Anellucci, Andrea (A.A. 2023/2024) The Euronext growth Milan market: an empirical analysis of SME listing determinants and a comparative study with non-listed firms. Tesi di Laurea in Advanced corporate finance, Luiss Guido Carli, relatore Pierluigi Murro, pp. 153. [Master's Degree Thesis]

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Abstract/Index

The development of SME stock markets in Italy. The restricted market: the regulation of private trading (1977). The Expandi marketplace. Agreement between Italian stock exchange and pro MAC to develop AIM Italy and MAC markets. AIM Italy: initiation of consultations with market participants-a strategic discussion for the launch of AIM. Approval of regulations and introduction of nomad-a decisive step for the new market dedicated to SMEs. Entry into force of AIM Italy regulations and approval of the new structure of regulated markets of the Italian stock exchange-AIM Italy: a new opportunity for SMEs. Advisory board for the development of borsa Italiana's markets dedicated to SMEs is born-a new body to support AIM Italy and MAC. AIM Italy-alternative capital market-A new platform for SMEs is born. FTSE AIM Italy: The new index dedicated to SMEs an important step for Italian SMEs. borsa Italiana Appoints new advisory board of AIM Italy. AIM Italy becomes SME growth market-a recognition for the SME Market. Italian Stock Exchange: New Segment of AIM Italy is born-news for the SME market. The birth of Euronext growth Milan. The listing process on Euronext growth Milan. The sources of ordinary and extraordinary finance. Main features of the Euronext growth Milan market. Advantages of listing on Euronext growth Milan. Preparation of the company during the pre-IPO phase. Role of the financial advisor in the review and definition of the business plan. Activities, timing and costs of the IPO process. Parties involved in the listing process. Price formation in the listing process. The formal and substantive requirements in the pre and post listing. Requirements for the IPO of SMEs. The professional segment. Substantive requirements at the IPO stage: the strategic plan and the equity story. Post listing formal requirements. Equity research in the listing process. Substantial post listing requirements: investor relations and security visibility. Incentives for the listing of SMEs. The equity gap in Italy and the qualms about listing. Introduction of the tax credit: the budget law 2018. The tax credit for listing costs: a strategic support for SMEs. The potential benefits of RIPs and tax incentives on the financial system. Future perspectives and the need for IPO education. Analysis of the Euronext growth Milan market. Historical analysis and market evolution. Current market structure. Geographical market analysis. Performance analysis and comparison with other indices. Comparison with Euronext Milan and the regulated market. Impact of government incentive measures. The choice of listing vs. Non-listing. Literature review. Reasons for listing. Reasons for remaining private. Analysis of the COMAL S.p.a. Case. Profile of COMAL S.p.a. Analysis pre-IPO. Analysis of the financial and income performance of COMAL S.p.a. in the period pre-IPO. Analysis post-IPO. Analysis of the financial and income performance of COMALl S.p.a. in the period post-IPO. Analysis of pre-IPO strategy and objectives vs. Post-IPO results. Criteria for choosing competitor companies. Comparison between COMAL S.p.a. and Unlisted Companies in the pre-2019 period: Analysis of strategic and financial differences. Comparison between COMAL S.p.a. and Unlisted Companies in the post-2019 period: analysis of strategic and financial differences. Evaluation of COMAL S.p.a.'s IPO: A winning strategic choice? Verification of the hypotheses on the COMAL S.p.a. listing.

References

Bibliografia: pp. 149-150. Sitografia: pp. 151-152.

Thesis Type:	Master's Degree Thesis
Institution:	Luiss Guido Carli
Degree Program:	Master's Degree Programs > Master's Degree program in Corporate Finance, English language (LM-77)
Chair:	Advanced corporate finance
Thesis Supervisor:	Murro, Pierluigi
Thesis Co-Supervisor:	Santella, Rosella
Academic Year:	2023/2024
Session:	Extraordinary
Deposited by:	Alessandro Perfetti
Date Deposited:	01 Jul 2025 15:59
Last Modified:	01 Jul 2025 15:59
URI:	https://tesi.luiss.it/id/eprint/42700

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