Le Ipos sul mercato per le Pmi ad alto potenziale di crescita: performance borsistica a breve e medio termine

2021 was full of new listings in the Italian Stock Exchange, thanks to the market for Smes with high growth potential. Given the importance of Smes in Italy and the need to diversify their financing through the use of capital markets, it is important to analyze two central themes of the Ipos – underpricing and underperformance – comparing the Euronext Growth Milan and Euronext Milan markets. The two phenomena, in fact, affect the prospects for growth in the number of listed companies. On the one hand, underpricing represents an indirect listing cost, a transfer of wealth from the old to the new shareholders, which can adversely affect the propensity to open up capital. On the other hand, lackluster medium-term returns can affect the attraction of stable investors.