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Equity Capital Markets
Report
FY 2018 Despite market volatility, momentum for new listings remains:
38 new companies admitted to Borsa Italiana markets
Equity Primary Markets, Borsa Italiana
London Stock Exchange Group
The Global IPO Market &
The London Stock
Exchange Group
Page 2
1.
Note: Number of IPOs by listing venue. All calculations based on deal pricing date. Index performances from FactSet. GBP/EUR = 1.13.
Source: London Stock Exchange, Borsa Italiana, FactSet, and Dealogic, December 2018.
LSEG is one of the leading groups in the Global IPO Market
• Across Europe, IPO proceeds totaled c. €38
billion in FY 2018, down -16% (yoy). The total
number of IPOs is down -14% (yoy) in the same
period.
• €12.8 billion raised across LSEG markets via
110 IPOs.
• In addition, c. €32.5 billion raised across LSEG
markets via more than 550 FOs.
• FY 2018: FTSE MIB -16%; FTSE 100 -12%;
Germany DAX -18%; France CAC 40 -12%; Euro
STOXX 50 -15%.
Page 3
Number of IPOs by Exchange Nationality in FY 2018
-
20
40
60
80
100
120
0
2
4
6
8
10
12
14
LSEG FrankfurtStock
Exchange
Euronext NASDAQNordic
SIX SwissExchange
Oslo StockExchange
Istanbul StockExchange
Madrid StockExchange
Warsaw StockExchange
BulgarianStock
Exchange -Sofia
No
. o
f IP
Os
IPO
Ca
pit
al R
ais
ed
(€
bil
lio
n)
IPO Capital Raised
No. of IPOs
Page 4
LSEG is the leading stock exchange group
in Europe
Top 10 Exchange Groups in Europe by IPO capital raised – FY 2018 • LSEG is the leading stock exchange group in Europe in
terms of both capital raised and number of IPOs (79
IPOs in London and 31 in Milan).
• As of end December 2018, the aggregate market cap of
companies that had their IPOs in London and in Milan in FY
2018 is equal to c. €33 billion.
• In November, Digital Value raised €22.5 million via the
ELITE SPAC in Cloud model, the first company to be
successfully listed using the model. The company listed
on AIM Italia in Milan.
• More international companies listed in London than on
all European exchanges combined in 2018, with 21 IPOs.
• In October, Smithson Investment Trust raised £823 million
through its listing on LSE’s Main Market, making it the
largest investment trust IPO ever on London’s markets,
and the second largest IPO in London in 2018.
• Aston Martin Lagonda is the largest IPO in London in
2018, with an offer size of £1.1 billion.
Note: All calculations based on deal pricing date. GBP/EUR = 1.13.
Source: London Stock Exchange, Borsa Italiana, and Dealogic, December 2018.
Italian Equity Markets,
FY 2018
Page 5
2.
31 IPOs
• 26 on AIM Italia (of which 7 SPACs)
• 4 on MTA (of which 2 on STAR segment)
• 1 on MIV (RAIF)
Market Cap at admission breakdown by industry
2018 key figures 38 new companies admitted, of which 31 IPOs that raised c. €2 billion
7
Page 6
Number of admissions since 2007
Other Admissions
• 5 Business Combinations
• 1 split from SPAC
• 1 split from SIIQ
6 Market Transfers
• 6 Transitions from AIM Italia to MTA
(of which 2 to STAR Segment)
33
9 8 10 10
7
20
28
33
19
39 38
-
5
10
15
20
25
30
35
40
45
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
42%
36%
8%
5%
5% 3% 1%
Industrials, 42%
Financials, 36%
Health Care, 8%
Technology, 5%
Consumer Goods, 5%
Consumer Services, 3%
Telecom, Oil & Gas, 1%
38
admissions
€ 2 Bn
Capital
Raised at
IPOs
€ 523 Mn Raised by companies listed on MTA
• Average raised: € 131 Mn
• Total market cap at IPO: € 1.5 Bn
€ 1,325 Mn Raised by companies listed on AIM
Italia
• Average raised: € 51 Mn
• Total market cap at IPO: € 1.8 Bn
€ 150 Mn Raised by companies listed on MIV
• Average raised: € 150 Mn
• Total market cap at IPO: € 150 Mn
Source: Borsa Italiana, December 2018.
Page 7
Note: Companies admitted to trading on MTA in 2018.
Source: Borsa Italiana and publically available information, December 2018.
