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IR TOP: tax credit confirmed for IPOs

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The Ministry of Enterprise and Made in Italy has confirmed in 500 thousand euros the maximum amount of the tax credit on 50% of the consultancy costs incurred by SMEs admitted to listing during 2022. The intervention follows the 2023 Budget Law which raised the total allocation from 5 million euros to 10 million euros.

“As indicated in the Explanatory Report to the bill – he says Anna Lambiase, CEO IR Top Consulting – the efficiency of the measure is demonstrated by the evidence from the Euronext Growth Milan PMI Observatory: in the four-year period of application 2018-2021, the incentive significantly favored stock market listings, with over 90 IPOs and overall use of the measure by of SMEs of around 40 million euros. The “IPO Bonus” represented the form of incentive in favor of the company most suited to the stock market model due to its characteristics of immediate understanding and ease of implementation. The standard was introduced in 2018 and in its definition, our Observatory provided an in-depth analysis of the impacts of listing on the Stock Exchange on the growth of turnover and the number of employees of listed companies, an empirical survey on the deterrents to listing perceived by entrepreneurs (which led to the identification of the cost variable as a priority with respect to governance and transparency issues) and the verification of the costs related to the listing process on Euronext Growth Milan (which led to the identification of the individual cost items – fixed and variables – and the identification of an average amount correlated to the average capital raised). It is necessary to pursue the objective of making the tax credit structural for a strategy of strengthening the capital markets of Borsa Italiana”.

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The recipients of the incentive are Italian SMEs according to the definition of the European Union which requires compliance with the following parameters: ULA between 10 and 250; annual turnover between 2 and 50 million euros or annual balance sheet total between 2 and 43 million (in calculating the parameters it is necessary to evaluate any control relationships or corporate connections). With regard to target listing markets, the rule refers to both regulated and unregulated markets, such as Euronext Growth Milan.

The 2022 financial statements of Euronext Growth Milan

Euronext Growth Milan records in 2022 a total of 26 IPOs, for total funding of 899.3 million euro. In particular, the following have landed on the list dedicated to the growth of SMEs: Altea Green Power, Bellini Nautica, Bifire, Dotstay, Eligo, Energy, E-novia, Eprcomunicazione, ErreDue, Fae Technology, Farmacosmo, Franchetti, GM Leather, High Quality Food, Impianti, Imprendiroma, Erfo Pharmaceutical Laboratory, Magis, Pozzi Milano, Redelfi, Rocket Sharing Company, Saccheria Franceschetti, Siav, Solid World Group, Technoprobe, Yolo Group.

2022 also recorded the transition from Euronext Growth Milan to the STAR Segment of Revo Insurance and Net Insurance; the OPA on Energica Motor Company, Siti B&T Group, Assiteca, Giorgio Fedon & Figli and Sourcesense; hey delisting by Vetrya, Sirio and Costamp Group.

The analysis of sector composition of IPOs in 2022 highlights the prevalence of 4 sectors: Technology with 7 IPOs (27%), Industry (23%), Fashion and Luxury and Services (both 12%). Funding is mainly concentrated in the Technology (83%), Industry (5%) and Energy and Renewable Energies (4%) sectors.

Analyzing the regional composition of IPOs 2022 it emerges that the new listed companies come from 8 Regions: first Lombardy with 46% of the listed companies, followed by Veneto (19%) and Lazio (12%). In terms of capital raising, Lombardy (85%), Veneto (5%) and Liguria (3%) are at the top positions.

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From 2009 to today 270 listed companies have raised in IPO over 5.7 billion euros by private institutional investors to finance growth.

Quotation, market performance and financials

Net of Technoprobe, the IPO 2022 presents the following average data regarding listing operations:

  • Capitalization of 33.7 million euros
  • Collection of 7.5 million euros
  • Free float equal to 23.6%
  • Collection in capital increase equal to 95%

About market performanceexcluding Technoprobe, the 2022 IPO presents the following average data:

  • Capitalization at December 31, 2022 of €34.4 million
  • Performance since IPO as at 31 December 2022 equal to -6%
  • Average daily value as at 31 December 2022 equal to 71 thousand euro
  • Total value as at 31 December 2022 equal to 5 million euros

Finally, as regards i financialsexcluding Technoprobe, the 2022 IPO presents the following average data:

  • Revenues of 19.9 million euros, up 94% compared to 2020
  • Ebitda of 2.4 million euros
  • Net financial position of 3.9 million euros

All IPOs of 2022

Below is the list of IPOs in the past year:

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