Companies, Financial, Equity Markets, AIM Italia, Borsa Italiana’s market dedicated to small and medium-sized Italian companies, Aim IPO records, market value and trade
An Envent study on the 2017 list of SMEs.
At the end of the year, capitalization rose to € 5.6 billion
2017 was a record year for the AIM of the Italian Stock Exchange in terms of IPOs, market value and trade thanks above all to the effect of the Pir. This is what emerges from the report drawn up by the Envent research and analysis team on 2017 concerning the Aim Italia and Aim Uk markets.
Last year the Aim reached a total of 95 companies (now climbed to 97 with the quotations last week of Spaxs and Alp.I) by virtue of 23 new listings (10 in 2016), one admission, five delisting (7 ) and a transition to the main market.
On the other hand, there are two business combinations: Glenalta Food-Orsero and Industrial Stars of Italy 2-Sit Group. The overall market cap of the market stood at 5.6 billion with an increase of 94%; the additional one from the new companies disembarked on Aim amounted to 1.6 billion and the additional one of the companies already present was 1.1 billion.
Funds raised through IPOs amounted to € 1.3 billion (+ 520% compared to 2016), of which 95% came from new share issues and 5% from securities placements. 2017 was also the year of the Spac with eight new listings for a total harvest of 1 billion and the average amount collected by the matriculation also showed an increase, equal – excluding the Spac – to 9 million compared to 6 million in the year 2016.
At the market level, according to Envent’s analysis, over 70% of the AIM companies have a market cap of less than 50 million and the financial and industrial sectors account for about half of the total capitalization. Performance was solid both in terms of volumes (+ 170%) and the benchmark index (+ 22%).
In terms of liquidity, in fact, there has been a significant growth in the market with the number and value of rising trade respectively by 308% and 522%, while the Velocity Turnover has reached 63%, 2.5 times higher than to 2016.
According to Envent’s experts, market growth should continue. In fact, the initiatives taken by the government and the market authority, which resulted in greater liquidity and a positive trend in securities, thanks mainly to the effect of the Pir, will probably continue to produce effects in the next three years.
In fact, AIM has become a growth market for SMEs or Sme Growth Market.
This qualification will contribute to increasing the visibility and profile of Italian companies and will make it possible to benefit from possible further regulatory initiatives at European level in favor of SMEs.
In addition, the government has introduced a tax benefit, in the form of a tax credit, on listing costs for companies that initiate a IPO process.
In order to assess the contribution of Pir to AIM, the experts also analyzed the 58 Pir Compliant funds in the Assogestioni list in order to verify the presence or absence of companies in this segment in the portfolio.
Of these, around 80% made public the shares in the portfolio (or at least the most significant).
The data show that 23 funds, therefore around 50% of the total, have invested at least in an AIM company.
Finally, Envent’s analysis also includes an update of the Self-review RoboAdvisor which simulates a Pir Compliant portfolio. The portfolio includes the following Aim titles: Alfio Bardolla, Digitouch and Health Italia (7.7%).
Marco Fusi MF-DowJones 08/02/2018
Source Milan Finance
