Despite a positive balance between listing and delisting, Piazza Affari has lost € 55 billion of capitalization in the last 5 years. This is revealed by a research carried out by Intermonte and Politecnico di Milano.
The data show that over the last 20 years admissions to Piazza Affari have been 448, while delistings have been 336 of which 268 on the main list (EXM, formerly MTA), which has earned ‘only’ 185; on the other hand, the unregulated market for SMEs (EGM, formerly AIM Italia, which now has 174 listed companies) attracted 263 listed companies and saw only 68 cancellations. A trend of constant retreat was therefore observed in the number of companies listed on the main list, against a strong growth in the non-regulated segment.
The delistings caused a significant loss of capitalization for Piazza Affari, higher than € 55 billion in the last 5 years – “eating” almost a quarter of the growth in share prices of the same period. In particular, between 2017 and 2021, 105 broadcasters bid farewell to Piazza Affari. At 31.12.2021 in Italy the ratio between market capitalization and GDP was 43.8% (vs 218.2% USA; 102.0% UK; 107.6% France; 59.4% Germany).