Mercato Expandi: 4 years of growth

Borsa Italiana created this market for all SMEs that wish to raise new capital through simplified rules and reduced costs.

Established in 2003, Mercato Expandi, will this November celebrate its 4th anniversary. Borsa Italiana created this market for all SMEs that wish to raise new capital through simplified rules and reduced costs.

The most important requirements for listing on Mercato Expandi are those of a minimum capitalization of 1 million Euro, a float of at least 10% of the share capital and the possibility to make an offer dedicated only to institutional investors. From the organizational perspective, listing on Mercato Expandi does not require changes or integration of the corporate structure and the drafting of the quarterly report.   

Since its introduction, there have been 27 listed companies; on the same market are also listed 8 companies coming from Mercato Ristretto.

The 27 companies listed on Mercato Expandi since 2003 to date have a total capitalization of 3 billion Euro, while the median one is that of 86 million Euro and the median market float rate of 33%. (figures as at 27 November 2007).

The number of IPOs on Mercato Expandi has constantly grown in these four years: two companies in 2004, six in 2005, eight in 2006 and eleven in 2007.

During the IPO phase, these 27 companies have raised 983 million Euro, 559 millions of which through capital increase to fund growth projects and 424 million through public offering. 81% of the capital was acquired mainly from institutional investors, transpiring to a total of 797 million Euro.

During the first half of 2007, the 27 Expandi companies registered a mean turnover of 29.4 million Euros, compared to 48.4 million Euro for the whole 2006.

The mean Gross Operating Profit registered for first half of 2007 is that of 4.7 million Euro, compared to 6.9 million Euro for the whole 2006.

The increase of liquidity on Mercato Expandi is showed by the average daily value traded increased from 0.1 million Euro in 2004, to 5.9 million Euro in 2005 and 2006, and to 12 million Euro in 2007 (January - 27th November 2007).

From January to 27th November 2007 each company listed on Mercato Expandi traded an average volume of 450,000 Euro.


Media Contact:
Marta Testi: +39 02 72 42 63 23

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