In 2018, on the AIM Italia segment of Borsa Italiana, the one dedicated to small and medium-sized enterprises, it was the year of the SPACs, or of the Special Purpose Acquisition Company, those corporate vehicles specifically set up with the aim of finding, through the placement of the related financial instruments, the necessary and functional resources in order to acquire and/or merge with a single unlisted operating company. In the last calendar year, 7 of them (Spaxs, Life Care Capital, Gabelli Value for Italy, Alp.I, Vei1, Thespac, Archimede) made an IPO on AIM, almost a quarter of the total quotations, which were 26 and which led the list to exceed 100 (113 as at 31 December 2018).
According to data from the Observatory of the consulting company Bdo, which has completed over 50 quotations since the foundation of AIM and which out of the 113 listed in 2018, 39% followed, with a total of 265 million euros raised, the SPAC has contributed to that abundant billion in additional market capitalization acquired by the AIM segment, which went from 5,57 billion in 2017 to 6,6 billion at the end of 2018, with only Spaxs, which approved the merger by incorporation with Banca Interprovinciale SpA with a change of name to "Illimity Bank", which raised 660 million. In all, SPAC IPOs raised €1,157 billion (out of the total of €1,3 billion raised), up on 2017, unlike non-SPAC IPOs which, due to financial and political tensions, increased their prices , but with total collected down by 19% from 207 to 168 million and average collected down below 10 million, down by 31,6%.
On the other hand, compared to the past there was also a reduction in delistings (only 2, the previous year they were double), in any case confirming a growth trend for the AIM circuit, strongly driven two years ago by the novelty of the Pir and which still today attracts companies of all types to the markets: 2018 was the year of "industrial" IPOs, for 23% of the total share, but also of "consumer services" (19%) and "consumer goods" ” (12%). The technological sphere is also well present, albeit down from 19% of IPOs in 2017 to 12% last year, and health care which goes from 8 to 4%. Minimum percentages, but still existing, for the oil & gas and telecommunications sectors, both around 4%, according to data from the Bdo Focus. Today, out of the total of 6,6 billion in capitalization of AIM Italia, 30% comes from financial companies, followed by 17% from "basic materials". The geographical diversification is a little less extensive, given that the North and above all Lombardy dominate, where almost half of the 113 listed at the end of 2018 are based: in second place are companies from Emilia, very distant with 14%, ahead of Lazio with 13%. 8% are based in Veneto, while the South is almost not represented.
“These data confirm the great functionality of the AIM listing tool, whose discipline it also allows less structured companies to be able to access the market. Furthermore, it constitutes a first approach to the regulated capital markets, a solution that is more than ever appropriate today above all to capture the interest of potential investors from other countries”, commented Simone Del Bianco, Managing partner of BDO Italia. The listing on AIM Italia is also one of the natural outlets for the growth strategy of many Italian SMEs, which also the third edition of the Mario Unnia Award – Talento & Impresa (promoted by BDO Italia with the support of the main partner BPER Banca and the partners Ersel and Quaeryon and with the collaboration of ELITE – Borsa Italiana) will select and award the category TOWARDS PIAZZA AFFARI, dedicated to companies with capital opening potential.
Il Mario Unnia Award – Talento & Impresa, dedicated to the famous scholar of business and socio-economic scenarios, pupil of Norberto Bobbio and collaborator of Adriano Olivetti, stems from the desire to enhance those companies capable of vision and development of their talent, as such capable, even in a constantly evolving economic, financial and technological context, of pursuing models of sustainable growth, creating value for the territory and for the country , valuing young talents and Human Resources. The award has reached its third edition: the first two have seen the participation of over 120 companies, coming from almost all Italian regions. Participation, subject to requirements, is free and free. It is possible to apply for your company online from 6 March to 31 May 2019, through the dedicated section of the “Mario Unnia Award” website.
