It took them a while, but in the end it was done: Intermonte, the most important independent operator of Piazza Affari, took the big step by submitting with the listing being examined by that market in which Sandro Valeri and his team have been operating as absolute protagonists since 1995, before the euro and the advent of global finance, when the old Stock Exchange was barely taking its first steps into the electronic age. But Intermonte, with a certain courage, already set itself the goal of opening an office in New York, to strengthen contacts with the heart of the markets. An ability to look ahead that has marked the bottom line in recent years way of "doing the stock market" in the Bel Paese, from the rigorous protection of the market's interests to the discovery of small and medium enterprises up to the relationship, via digital, with traders and private bankers.
Also for this reason, the entry on the list of the Milanese Investment bank has a bit of the flavor of a significant event that goes beyond the obvious, debut success (+9,96%, an initial capitalization of 113 million) on the Aim list after the requests exceeded the offer three times during the IPO. But now? What are the next projects of the “little” Italian Goldman Sachs? We talk about it with the CEO Guglielmo Manetti, Milanese, born in 1969, a degree in Cattolica, then his first job on the Stock Exchange as a financial analyst in the market division. Before arriving at Intermonte in 1996, nine months after its foundation.
Doctor Manetti, why the quotation now? To take advantage of an exceptional market phase or is there more?
“Yes, we got there after a long reflection with the aim of protecting the spirit of partnership around which Intermonte was born and grew up, a very successful and very inclusive model, today with 60 members and 130 employees, which has made it possible to close the accounts always in surplus and to pay the dividend even in the years in which we encountered the worst crises, including Covid".
Why the quotation then?
“The model has worked well over the years. Now it's a question of ensuring its continuity. The more flexible and broader capital structure will increase the commitment of the partners and will favor the attraction of new skills and talents which are essential to continue our growth path. Joining AIM will accelerate our development, in the wake of our 26-year history: this is an important evolution, which leverages our independence and our strategic positioning in the SME segment. Since ever, even before I've been CEO for 3 years, the management has always aimed at developing new and different areas of growth. But over time the partnership has become less and less representative of how the dynamics of the business are today. Hence a reflection on which are the main strategic areas, where we can invest, where we grow”.
In short, change in order not to lose the sprint. Is that so?
“It was a forward-looking decision that I fully share on the part of the main shareholders, Sandro Valeri in particular: opening up the partnership to the market in order to accelerate growth, attract new talent, have, thanks to the listed paper, one more tool to allow us to fight on par with other competitors. Especially the big banks. And so we reflected on what could be the best model to be able to continue developing the partnership formula in the current conditions".
I read that the top management has committed to a 36-month lock-up with reference to 24% of the share capital through a shareholders' agreement. Even so, you protect your independence
“In the many presentations I made to investors, I repeated the word independence 50 times in 50 slides. For us it is a fundamental value, inherent in the company's DNA since we were born in '95. At the time, the reference business was brokerage and intermediation with large international, British and American funds. We already opened the New York office in 98: we were the reference broker for American funds who, when they wanted to know more about our market, needed an independent to give an opinion they could trust. Yesterday like today. In the IPO, just under 40% of the demand came from abroad, demonstrating the interest in an 'independent player'. Independence remains a fundamental trait: the listing on the Stock Exchange allows it to be kept for the next few years as well”.
Is the brokerage activity still one of the engines of your growth?
“Brokerage plus intermediation which has expanded beyond the Italian market and to other asset classes accounts for 35% of our total assets. Just over 30% comes from global markets aimed at institutional investors, around 25% from investment banking, the area that also leverages the most on our market positioning: we are leaders in IPO and Equity Capital Market transactions for companies mid-cap, having participated in over 50 large IPOs predominantly in Global Coordinator, Bookrunner and Sponsor roles. As well as advisor for M&A operations in which we always play the part of the markets in favor of minorities. We were on the side of UBI shareholders on the occasion of the Intesa takeover bid, those of Credito Valtellinese with Crédit Agricole and RCS on the occasion of the Cairo offer”.
Now what?
“Listing on the Aim is a first step: we look at STAR as an arrival point for the future and growth also through acquisitions, particularly in digital services and Investment Banking”.
Show your interest in digital…
“Today it is worth about 10% of our business. We have two products: Websim, a historic brand born together with Fineco of which we have been partners for 21 years. It is a well established presence among online traders. The other is TIE which is aimed at promoters and private bankers, and is producing interesting results. We offer professionals investment solutions always with a view to independence. We intend to invest again in this direction”.
In short, you are also interested in retail. The Italian Robin Hoods…
“It opens a window onto a world different from that of the institutions that should not be ignored. Assogestioni data tells us that 30% of volumes traded on the Stock Exchange come from digital channels (mostly Fineco and Directa). It's hard to completely ignore them."
Aim is also a relevant phenomenon. And with you you discovered it among the first.
“Actually we only deal with an Aim of a certain size. The charge of the micro securities is not our target. We look at the quotations with a placement of around 20 million and with a capitalization of around 100 million. I am thinking, for example, of titles that have landed at Aim but with the requisites already ready for a leap to the main list, such as Wiit and Tinexta”.
Are we finally close to a leap in quality for Piazza Affari?
“The Italian Stock Exchange is almost 37% of GDP. In Germany the percentage rises to 73%, in France to 123%. According to the Bank of Italy there are 2.200 companies with the suitable requirements for a listing. So the numbers are there, just as I feel a growing interest from the various players. Even the recent sale of Falck Renewables to a private equity firm confirms an interest in the listed world that we have never seen. Together with the return of foreigners in force. There is room for a virtuous circle. Maybe this time we will be able to make the most of the right moment”.
But there are also those who leave, if we think of the Falcks.
“I prefer to look at those who arrive, like Wiit, a company that didn't even exist five years ago. Or to Merloni or Intercos, companies with a capitalization of 1-2 billion that can finally help the stock market take off. Today there is room for new sectors such as cybersecurity: the economy is changing, and so is representation”.
And this is why Intermonte has decided to change in order to remain basically the same.
