Who should exit the Italian stock exchange and why?

On the one hand, more than 50 exits between those already decided and potential delistings on the way (Anima, IlSole24Ore, BancaGenerali, Illimity, Tinexta), on the other hand just 25 new debuts. It has been a year and a half to forget for Piazza Affari, hit by the collapse in multiples compared to those of 2019 (from a minimum of 26% to a maximum of almost 60% depending on the list) and the stage for 30 takeover bids, abandonments due to the will of the issuer (11 cases), mergers, but also decisions by Borsa Italiana in cases of companies that no longer had the economic sustainability to remain there. Faced with stock market write-downs that are not justified with respect to the fundamental values of the company, the entrepreneur and/or majority shareholder, worried, asks to exit or is enticed by cheaper offers such as those coming from private equity. "Because if it is true that raising capital through the stock market is the most convenient way to support growth plans," emphasises Paolo Rizzo of Anthilia Sgr, "being listed requires a commitment (not only economic) that, when values fall, no longer seems justified. "In some cases there is also the fear that others, resorting to hostile takeover bids, could take over the company," echoes Antonella Brambilla, partner Dentons.

'On the stock market there was then the well-known Pir effect,' Rizzo emphasises, 'which allowed many companies to list themselves from 2017 to 2021 and make a leap in size with positive effects for the national economy. But then, as the five years expired so as not to lose the tax benefit, many investors decided to take advantage, thanks to the BTp effect that had become interesting again. This led to a massive outflow and a fall in prices, regardless of the companies' fundamentals. A factor that at the same time discouraged new listings. Hence the deterioration of the market. However, considering the entry and exit values, not everyone has fared badly. There are those who gained from the delisting (Renergetica, Gibus, Openjobmetis, Saes Getters, Medica, Greenthesis, Relatech, Nvp and Comal) and one wonders whether, especially in 2025, when the arrival of the National Strategic Fund was already known, and therefore a potential positive new influx of capital, certain companies, especially the most virtuous ones, would have been able to weather the storm. "In a long-term strategic vision, the decision to exit Piazza Affari may appear contradictory, but it is not always easy to reconcile certain interests," adds Brambilla, "and sometimes it has to be done. Delisting impoverishes the market as does the low number of IPOs. If the market is asphyxiated as it has been in recent years, the whole system and the professionals working in it lose out. So much so that some law firms have closed their equity capital market divisions. Fortunately not us, but the moment is certainly not the best for all of us'. As Brambilla goes on to remind us, we need a system operation that would allow, through a regulatory amendment or an ad hoc provision, for patient investors (pension funds, welfare funds, foundations) to be obliged to invest at least a portion on the Italian stock exchange. "Those who are on the market must look at the corporate structure and if there are minority shareholders," adds Rizzo, "dialogue with them because otherwise they have not understood exactly what listing means. Even the most difficult business decisions need to be communicated correctly'.

"What we have witnessed in the last two years needs to be analysed in order to improve the market. Fund of Funds resources on small caps and growth companies now require higher issuer sizes: a larger fund must be correlated with higher free floats that give more appeal to the stock and consolidate its stock market value," emphasises Anna Lambiase, CEO of IR Consulting. "Particularly if you want to aim for long-term investors, the view for those who are quoting must be more long-term than ever. Not only that. Quality is needed: in the years of fat cows on the market there have also been low-value quotations, companies that today Borsa Italiana delists because they are no longer in line with certain standards. A lesson for the future and for the market.

It was supposed to be operational as early as spring, at least in the intentions of Cassa Depositi e Prestiti, but the operational start-up of the Fondo Nazionale Strategico will have to wait a few more weeks. According to market rumours, the first investments by the Sgr involved could arrive in September. But some may anticipate. At the moment, the interested parties (about 25 companies would already be in negotiations and would have signed a confidentiality agreement with the MEF in order to be able to operate) are not sitting on their hands. The main objective is to channel resources (they hypothesise between 700 million and 1.5 billion) towards SMEs, but above all to restore oxygen to an asphyxiated stock market. Seventy per cent of the fund is earmarked for SMEs, i.e. companies not included in the Ftse Mib index or banking stocks. The remaining 30% to small caps, Italian large caps or Italian/European government bonds. The shares must be listed on Piazza Affari.

Being investments in closed-end funds with possible exit windows only after the second year of the fund's activity, the target is more markedly institutional. On the contrary, it is hoped that the 1% that institutional investors have on SMEs today could rise to 5%. "Although it is also aimed at the retail public in the manner defined by the managers," stresses Giulio Centemero, one of the promoters of the initiative, "I expect institutional investors to be the real protagonists. Certainly, this initiative should also help to give vitality to the market in terms of multiples and thus with the fairer appreciation of companies that intend to list on the stock exchange, at least at the levels of European multiples. The other issue that needs to be worked on is compliance costs, on which, however, the authority must give its opinion. Our goal is to get a mechanism going that if it works, as we hope, can give rise to similar ones, without resorting to legal regulations. I am thinking in particular of the world of start-ups. On these, taking into account the Regulation, the Fsni can currently do little, although there is no a priori exclusion'.