AIM Italia is the Borsa Italiana market tailored for SMEs with important growth projects.
The listing on AIM Italia represents the opportunity to grow the company and to support the development of innovative business ideas through direct access to the stock market through a simplified and calibrated path on the structure of SMEs based on the central figure of a consultant - the NOMAD - which accompanies the company during the admission phase and for the entire stay on the market.
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AIM Italia offers small and medium-sized companies the opportunity to efficiently access a selected audience of investors focused on small caps, offering a faster and more flexible path to listing than the main market (MTA), in line with the rhythms growth of SMEs.
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There are bureaucratic facilities and communication levels that reduce costs for companies and speed up the listing process. More in detail the facilitations refer to the exemption of the obligation to publish an initial prospectus and quarterly reports.
Why get listed with AIM Italia?
AIM Italia is designed to offer SMEs a combination of listing advantages, with a path that is characterized by:
regulatory flexibility for SMEs: AIM Italia is based on a flexible regulation, conceived to offer a simplified path to quotation and at the same time post-quotation obligations calibrated on the structure of small and medium enterprises;
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admission requirements are reduced compared to requests for listing on the main markets. There is no minimum size of the company in terms of capitalization and, as far as the float is concerned, a minimum threshold of 10% is sufficient. There are no specific requirements regarding corporate governance, nor are specific economic-financial requirements. It is the market itself, through the figure of the Nomad, that defines the ideal characteristics of the companies that will be admitted to the market;
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quick access: the access requirements are simplified compared to the main market and less stringent to allow a greater number of companies to be able to list;
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low listing costs compared to the listing on a regulated market: lower costs are the result of greater regulatory flexibility and the speed with which they are quoted;
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international visibility: being part of the offer of a market management company such as Borsa Italiana, and deriving directly from a successful experience such as that of AIM in London, companies access a global market and benefit from international visibility
Requirements for listing on AIM Italia
The substantial requirements that an SME must have for the success of the listing operation:
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Solid track record
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Clear strategy in growth prospects and value creation
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Balance of financial structure
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Belonging to a sector with growth opportunities
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Competitive positioning and market leadership
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Management autonomy and managerial organization
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Company credibility and management expertise
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Orientation to internationalization
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Ability to innovate
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Transparency in financial communication
Formal requirements in the IPO phase
Free Float
10%
Certified balance sheets
1 (if existing)
Accounting principles
Italian, International or American
Offer
Mainly institutional - min 5 Institutional investors covering 10% of the free float
Other documents
Admission document
Website
Obligatory
Post IPO formal requirements
Nomad
Obligatory
Specialist
Mandatory (Liquidity provider)
Market information
Obligations on price sensitive information, extraordinary transactions (MAR and AIM Italia Regulation)
Quarterly data
Not mandatory
Half-year data
Yes - within 3 months from the end of the semester
Annual data
Yes - within 6 months of year end
Periodic accounting information
Financial statements reviewed within 6 months (mandatory legal audit) semi-annual report within 3 months (optional legal audit)
Price sensitive information
Communication of privileged information as soon as possible; i.e .: acquisition and sale of assets, extraordinary transactions, changes in expected period results, changes in key managers. In the case of transactions with a very significant impact on the issuer, an information document is required
Technical information
For a correct and orderly management of the market, the issuer communicates further information; i.e .: the calendar of corporate events, the change in share capital, the change of company name.
Stages for listing on AIM Italia
Preparatory activities:
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Select the Nomad and the team of consultants;
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Start due diligence;
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Building the equity story and investor relations strategy.
3 months:
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Check the problem areas that emerged from the due diligence;
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Prepare the draft of the admission document;
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Share the first evaluation hypotheses;
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Presentation to analysts.
12 months:
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Complete the due diligence and documentation;
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Roadshow for investors;
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Pre-admission notification (10 days before).
1 week :
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Completion of the application, publication of the admission documents and placement of the offer
(3 days before);
How much it costs to get listed on AIM Italia
The costs incurred by the Issuer for the AIM listing process can be divided into three categories: fixed advisory costs, variable placement costs, annual fixed costs.
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Fixed costs
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They are a function of the structure, size and complexity of the company and include the specific advice necessary to assess the feasibility of IPO and support the company in the process, including:
IPO feasibility study;
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Financial Advisory costs for supporting the entrepreneur in the IPO process;
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Due diligence (financial and business) and Admission Document by the Nomad;
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Judgment of the Company's financial statements and Comfort Letter by the auditing company;
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Financial communication and Investor Relations management by the financial communication company and IR;
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Legal and tax due diligence;
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Fee for listing to Borsa Italiana and Monte Titoli.
In figures it is:
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AIM Italy fees: 20,000 euros,
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Nomad: 100,000 euros,
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Financial advisor: 100,000 - 400,000 euros,
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Independent auditors: € 25,000
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Law firm: 80,000 euros.
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Overall: 300,000 - 800,000 euros
The 2018 Budget Law approved the tax credit on 50% of consultancy costs related to the IPO incurred for the listing of SMEs on the Stock Exchange up to 31 December 2020, for a maximum of 500 thousand euros per company.
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Variable placement costs
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They refer to the placement of the security on the market and are defined as a percentage of total capital raised (OPS + OPV).
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Share placement fees (Global coordinator): 4-5% of the value of the IPO,
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Success fee (Financial advisor): 0.8-1.0% of capitalization.
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Variable placement costs are excluded from the tax credit.
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Post-listing costs (annual):
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AIM Italia: 12,600 euros,
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Nomad: 40,000 euros,
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Specialist: 35,000 euros,
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Independent auditors: € 15,000
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Law firm. 10,000 euros.
Overall: 100,000 - 120,000 euros