MTA case studies, 2018
Industrials, 3 Health Care, 1
Technology, 1 Financials, 1
3
1
1 6
admissions
1
• A leader in control technology and humidification for air conditioning and refrigeration
• Shares started trading on STAR segment on 11/06/2018
• Market cap at IPO: € 720 Mn • Capital raised at IPO: € 290 Mn (of which €
252 Mn to existing shareholders) • Oversubscribed 4.5x
• International leader in production of non-refillable and aluminium closures
• Shares started trading on STAR segment on 06/08/2018 after Business Combination with Space4, which had raised € 500 Mn in 2017
• Peninsula Capital II participated in the transaction and became the largest institutional investor in Guala Closures
• Worldwide leader in supplying the plastics industry with ancillary equipment, engineered solutions and other services
• Shares started trading on STAR segment on 19/10/18
• Market cap at IPO: € 445 Mn • Capital raised at IPO: € 156 Mn (100% for
existing shareholders)
• Leader in Italy in the field of private accredited healthcare that employs over 1,800 people
• Shares started trading on 09/11/2018 • Market cap at IPO: € 267 Mn • Capital raised at IPO: € 64.5 Mn (100%
capital increase)
• Provider of business solutions and services through the use of technology that employs more than 1,500 people and has a portfolio of more than 150 clients
• Shares started trading on 19/12/2018 • Market cap at IPO: €108 Mn • Capital raised at IPO: €12.56 Mn
• Italian SIIQ with the objective of creating and maintaining a medium-long term income real estate portfolio consisting of commercial property (mainly retail and office)
• Aedes (formerly named Sedea) is a result of a 1:1 spin-off from Restart (formerly Aedes)
• Shares started trading on 28/12/2018
Page 8
• Industry: Financials
• SPAC
• Money Raised: € 100 Mn
• Start of trade: 01/02/18
• Industry: Financials
• SPAC
• Money Raised: € 600 Mn
• Start of trade: 01/02/18
• Industry: Financials
• SPAC
• Money Raised: € 100 Mn
• Start of trade: 27/02/18
• Industry: Financials
• SPAC
• Money Raised: € 140 Mn
• Start of trade: 07/03/18
• Industry: Health Care
• Market Cap: € 9.2 Mn
• Money Raised: € 3.1 Mn
• Start of trade: 09/03/18
• Industry: Cons. Services
• Market Cap: € 30.5 Mn
• Money Raised: € 7.8 Mn
• Start of trade: 27/03/18
• Industry: Financials
• SPAC
• Money Raised: € 110 Mn
• Start of trade: 20/04/2018
• Industry: Financials
• SPAC
• Split from EPS Equita PEP
• Start of trade: 10/05/2018
• Industry: Industrial
• Market Cap: € 112.8 Mn
• Money Raised: € 31.0 Mn
• Start of trade: 14/05/2018
• Industry: Industrial
• Business Combination
• Market Cap: € 45.7 Mn
• Start of trade: 14/05/2018
• Industry: Financials
• SPAC
• Money Raised: € 47.0 Mn
• Start of trade: 21/05/2018
• Industry: Industrial
• Market Cap: € 42.8 Mn
• Money Raised: € 4.9 Mn
• Start of trade: 01/06/2018
AIM Italia case studies, 2018
Note: Companies admitted to trading on AIM Italia in 2018.
Source: Borsa Italiana, December 2018.
8
8
5
4
2
1
1 1
1
Financials, 8 Industrials, 8
Consumer Services, 5 Consumer Goods, 4
Technology, 2 Health Care, 1
Basic Materials, 1 Telecommunications, 1
Oil & Gas, 1
31
admissions
Page 9
• Industry: Industrial
• Business Combination
• Market Cap: € 85.1 Mn
• Start of trade: 30/07/2018
• Industry: Cons. Services
• Market Cap: € 18.0 Mn
• Money Raised: € 5.2 Mn
• Start of trade: 01/08/18
• Industry: Industrial
• Market Cap: € 40.4 Mn
• Money Raised: € 12.0 Mn
• Start of trade: 02/08/2018
• Industry: Financials
• SPAC
• Money Raised: € 60 Mn
• Start of trade: 02/08/18
• Industry: Industrial
• Market Cap: € 8.5 Mn
• Money Raised: € 5.0 Mn
• Start of trade: 03/08/2018
• Industry: Oil & Gas
• Market Cap: € 19.8 Mn
• Money Raised: € 2.0 Mn
• Start of trade: 09/08/2018
AIM Italia case studies, 2018
• Industry: Consumer Goods
• Business Combination
• Market Cap: € 161.5 Mn
• Start of trade: 01/10/2018
• Industry: Technology
• Market Cap: € 8.0 Mn
• Money Raised: € 1.5 Mn
• Start of trade: 26/10/2018
• Industry: Technology
• Market Cap: € 70.4 Mn
• Money Raised: € 22.5 Mn
• Start of trade: 08/11/2018
• Industry: Industrials
• Market Cap: € 21.5 Mn
• Money Raised: € 5.7 Mn
• Start of trade: 19/11/2018
• Industry: Consumer Goods
• Market Cap: € 39.2 Mn
• Money Raised: € 5.1 Mn
• Start of trade: 17/12/2018
• Industry: Cons. Goods
• Business Combination
• Market Cap: € 166.3 Mn
• Start of trade: 04/06/18
• Industry: Cons. Services
• Mkt Cap: € 27.0 Mn
• Money Raised: € 5.0 Mn
• Start of trade: 04/07/18
• Industry: Industrial
• Market Cap: € 38.2 Mn
• Money Raised: € 10.4 Mn
• Start of trade: 06/07/18
• Industry: Cons. Goods
• Market Cap: € 49.1 Mn
• Money Raised: € 12.1 Mn
• Start of trade: 11/07/18
• Industry: Cons. Goods
• Market Cap: € 49.7 Mn
• Money Raised: € 18.5 Mn
• Start of trade: 12/07/18
• Industry: Cons. Services
• Market Cap: € 12.5 Mn
• Money Raised: € 2.0 Mn
• Start of trade: 13/07/18
• Industry: Telecom.
