In the first half of 2022 Italian and international markets faced a challenge. The number of IPOs has diminished due to factors such as geopolitical tensions, markets volatility and macro-economic uncertainty.
However the latest data show a recovery of IPOs: in fact 4 enterprises have listed their shares on EGM in the sole month of June (Redelfi, High Quality Food, Bellini Nautica, Laboratorio Famaceutico Erfo) and 4 more joined the market in July (Solid World, GM Leather, Imprendiroma and Pozzi Milano).
Even the other markets of the Italian Stock Exchange have seen a recovery in the number of IPOs: Generalfinance joined the STAR segment on June 29 (the only listing in 2022 sofar) and the shares of Industrie De Nora have been listed on Euronext Milan on June 30.
Market data as of June 30, 2022: main highlights
As of June 30, 2022 Euronext Growth Milan has 179 listed enterprises (5 more than at the end of 2021) with a total capitalization of EUR 10.5bn.
In the first six months of 2022, 9 enterprises joined the market raising a total of EUR 768.2 million.
According to the IPOs indicators, the data show that the enterprises listed in the first half of 2022 (excluding Technoprobe) are smaller than the enterprises listed in 2021. This is evidence that the EGM market is open and functional for the growth of even the smallest enterprises. The market cap decreased from EUR 46.1 million to EUR 28 million, the average funding from EUR 11.6 to EUR 7 million.
Finally, on this edition of the Report we focus on capital increases by enterprises listed on the EGM market. From January 1, 2019 to 30 June, 2022, 28 capital increases were completed (6 accelerated bookbuilding). The total capital raised amounts to EUR 182.9 million, with an average discount to TERP of 13.2%.
Source: Azimut Direct calculations on data from Bloomberg, Borsa Italiana and corporate websites.