Euronext Growth Milano is a multilateral trading facility (MTF) dedicated to Italian small and medium-sized companies with high growth potential regulated and managed by Borsa Italiana.
Euronext Growth Milano, previously named AIM Italia, was launched in Italy in 2009, taking its cue from the 15-year experience of the London Stock Exchange's AIM UK. As of 1 March 2012, AIM Italia was merged with MAC (Mercato Alternativo del Capitale) and AIM Italia/Mercato Alternativo del Capitale was born. The name change took place in October 2021 following the acquisition by Euronext, with the aim of rationalising the offer dedicated to SMEs and proposing a single market designed for the most dynamic and competitive SMEs in Italy.
The market is not regulated, so the securities and operators admitted are not subject to the specific discipline and authorisation of the Regulatory Authorities for Regulated Markets and are not registered in the appropriate register. This means that there is no investigation by Consob during the admission phase.
The Professional segment, which was introduced in 2020, is dedicated to SMEs that want gradual access to the markets. This guarantees the possibility of a 'just listing' without making a placement close to the listing, a model that is particularly interesting for start-ups and scale-ups that have been marketing products/services for less than a year and/or have yet to initiate the fundamental strategic processes required by their business model.
Euronext Growth Milano is designed to offer SMEs a combination of listing advantages, with a path that is characterised by:
· Regulatory flexibility for SMEs. Euronext Growth Milano is based on flexible regulations, designed to offer a simplified path to listing and at the same time post-listing requirements tailored to the structure of small and medium-sized enterprises;
· Speed of access. The access requirements are simplified compared to the main market and less stringent to allow a greater number of companies to be able to list; Lower listing costs compared to listing on a regulated market: the lower costs are a consequence of the greater regulatory flexibility and speed of listing;
· International visibility. By being listed by a market management company such as Borsa Italiana, companies gain access to a global market and benefit from international visibility.
The market admission procedure and ongoing obligations during trading are defined by the Issuers' Regulation. In particular, there are no minimum requirements in terms of capitalisation, corporate governance or specific economic and financial requirements.
Since the assessment of appropriateness is delegated to a Nomad (Nominated Adviser), it is the market itself, through this figure, that defines the ideal characteristics of admitted companies and their governance safeguards.
This process is necessary to avoid the market practice that still required companies to present a minimum turnover linked to their business model and minimum governance safeguards to protect the market.
Now, with the introduction of the Professional segment, certain aspects have been formalised both in terms of the minimum revenues required and in terms of governance, requiring for the Euronext market at least one full year of revenues and the appointment of at least one Investor Relator and one independent director within the Board of Directors.
Listing on the Euronext Growth Milano market means lower costs in the preparation phase since the company only has to submit an admission document listing its activities and management, which will then be evaluated by the market. It also means having fewer periodic obligations, since the company after listing only has to present its balance sheet and the resulting report for the last six months. Above all, it means having a huge number of potential companies that can turn to the Euronext market to raise cash for their business.