For the first time, companies listed on the Euronext Growth Market (EGM)--the former AIM segment where small and medium-sized enterprises (SMEs) are traded--have surpassed those listed and traded on the main market of Borsa Italiana. This shift is a clear sign of the ongoing disaffection towards equity markets among Italian companies.
According to Consob's latest report, there are currently 204 companies on the EGM, compared to 202 listed on Euronext Milan. At the end of 2024, there were 209 companies traded on the main market of Piazza Affari, down from 224 in 2023. The number of companies on the EGM also stood at 209 at the end of 2024, up from 202 in 2023.
"The trend is not encouraging, although it is not exclusive to Italy. Other mature markets, with the exception of Asia, are experiencing the same decline," Consob officials explained.
In 2024, only two companies were admitted to the main market, while 21 new listings were recorded on the EGM.
The phenomenon of delistings--where companies leave the stock exchange following takeover bids--reached 19 last year, up from 18 in 2023.
The only positive note concerns the overall capitalization of the Italian stock exchange, which as of June 18 stands at €930 billion (about 40% of GDP), despite the near-halt in new listings and the increase in companies exiting Piazza Affari. This growth is driven by the rising prices of listed companies.
At the end of 2024, the capitalization of Piazza Affari reached €824 billion, continuing its steady rise from €536 billion in 2018, fueled by the equity market boom.
By contrast, the capitalization of companies traded on the EGM remains negligible, at just over €8 billion.
(Giancarlo Navach, editing by Andrea Mandalà)