• Market Cap: € 43.8 Mn
• Money Raised: € 11.0 Mn
• Start of trade: 18/07/2018
• Industry: Cons. Services
• Market Cap: € 25.9 Mn
• Money Raised: € 3.0 Mn
• Start of trade: 26/07/18
Note: Companies admitted to trading on AIM Italia in 2018.
Source: Borsa Italiana, December 2018.
Key historical figures In FY 2018, €3.5 billion aggregate market cap at IPO, €2.0 billion raised through IPOs and
€2.3 billion raised via FOs
Source: Borsa Italiana, December 2018.
Page 10
Market cap evolution and % Market cap on GDP Investment flows channelled through the exchange
via IPO and further offers
0%
10%
20%
30%
40%
50%
60%
70%
80%
-
100
200
300
400
500
600
700
800
900
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market cap (€ Bn) % Market cap on GDP
-
5,000
10,000
15,000
20,000
25,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Money raised via IPOs (€ Mn) Money raised via FOs (€ Mn)
Relative performance of FTSE MIB compared to
other benchmark indices
Page 11
International comparison of benchmark index performance, January 2017 to December 2018
+11%
- 5%
- 9%
- 6%
- 8%
- 4%
Jan 2017 to
Dec 2018
performances
Source: Borsa Italiana and FactSet, December 2018.
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FTSE Italia Mid Cap
FTSE Italia All-Share
FTSE Italia Small Cap
Performance of mid and small cap indices
Page 12
Source: Borsa Italiana and FactSet, December 2018.
Indices performance since 2003
Indices performance, January 2017 to December 2018
- 4 %
+ 6%
- 5 %
- 17 %
+ 68%
- 28 %
60
70
80
90
100
110
120
130
140
150
Ja
n-1
7
Feb
-17
Mar-
17
Apr-
17
May-1
7
Ju
n-1
7
Ju
l-17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Apr-
18
May-1
8
Ju
n-1
8
Ju
l-18
Aug
-18
Sep
-18
Oct-
18
No
v-1
8
De
c-1
8
FTSE Italia Mid Cap
FTSE Italia All-Share
FTSE Italia Small Cap
Outlook on Italian Equity
Markets
Page 13
3.
0
10
20
30
40
50
60
70
80
90
100
€0-5m €5-10m €10-50m €50-100m €100-500m €500m-€1bn €1-5bn €5-10bn €10bn+
No
. o
f C
om
pan
ies
Market Cap Bands
Note: Market Capitalisation data refers to domestic companies only. Chart on bottom right: domestic companies that are not suspended.
Source: Borsa Italiana, December 2018.
companies listed on Borsa
Italiana
40 companies, aggregate
market capitalisation € 404
Bn, representing 75% of
total market capitalisation
74 listed companies,
€ 33 Bn total market
capitalisation
113 listed companies,
€ 6.6 Bn total market
capitalisation
357
FTSE MIB
aggregate market
capitalisation
STAR
AIM Italia
Snapshot of listed companies
Page 14
€ 542 Bn
14
27
82
44
90
19
51
11
20% Consumer
Goods
10% Oil & Gas
2% Telecomm.
18% Utilities
3% Basic Materials
2% Cons. Serv.
28% Financials
13% Industrials
3% Health Care
1% Technology
€ 542 Bn
AIM Italia
MIV
MTA
13
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FTSE Italia Mid Cap
FTSE Italia All-Share
FTSE MIB
FTSE MIB companies
Page 15
Performance FTSE MIB, FTSE Italia Mid Cap and FTSE Italia All-Share since
2003 - 16% FTSE MIB
in FY 2018
Key stats on FTSE MIB companies
• 40 companies comprise the FTSE MIB index, which represents the
largest and most liquid companies in the market
• € 404 Bn total market cap, € 10.4 Bn average market cap
• € 54 Mn average daily turnover in FY 2018, 5,112 average daily N.
of contracts
• 94% of foreign investors out of total number of institutional investors
in FTSE MIB companies
FTSE Italia Index Series:
Review Dates
March: effective from 19 Mar, announcement on 28 Feb, cut-off 19 Feb
June: effective from 18 Jun, announcement on 30 May, cut-off 21 May
September: effective from 24 Sep, announcement on 5 Sep, cut-off 27 Aug
December: effective from 27 Dec, announcement on 5 Dec, cut-off 26 Nov
Industry breakdown by market cap
Note: Market Capitalisation data refers to domestic and foreign companies.
Source: Borsa Italiana and FactSet, December 2018.
