After the PIRs introduced last year, the new maneuver will open up a new alternative financing channel to the SMEs to the banks. The Government wants to include an incentive for stock market listings in the text of the Budget law: Il Sole 24 Ore writes today, specifying that it would be a tax credit that can only be used as compensation and intended exclusively for small and medium-sized enterprises in the EU definition (companies between 2 and 50 million euros). The resources allocated for this measure would amount to 31 million euros for 2018, with a maximum ceiling of 500 thousand euros for each quotation.
The segment of the market destined to receive the largest number of listings is Aim Italia, a sector dedicated to SMEs with high growth potential which currently includes 89 companies. Since the beginning of this year, 17 companies have already landed on AIM, including several SPACs. In 2017, total funding on Aim was 902,6 million, of which 92% (833 million) went to 7 Spac.
At the moment, costs are one of the biggest obstacles to new listings. The tax credit should cover both the fixed advisory costs and the variable placement costs. In this way, if the government's proposal becomes law, the highest quality Italian SMEs will be able to obtain a competitive advantage also at an international level and attract new international investors.
