The Italian Stock Exchange is once again appealing. Piazza Affari is not only the best stock market of the year but seduces both international investors and Italian companies of the Fourth Capitalism, those medium-sized companies that are proving to be the most dynamic segment of national entrepreneurship. On balance there are already 22 freshmen ready to land in Piazza Affari in 2014. Such a phenomenon has not been seen since 2000.
But what is behind the renewed desire for the Stock Exchange and who is preparing to be listed on the Stock Exchange? The reasons that drive new companies to go public are many, but the main ones are these: the rain of liquidity spilled by the ECB on the market, the search for alternatives to bank credit, the signs of recovery of the Italian system represented by the Renzi effect and the political stability, the bet on growth.
In addition to the IPOs linked to the new cycle of privatizations – among which Fincantieri and Poste Italiane stand out but the Ferrovie dello Stato will also arrive soon, as well as Sace and Enav – and in addition to the small companies that are heading towards Aim, the 22 freshmen already ready in the starting blocks towards the Stock Exchange range in the various branches of the Italian business. In terms of turnover, the largest is Zanetti Segafredo of Treviso, famous for its coffee, but a significant presence on the Stock Exchange will also be that of a big finance company such as Fineco which Unicredit has decided to list. Among the main new entrants there are also Ovs, the Mestre department stores, the Rottapharm pharmaceutical company in Monza and the paper industries represented by the Venetian companies Fedrigoni and Favini, typical expressions of the productive North-East.
Among the newcomers, Cerved also stands out, a well-known database, Sisal (betting), Italiaonline (the portals of the Egyptian Sawiris, formerly Wind), the Milanese Fila (drawing pencils), the Florentine Braccialini, which operates in the leather sector and of leather for luxury, and in the field of clothing, Liu Jo of Carpi. The luxury hotels of Four Seasons will also go on the stock exchange.
With the entry of the new freshmen, the number of companies listed on the Stock Exchange, which at the end of April was 328, should reach the threshold of 350, which is still low compared to other countries but is at least growing. Just as the weight of the stock market capitalization is increasing, now exceeding 500 billion euros, equal to 32,7% of GDP. It is still too little for a country rich in companies like Italy but it is already a good sign. Just as another important signal, together with the return of international investors and the start of a new cycle of privatizations, will be the fact that finally the Stock Exchange will become a little less bank-centric and that finally industry and services will increase their weight on the market.