+ 68%
- 17%
- 25%
- 6% FTSE MIB
since 2009
- 3% FTSE MIB
since 2014
31%
20% 15%
13%
9%
3% 3%
3% 3% Financials, 31%
Utilities, 20%
Consumer Goods, 15%
Oil & Gas, 13%
Industrials, 9%
Health Care, 3%
Basic Materials, 3%
Technology, 3%
Telecommunications &Consumer Services, 3%
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FTSE Italia Mid Cap
FTSE Italia All-Share
FTSE MIB
31%
20% 15%
12%
11%
4% 3%
2% 2%
Industrials, 31%
Financials, 20%
Utilities, 15%
Consumer Goods, 12%
Consumer Services, 11%
Telecommunications, 4%
Oil & Gas, 3%
Technology, 2%
Basic Materials, 2%
FTSE Italia Mid Cap companies
Page 16
Key stats on FTSE Italia Mid Cap companies
• 60 companies comprise the FTSE Italia Mid Cap index
• € 85 Bn total market cap, € 1.4 Bn average market cap
• € 2.9 Mn average daily turnover in FY 2018, 784 average daily N. of
contracts
• 87% of foreign investors out of total number of institutional investors
in FTSE Italia Mid Cap companies
Industry breakdown by market cap
FTSE Italia Index Series:
Review Dates
March: effective from 19 Mar, announcement on 28 Feb, cut-off 19 Feb
June: effective from 18 Jun, announcement on 30 May, cut-off 21 May
September: effective from 24 Sep, announcement on 5 Sep, cut-off 27 Aug
December: effective from 27 Dec, announcement on 5 Dec, cut-off 26 Nov
- 20% FTSE Italia
Mid Cap in
FY 2018
Source: Borsa Italiana and FactSet, December 2018.
+ 70% FTSE Italia
Mid Cap
since 2009
Performance FTSE MIB, FTSE Italia Mid Cap and FTSE Italia All-Share since
2003
+ 30% FTSE Italia
Mid Cap
since 2014
+ 68%
- 17%
- 25%
FTSE Italia Small Cap companies
Page 17
Key stats on FTSE Italia Small Cap companies
• 125 companies representing 10 industries
• € 14 Bn total market cap, € 112 Mn average market cap
• € 344,903 average daily turnover in FY 2018, 148 average daily N. of contracts
• 73% of foreign investors out of total number of institutional investors
Industry breakdown by market cap
Performance FTSE Italia Mid Cap, FTSE Italia All Share and FTSE Italia Small
Cap since 2003 - 25%
FTSE Italia
Small Cap
in FY 2018
FTSE Italia Index Series:
Review Dates
March: effective from 19 Mar, announcement on 28 Feb, cut-off 19 Feb
June: effective from 18 Jun, announcement on 30 May, cut-off 21 May
September: effective from 24 Sep, announcement on 5 Sep, cut-off 27 Aug
December: effective from 27 Dec, announcement on 5 Dec, cut-off 26 Nov
Source: Borsa Italiana and FactSet, December 2018.
- 14% FTSE Italia
Small Cap
since 2009
+ 7% FTSE Italia
Small Cap
since 2014
33%
20%
17%
14%
9%
2% 2% 1% 1% 1% Industrials, 33%
Consumer Goods, 20%
Consumer Services, 17%
Financials, 14%
Technology, 9%
Utilities, 2%
Telecommunications, 2%
Basic Materials, 1%
Health Care, 1%
Oil & Gas, 1%
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FTSE Italia Mid Cap
FTSE Italia All-Share
FTSE Italia Small Cap
+ 68%
- 17%
- 28%
0
100
200
300
400
500
600
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FTSE Italia STAR
FTSE Italia All-Share
STAR segment
Page 18
• 74 companies representing 9 industries
• Alongside being included in the FTSE Italia STAR index, STAR companies
are also included in FTSE MIB, FTSE Italia Mid Cap and FTSE Italia Small
Cap indices
• € 33.3 Bn total market cap, € 456 Mn average market cap
• Approximately € 6.0 Bn raised at IPO, of which € 1.8 Bn raised through
capital increase*
• C. € 3.4 Bn raised through follow ons
• 90% of foreign investors on total institutional investors
STAR Conference
• In 2018, the STAR Conferences
in Milan and in Londonwere
privileged occasions for one to
one meetings between STAR
companies and investors
• Overall, 123 companies, 410
investors participated in the
conferences and 3,600
meetings had been organized
Performance FTSE Italia STAR and FTSE Italia All-Share
Industry breakdown by market cap
- 17% FTSE Italia
STAR in
FY 2018
+ 257% FTSE Italia
STAR
since 2009
Note: *refers to all companies listed on the STAR Segment since 2001
Source: Borsa Italiana and FactSet, December 2018.
+274%
- 17%
+ 79% FTSE Italia
STAR
since 2014
49%
12%
10%
9%
8%
6% 4% 1% 1%
Industrials, 49%
Financials, 12%
Health Care, 10%
Consumer Services, 9%
Technology, 8%
Consumer Goods, 6%
Utilities, 4%
Basic Materials, 1%
Telecommunications, 1%
Key stats on companies listed on the STAR segment
AIM Italia
Page 19
Evolution of number of listed companies Money raised breakdown
Industry breakdown by market cap
• 113 companies representing 10 industries
• All companies listed on the AIM Italia market are eligible for inclusion in the FTSE AIM
Italia index
• € 6.6 Bn total market cap, € 59 Mn average market cap, € 35 Mn median market cap
• € 3.6 Bn raised at IPO, of which:
• € 3.4 Bn raised in capital increase (94%)
• € 0.2 Bn raised by sale of existing shareholders (6%)
• 36.5 % average free float at IPO
Source: Borsa Italiana, December 2018.
