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Archive » March 2022 » Ipos on the Italian market for high growth potential Smes: short and medium-term stock market performance

Ipos on the Italian market for high growth potential Smes: short and medium-term stock market performance

Riccardo Ferretti, Alex Castelli
March 2022 - n. 3
Keywords: Ipos, Pmi, Euronext Growth Milan, Euronext Milan
Jel codes: G32, G10

2021 was full of new listings in the Italian Stock Exchange, thanks to the market for Smes with high growth potential. Given the importance of Smes in Italy and the need to diversify their financing through the use of capital markets, it is important to analyze two central themes of the Ipos – underpricing and underperformance – comparing the Euronext Growth Milan and Euronext Milan markets. The two phenomena, in fact, affect the prospects for growth in the number of listed companies. On the one hand, underpricing represents an indirect listing cost, a transfer of wealth from the old to the new shareholders, which can adversely affect the propensity to open up capital. On the other hand, lackluster medium-term returns can affect the attraction of stable investors.

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