Initial public offerings—Italy—Q&A guide

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Initial public offerings—Italy—Q&A guide
  • 1. What is the size of the market for initial public offerings (IPOs) in your jurisdiction?
  • 2. Who are the issuers in the IPO market? Do domestic companies tend to list at home or overseas? Do overseas companies list in your market?
  • 3. What are the primary exchanges for IPOs? How do they differ?
  • 4. Which bodies are responsible for rulemaking and enforcing the rules on IPOs?
  • 5. Must issuers seek authorisation for a listing? What information must issuers provide to the listing authority and how is it assessed?
  • 6. What information must be made available to prospective investors and how must it be presented?
  • 7. What restrictions on publicity and marketing apply during the IPO process?
  • 8. What sanctions can public enforcers impose for breach of IPO rules? On whom?
  • 9. Describe the timetable of a typical IPO and stock exchange listing in your jurisdiction.
  • More...

Initial public offerings—Italy—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to initial public offerings in Italy published as part of the Lexology Getting the Deal Through series by Law Business Research (published: November 2020).

Authors: Chiomenti Studio Legale—Enrico Giordano; Maria Falcone

1. What is the size of the market for initial public offerings (IPOs) in your jurisdiction?

The size of the Italian IPO market has varied significantly over the past five years, mainly because of economic and political factors. According to the data published by Borsa Italiana SpA (Borsa Italiana), the company that manages the Italian Stock Exchange, the aggregate capital raised through Italian IPOs totalled approximately €5.7 billion in 2015 (27 IPOs), €1.4 billion in 2016 (14 IPOs), €5.4 billion in 2017 (32 IPOs), €2.0 billion in 2018 (31 IPOs) and €2.5 billion in 2019 (35 IPOs).

While the market growth registered in 2015 was mainly attributable to the privatisation of the state-owned postal services company Poste Italiane (€3.2 billion), 2016 was marked by a decrease in the Italian IPO market owing to certain disruptive international political events - such as Brexit and the US presidential election - and also owing to persistent political uncertainty in our country and the distress experienced by the domestic banking system. In 2017, the Italian IPO market showed an upward trend, led by the IPO of Pirelli (€2.6 billion), a

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