30%
17%
13%
13%
9%
6%
4% 4% 3% 1%
Financials, 30%
Basic Materials, 17%
Consumer Goods, 13%
Industrials, 13%
Consumer Services, 9%
Technology, 6%
Health Care, 4%
Oil & Gas, 4%
Utilities, 3%
Telecommunication, 1%
7 15
20 24
36
57
74 77
95
113
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Key stats on AIM Italia companies
22%
21%
23%
13%
6%
15%
< 3 €Mn
3 - 5 €Mn
5 - 10 €Mn
10 -20 €Mn
20 -30 €Mn
> 30 €Mn
15 Closed -
Ended Funds
• 15 closed-ended funds are listed on
MIV – Market for Investment
Vehicles. Investment strategies
mainly focused on Real Estate
3 Permanent
Capital Vehicles • 2 Reserved Alternative Investment
Companies listed on MIV and AIM
Italia, respectively
• 1 Specialty Investment Company
listed on MIV
13 SPACs
• 13 SPACs currently listed on AIM
Italia
• 15 SPACs have completed Business
Combinations
6 SIIQ (REITs)
• 6 Real Estate Investment Trusts
(Società di Investimento Immobiliare
Quotata) listed on MTA (of which 1 on
STAR segment)
Snapshot of Listed Investment Vehicles on the
Italian markets
Source: Borsa Italiana, December 2018.
Page 20
A clear proposition for Italian markets after AIFMD MIV: the regulated market dedicated to investment vehicles. Investment vehicles include
both Alternative Investment Funds (AIFs), including ELTIFs and Venture Capital Funds, and
Special Investment Vehicles (SIVs), including SPACs
MTA: the regulated market dedicated to SIIQ (REITs), with a minimun NAV of €200 mln at
admission or a ratio NAV / (NAV + Capital Increase) >=0.3
AIM Italia: the growth market dedicated to companies and small investment vehicles
The first listed private equity fund under the
form of a SICAF-RAIF
Page 21
Company Details
Company NB Aurora S.A. SICAF-
RAIF
Market MIV – Professional
Segment
Industry Financials
Ticker NBA
Country of
Incorporation Luxembourg
Transaction Details
Listing Date 04/05/2018
Money raised at IPO € 150 Mn
Market Cap at IPO € 150 Mn
Market Cap (end Dec. 2018) € 142 Mn
Discount to NAV* - 18%
Investment policy
An investment company with fixed capital that operates in the
private equity market focused on investing in Italian SMEs and
funds.
Key peculiarities:
• First investment was the acquisition of 44.55% of the
units of Fondo Italiano d’Investimento.
• Focus on Italian small mid cap companies with
turnover typically between €30 Mn and €300 Mn and
are leaders in their respective niches/market.
• Equity ticket betweeen €10 Mn and €50 Mn, possibly
to leverage on co-investments and to syndicate the
deals.
• Mainly family-owned companies that have never been
invested by a financial sponsor.
• Preference for export-driven companies, with a clear
competitive advantage and a feasible business plan.
Note: *Calculated on NAV as at 30/06/2018.
Source: Borsa Italiana and publically available information. December 2018.
78%
12%
8% 1% 1%
Italy, 78% United Kingdom, 12%
United States, 8% Luxembourg, 1%
Switzerland, 1%
47%
26%
20%
4% 1% 1% 1%
Asset Manager, 47% Family Office, 26%
Private Banking, 20% NB, 4%
Insurance, 1% Managers, 1%
Others, 1%
Investors by country and by type at IPO Share price performance
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
7
7.5
8
8.5
9
9.5
10
10.5
May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Vo
lum
e n
um
ber
of
shar
es (
actu
al)
Shar
e p
rice
(€)
Acquired
44.55%
of FII
FII sold its
35.55%
stake of
Rigoni di
Assago FII sold its
15.96%
stake in
Sanlorenzo
NBA
published
H1 2018
results
FII
completes
sale of
Megadyne
Closed sale
of majority
share capital
of Mesco
Group (incl.
FII’s stake)
Completion of
sale of General
Medical
Merate
NBA completes
acquisition of
minority stake in
Club del Sole
Listed Real Estate Investment Funds
Page 22
15 Closed-ended Real Estate Investment Funds listed on MIV – Regulated Market
Source: Borsa Italiana and publically available information. December 2018.
