Euronext Growth Milan requirements

Formal requirements for Euronext Growth Milan

Formal requirements at IPO

Euronext Growth Milan

Professional Segment

Free Float

10% - 5 institutional investors

10% - 5 investors *

Audited financial statements

1 (if existing)

1 (if existing)

Accounting principles

Italian or international

Italian or international

Offering

Mainly institutional (retail with offering < €8m)

Not mandatory

Other documents

Admission document

Admission document

Market Cap (€)

No formal requirements

No formal requirements

BoD (# independent members)

B.o.D with 1 independent member

B.o.D

Internal audit committee

No formal requirements

No formal requirements

Remuneration committee

No formal requirements

No formal requirements

Incentives to top management

No formal requirements

No formal requirements

Investor relations manager

Mandatory

Not mandatory

Website

Mandatory

Mandatory

Main advisor

Euronext Growth Advisor/ Global Coordinator

Euronext Growth Advisor

* Free Float

  • If the free float is between a minimum of 2% and 10% Borsa Italiana orders the admission and the simultaneous suspension. 
  • If the free float requirement has not met for 2 years, Borsa Italiana orders the delisting from the Professional Segment

Formal requirements on going

Euronext Growth Milan

Professional Segment

Corporate Governance Code

Not mandatory

Not mandatory

Specialist

Mandatory (liquidity provider / 2 annual research)

Not mandatory

Takeover

Statutory takeover

Statutory takeover

Related parties

Procedure  semplificate e obblighi informativi

Quarterly data

Not mandatory

Not mandatory

Half year data

Yes - within 3 months from half year end

Yes - within 3 months from half year end

Annual data

Yes - within 6 months from year end

Yes - within 6 months 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)

For further details please send an email to: borsaitalianaprimarymarkets@borsaitaliana.it

 

 

 

Consult the Statistics prepared by Borsa Italiana and the Market Regulations


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