected to the trading platform).
  
• Transparent allocation
  Automatic and clear criteria for allocation in the event of high demand.
  
• Participation in the real economy
  Opportunity to invest directly in Italian companies and support their growth.
  
• Financial education “in the field”
  The tool contributes to a broader and more informed investment culture.

How Equity Direct Distribution works for retail investors

The individual investor can access the information provided by the Issuer and by their intermediary directly from their active securities account with their intermediary, and in compliance with standard investor protection measures. If the investment is consistent with their risk-return profile, they can subscribe to the offer directly from their securities account.

The theoretical purchase amount, calculated at the maximum price of the offer range, will be blocked and made unavailable on their current account pending the close of the offer period.

At the end of the offer period, the Issuer will determine the quantity to be allocated to institutional and retail investors, as well as the offer price. At this stage, retail investors will receive confirmation of the quantity allocated to them and, if the quantity of shares requested exceeds the quantity actually allocated, the remaining amount will be released on their current account.

Once the offer phase is completed and a regular free float has been verified, Borsa Italiana will authorise the start of trading and the company will be admitted to the market. Once trading begins, retail investors can trade the shares as usual from their securities account.

For more information

Ask your financial advisor if your profile allows you to invest in shares and check if your bank offers the new service.
If it has not yet signed up, ask them to contact Borsa Italiana.