Financial Instrument
SGR - Investment
Advisor - Investment
Manager
Market Segment Sub-type Expiration
Date
Market Cap,
€Mn (end Dec
2018)
NAV, €Mn
(30/06/2018)
Premium /
Discount to
NAV
Avg. Daily
Turnover, €
(FY 2018)
QF Mediolanum RE B Mediolanum Gestione
Fondi SGR MIV SMIV
Real Estate Investment
Fund 31/12/21 150 279 -46% 34,636
QF Alpha Immobiliare DeA Capital Real Estate
SGR MIV SMIV
Real Estate Investment
Fund 27/06/30 144 284 -49% 40,492
QF Immobiliare Dinamico BNP Paribas Reim SGR MIV SMIV Real Estate Investment
Fund 31/12/20 122 267 -54% 52,181
QF Atlantic 1 DeA Capital Real Estate
SGR MIV SMIV
Real Estate Investment
Fund 31/12/19 113 262 -57% 74,291
QF Unicredit Imm Uno Torre SGR MIV SMIV Real Estate Investment
Fund 31/12/20 102 162 -37% 62,898
QF Amundi RE Europa Amundi Real Estate Italia
SGR MIV SMIV
Real Estate Investment
Fund 31/12/19 83 145 -43% 51,802
QF Socrate Fabrica Immobiliare SGR MIV SMIV Real Estate Investment
Fund 31/12/20 64 119 -46% 16,508
QF Opportunita Italia Torre SGR MIV SMIV Real Estate Investment
Fund 31/12/22 59 149 -60% 48,328
QF Amundi RE Italia Amundi Real Estate Italia
SGR MIV SMIV
Real Estate Investment
Fund 31/12/19 55 145 -62% 27,024
QF Polis Polis Fondi Immob.
Banche Popolari MIV SMIV
Real Estate Investment
Fund 31/12/20 53 96 -45% 25,663
QF Immobilium 2001 Investire SGR MIV SMIV Real Estate Investment
Fund 31/12/20 32 61 -48% 6,512
QF Mediolanum RE A Mediolanum Gestione
Fondi SGR MIV SMIV
Real Estate Investment
Fund 31/12/21 28 52 -45% 4,121
QF Risparmio Immobiliare
Uno Energia Castello SGR MIV SMIV
Real Estate Investment
Fund 31/12/21 21 30 -28% 562
QF Valore Imm Global Castello SGR MIV SMIV Real Estate Investment
Fund 31/12/19 17 24 -28% 7,036
QF Securfondo Investire SGR MIV SMIV Real Estate Investment
Fund 31/12/19 14 25 -41% 4,439
Real Estate Investment Trusts & Permanent Capital Vehicles
6 Real Estate Investment Trusts (SIIQ) listed on MTA
Note: *Beni Stabili merged into Covivio and delisted on 02/01/2018. The latter started trading on MTA on the same day.
** Proportional partial splitting of Aedes in favor of Sedea. Sedea consequently renamed Aedes and Aedes renamed Restart. Admitted to trading on 28/12/2018.
Source: Borsa Italiana and publically available information. December 2018.
Company Subsector (FTSE) Index Market Cap, €Mn
(end Dec 2018) NAV, €Mn
(30/06/2018)
Premium / Discount
to NAV
Avg. Daily Turnover, €
(FY 2018)
Beni Stabili* Industrial & Office REITs FTSE Italia Mid Cap 1,542 1,866 -17% 2,385,075
IGD - Immob. Grande
Distribuzione Retail REITs FTSE Italia Mid Cap 598 1,286 -54% 1,613,141
Coima Res Industrial & Office REITs FTSE Italia Small Cap 253 394 -36% 177,722
Nova RE Real Estate Holding &
Development FTSE Italia Small Cap 43 68 -37% 25,374
Aedes (formerly Sedea)** Retail REITs FTSE Italia Small Cap 38 n.a. n.a. 75,443
Restart (formerly Aedes)** Real Estate Holding &
Development FTSE Italia Small Cap 4 n.a. n.a. 379,299
2 Permanent Capital Vehicles listed on MIV
Company Type Market Segment Subsector
(FTSE)
Market Cap, €Mn
(end Dec 2018) NAV, €Mn
(30/06/2018)
Premium /
Discount to NAV
Avg. Daily Turnover, €
(FY 2018)
4AIM SICAF Reserved Alternative
Investment Company AIM AIMMA
Equity Investment
Instruments 5.9 5.7 +4% 2,617
Company Type Market Segment Subsector
(FTSE)
Market Cap, €Mn
(end Dec 2018) NAV, €Mn
(30/06/2018)
Premium /
Discount to NAV
Avg. Daily Turnover, €
(FY 2018)
NB Aurora Reserved Alternative
Investment Company MIV SV
Equity Investment
Instruments 142 173 -18% 69,304
M&C Specialty Investment
Company MIV SMIV Specialty Finance 15 30 -50% 66,947
1 Permanent Capital Vehicle listed on AIM Italia
Page 23
SPAC SPAC Market IPO SPAC Capital raised at IPO
(€ Mn) Target B.C. Target Target Market
Italy 1 Investment MIV 27/01/2011 150 IVS Group 03/06/2013 MTA
Space MIV 18/12/2013 130 FILA 12/11/2015 MTA - STAR
Space 2 MIV 31/07/2015 300 Avio 10/04/2017 MTA - STAR
Made in Italy 1 AIM Italia 27/06/2011 50 Se.Sa 22/10/2013 MTA - STAR
Industrial Stars of Italy AIM Italia 22/07/2013 50 LU.VE 09/07/2015 MTA
GreenItaly 1 AIM Italia 27/12/2013 35 Prima Vera* 23/12/2015 AIM Italia
Capital for Progress 1 AIM Italia 04/08/2015 51 GPI 29/12/2016 AIM Italia
Glenalta Food AIM Italia 10/11/2015 80 Orsero 13/02/2017 AIM Italia
Industrial Stars of Italy 2 AIM Italia 27/05/2016 50.5 SIT 22/07/2017 AIM Italia
Space 3 MIV 05/04/2017 150 Aquafil 04/12/2017 MTA – STAR
EPS Equita PEP AIM Italia 01/08/2017 150 ICF Group 14/05/2018 AIM Italia
Crescita AIM Italia 15/03/2017 130 Cellularline 04/06/2018 AIM Italia
Glenalta AIM Italia 19/07/2017 98 CFT 30/07/2018 AIM Italia
Space 4 MIV 21/12/2017 500 Guala Closures 06/08/2018 MTA – STAR
Innova Italy 1 AIM Italia 19/10/2016 100 Fine Foods & Pharmaceuticals 01/10/2018 AIM Italia
SPACs & Business Combinations
Page 24
15 SPACs have successfully completed Business Combinations with their respective target companies
Note: *New company name: Zephyro
Source: Borsa Italiana, December 2018.
