The listing process

The listing process that leads a company to enter the capital markets involves the entrepreneur, the internal organization and the external advisers.
Listing on the stock exchange is a strategic choice that is reflected in all aspects of the ordinary course of business and in relations with the stakeholders. The outcome of the process depends not only on the characteristics and potential of the business, but also on the efforts made in the period leading up to the listing. In order to improve management systems which, once the company is listed, will ensure that all the crucial steps are adequately managed.

Start your journey towards excellence: assess the opportunity of listing on Borsa Italiana markets

 

Prepare the company

icona preparare azienda

Getting ready for listing requires careful planning of preparatory activities by the company. In addition, the entrepreneur can adopt advanced management systems in the preparatory stage and also through a company's self-assessment.

This stage plays an essential role for the success of the entire process and the outcome depends on the efforts made during preparation, which is generally carried out with the support of a financial adviser.

An effective preparation process should focus on the following areas:

Areas

Main points of attention

Strategy

Define value creation strategies both at corporate level and for each individual Business Unit

Competitive sector and positioning

Analyse the industrial sector where the company operates and its competitive positioning

Historical financial data

Audit financial statements and half-yearly reports, and pro-forma data for recent non-recurring transactions

Prospective financial data

Prepare a coherent, reliable and financially sustainable business plan

Group structure

Identify which part of the group is most suitable for listing and ensure management autonomy to the company being listed

Organizational and managerial structure

Present the management team with adequate skills and professional experience, capable of ensuring the implementation of the strategic plans and objectives shared with market

Corporate governance

Implement procedures and practices for sound and fair company management, protecting the interests of minority shareholders and transparent decision-making towards the market

Equity Story

All these elements help define the issuing company’s profile to be presented to investors in order to stimulate their interest in the IPO

Some aspects of the preparation may vary depending on the selected listing market.

 

Setting up the team

icona squadra

While listing is an extraordinary transaction for the company, it is ordinary business for specialized professionals.

It is necessary to have a management team with adequate skills and professional experience, in order to ensure that strategic plans and the value creation objectives presented to the market are implemented.

Specialized professionals of high reputation and who share the values of the company are essential pillars for a successful transaction.

The main advisers to be involved in the listing process are:

Sponsor – for MTA market | Nomad – for AIM Italia market |   

Global Coordinator | Legal Adviser | Auditing firm   

Financial Adviser | Communication company

 

Assessing the investment

icona investimento

Unlike bank financing, listing costs incur only once, but they give access to the equity financing channel on a permanent basis.

Listing costs are often necessary investments to improve the company’s competitive strength and to adopt a more solid structure capable of facing the challenges of international growth. Therefore, it is important that the costs and benefits of listing be assessed jointly.

Listing costs depend on the listing market, the structure, size, sector and complexity of the company, the size of the offer, and the composition of the adviser team.

tabella costi

For more details on listing fees applicable from 30 June 2021, download the file

For more details on listing fees applicable from 11 October 2021, download the file

Kick-off the process

icona processo

The IPO process consists of different steps depending on the selected market.

 

 

The listing process on AIM Italia market

processo aim italia

The listing process on MTA market

processo mta

To find out more, contact Borsa Italiana: borsaitalianaprimarymarkets@borsaitaliana.it

 

Test yourself with the Pre-Listing Assessment

Borsa Italiana offers companies that are considering to go public the opportunity to take an assessment and further explore the following topics: listing process, most suitable market, equity story, business plan, management control system, corporate governance and others

Get ready for listing with IPO Masterclass

We offer an online training course to companies interested in learning about the listing process; it consists of three training modules that focus on:

  • The decision to go public;
  • The phases of the IPO process;
  • Life as a listed company.

Learn more through a meeting with Borsa Italiana

The Primary Markets team of Borsa Italiana is available to meet with entrepreneurs interested in the listing process and with their advisers in order to explore the company’s growth prospects and assess how Borsa Italiana can support them.

Listing guides and market rules

Discover more about:

Listing guides

Market rules


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