Page 25
SPACs & Business Combinations
13 SPACs are currently looking for target companies; 4 deals have already been announced
Note: *Split from EPS Equita PEP on 10/05/2018.
Source: Borsa Italiana, December 2018.
SPAC SPAC Market IPO SPAC Capital raised
at IPO Target B.C. Target Actual Market
SprintItaly AIM Italia 21/07/2017 150 n.a. tbd tbd
Capital for Progress 2 AIM Italia 04/08/2017 65 n.a. ABK tbd
Spactiv AIM Italia 27/09/2017 90 n.a. tbd tbd
Industrial Stars of Italy 3 AIM Italia 19/10/2017 150 n.a. tbd tbd
IDeaMI AIM Italia 11/12/2017 250 n.a. tbd tbd
Alp.I AIM Italia 01/02/2018 100 n.a. Antares Vision tbd
Spaxs AIM Italia 01/02/2018 600 n.a. Banca Interprovinciale tbd
Vei 1 AIM Italia 27/02/2018 100 n.a. tbd tbd
Life Care Capital AIM Italia 07/03/2018 140 n.a. tbd tbd
Gabelli Value for Italy AIM Italia 20/04/2018 110 n.a. tbd tbd
Equita PEP Spac 2* AIM Italia 10/05/2018 - n.a. tbd tbd
Archimede AIM Italia 21/05/2018 47 n.a. Net Insurance tbd
The Spac AIM Italia 02/08/2018 60 n.a. tbd tbd
• Borsa Italiana offered the highest turnover velocity
among competitors in 2018.
• In the last 10 years Borsa Italiana has steadily been
more liquid than other major international stock
exchanges. The high liquidity of the Italian market
is sustained by a wide and diversified institutional
investors community and by an active retail base.
• Retail investors actively contribute to IPO
subscription and secondary market trading.
• In 2017 the liquidity of Italian listed companies has
further increased due to the introduction of a fiscal
incentive for Italian residents to invest in Italian
assets. Turnover velocity maintained in 2018.
Competitors comparison
Turnover Velocity
FY 2018 & FY 2017
The Turnover Velocity is the ratio between the turnover of domestic shares and their market capitalisation.
NYSE: New York Stock Exchange; DB: Deutsche Börse; BME: Spanish Exchanges; SWX: SIX Swiss
Exchange; AUS: Australian Securities Exchange; HKXE: Hong Kong Stock Exchange; OMX: NASDAQ OMX
Nordic; ENXT: Euronext; LSE: London Stock Exchange.
The highest capital rotation on equities
Page 26
Source: Borsa Italiana elaborations on data from World Federation of Exchanges, Federation of European Securities Exchanges, December 2018.
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
BorsaItaliana
NYSE DB BME SWX AUS HKXE OMX ENXT LSE
FY 2018 FY 2017
STMICROELECTRONICS
FERRARI
* Fragmentation of ordinary shares taking into account lit and auction trades by volume.
** The ratio of ordinary shares to ADRs for STMI is 1:1; for Tenaris it is 2:1.
Source: Borsa Italiana elaborations on data from Fidessa. December 2018.
CNH INDUSTRIAL
TENARIS
FCA
Milan is the leading trading venue
Page 27
Analysis of dually listed companies:
• The charts represent the fragmentation
of trades by trading venue*
• The percentage of trades refers to
ordinary shares and ADRs**
• Time period : Jan – Dec 2018
33.36%
24.06%
11.17%
5.47%
5.42%
Milan
Paris
Cboe CXE
Cboe BXE
NYSE
BZX
Turquoise
NASDAQ
NYSE Arca
Aquis
63.55% 8.05%
6.42%
3.44%
3.41%
Milan
Cboe CXE
NYSE
NASDAQ
BZX
Cboe BXE
NYSE Arca
Turquoise
BYX
Aquis
54.02%
12.92%
5.58%
5.46%
5.00%
Milan
Cboe CXE
NYSE
Cboe BXE
Turquoise
BZX
NASDAQ
BYX
NYSE Arca
Cboe Periodic
49.65%
8.95%
8.92%
8.43%
4.84%
Milan
NASDAQ
NYSE
Cboe CXE
Cboe BXE
BZX
NYSE Arca
Turquoise
BYX
NASDAQ BX
41.32%
12.42%
10.26%
10.16%
8.14%
Milan
Cboe CXE
NASDAQ
NYSE
BZX
NYSE Arca
Cboe BXE
BYX
Turquoise
NASDAQ BX
Building the future pipeline
Page 28
4.
A structured approach to origination In contact with 1,000+ companies and 40+ investment vehicles
Main activities
Source: Borsa Italiana internal records, based on Amadeus Database, integrated by confidential and public information.
683*
COMPANIES
From Database
186*****
COMPANIES
From ELITE 1,070****
COMPANIES
From PE
129**
COMPANIES
From News
850
COMPANIES
From Advisors
190***
COMPANIES
From Sales activity
*Database – DBGEO companies (screened with the following criteria: sales>€20Mn, positive EBITDA, NFP/EBITDA<6x) potentially
interested/interesting for a IPO **New companies on the news in 2018; ***meetings scheduled in 2018; ****Source: AIFI; *****ELITE companies
potentially interested/interesting for a IPO
Page 29
Companies under watch
Flagship events organized
at the Exchange 4 IPO Forums
IPO Forum
To facilitate contacts
with advisors 15 BEAUTY CONTESTS
2 FOR INVESTMENT
VEHICLES
Beauty contests
Updates to target
companies on relevant
financial news and
IPOs 34 IN TOUCH
“In touch”
Key Stakeholders
(listed and private
companies) 4 VIP DINNERS
VIP Dinners
At local level, hosted by
partners and
stakeholders 44 IPO Seminars
IPO Seminars
170 SMALL CAPS
17 LARGE CAP
40 INVESTMENT VEHICLES
With target companies
and vehicles at different
stages of their process
1 to 1 meetings
Key initiatives in 2018 &
upcoming events
Page 30
5.
Borsa Italiana flagship events
Page 31
Italian Equity Roadshow 2018
Italian Equity Conference London Jan
STAR Conference Milan March
AIM Italia Conference May
Italian Equity Conference Asia & Australia June
Italian Sustainability Day July
Italian Equity Week (Lifestyle, Industrial, Infrastructure) Sept
AIM Italia Conference London Oct
STAR Conference London Oct
Italian Equity Conference NY & Toronto Nov
6000+ One to one meetings
1000+ Institutional investors
300+ Listed companies
9 Initiatives
Borsa Italiana Equity Roadshow in 2019
STAR Conference 2019,
Milan
STAR Companies attending our flagship
and recurring event in Milan.
20-21
Mar
AIM Italia Conference 2019,
Milan
AIM Italia Companies meeting with
domestic and international investors.
27
May
A selection of Italian Mid-Large Caps with
business in Asia and Australia.
17-21
June
Italian Equity Conference,
Asia & Australia
Italian Sustainability Day,
Milan
A selection of Italian Mid-Large Caps.
2 July Italian Equity Week,
Milan
Listed companies from the following
sectors: Lifestyle (3 Sept), Industrial (4
Sept) and Infrastructure (5 Sept).
3-5
Sept
A selection of AIM Italia Companies.
21
Oct
AIM Italia Conference 2019,
London
STAR Conference 2019,
London
STAR Companies attending our flagship
and recurring event in London.
22-23
Oct
Italian Equity Conference,
North America
A selection of Italian Mid-Large Caps
attending the event in New York.
19-20
Nov
Italian Equity Conference,
London
A selection of Italian Mid-Large Caps.
16-17
Jan
Page 32
Large Caps, Investment Vehicles & Market Intelligence
Patrizia Celia
Head of Large Caps, Investment Vehicles & Market Intelligence
patrizia.celia@borsaitaliana.it – 02/72426552
Francesco Paolo Virgilio
Large Caps, Investment Vehicles & Market Intelligence
francescopaolo.virgilio@lseg.com – 02/72426846
Caterina Crociata
Large Caps, Investment Vehicles & Market Intelligence
caterina.crociata@lseg.com - 02/72426600
Federica Giacometti
Large Caps, Investment Vehicles & Market Intelligence
fgiacometti@lseg.com – 02/72426465
Imran Abdul Cader
Large Caps, Investment Vehicles & Market Intelligence Intern
imran.abdulcader-ext@lseg.com – 02/72426152
Mid & Small Caps Origination Fabio Brigante Head of Mid & Small Caps Origination fabio.brigante@borsaitaliana.it – 02/72426083 Roberta Laveneziana Mid & Small Caps Origination roberta.laveneziana@borsaitaliana.it – 02/72426055
Mid & Small Caps Product Development Luca Tavano Head of Mid & Small Caps Product Development luca.tavano@borsaitaliana.it – 02/72426428 Elettra Pescetto Mid & Small Caps Product Development elettra.pescetto@borsaitaliana.it – 02/72426373
Marketing & Events - Primary Markets, Italy Sofia Bottiani Marketing & Events sofia.bottiani@borsaitaliana.it – 02/72426904 Marialivia Nutini Marketing & Events Intern marialivia.nutini-ext@lseg.com – 02/72426839
Primary Markets Italy | Contacts
Barbara Lunghi, Head of Primary Markets, Italy
barbara.lunghi@borsaitaliana.it – 02/72426422
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