IPO Readiness Score - Italian PMI EGM
Evaluate the readyness of your SME for listing on Euronext Growth Milan. Score 0-100 in five dimensions, including a gap analysis and road map.
Financial Data
Insert financial data of your SME to evaluate the economic solidity against EGM / MTA requirements.
Mercato per PMI italiane. Requisiti alleggeriti, sponsor Nomad obbligatorio.
EGM typically requires ≥ €10 million. MTA/STAR ≥ €40 million.
Benchmark EGM: -15 to -25% YOY growth rate. Negative value indicates a decline.
Recommended threshold ≥12% . Negative = negative EBITDA.
Come utilizzare IPO Readiness Score PMI Italy
Insert company financial data
In the first step of the wizard, indicate annual revenue in millions of euros, percentage growth compared to the previous year, and EBITDA margin. These are three key financial indicators evaluated by lead managers and analysts during the listing process on EGM (Euronext Growth Milan).
Fill out governance, reporting and ESG
In the following steps, specify: the size of the Board of Directors and number of independent directors (Step 2), certified budget years by external auditor and maturity of reporting system (Step 3), ESG score and presence of formalized sustainability practices (Step 4). Each area contributes to a weighted sub-score.
Get your 0-100 score, gap analysis and roadmap
After the fifth step (Market Positioning), the wizard calculates a total score of 0-100 and a verdict (Not ready / In progress / Ready / Optimal). For each dimension, priority gaps are identified and corrective actions are taken. An incremental roadmap and an estimate of advisory, audit, and Nomad/Sponsor costs complete the output.
Suggerimenti
- The first step towards an IPO is not to improve your tool score, but to start informal conversations with 2-3 Nomads (Mediobanca, Equita, Integrae SIM, CFO Sim, etc.) to get a free assessment of your situation. The Nomads see dozens of companies and will give you realistic feedback on timelines.
- The most frequent gaps among Italian PMIs seeking listing are not revenue, but governance: lack of independent advisors, absence of internal audit and risk control committee, and undocumented decision-making processes. These gaps can be resolved within 12-18 months with a structured plan, but cannot be quickly addressed in the last quarter before listing.
- Be concise — keep similar length. Invest in your unique selling proposition before launching the road show.
Domande frequenti
What are the minimum requirements for listing on Euronext Growth Milan (EGM)?
EGM (ex AIM Italia) requires: nomination of a Nominated Adviser (Nomad) that certifies readiness; minimum theoretical capitalization of €3-5 million; at least 2-3 years of certified financial statements audited by an accountant; a minimum floating share price of 10% post-IPO. There is no formal requirement for minimum revenue, but market practice suggests at least €5-10 million in revenue with positive growth to attract institutional investors.
What does the score range of 0-100 on the instrument mean?
Score synthesizes five dimensions (financials 30%, governance 25%, reporting 20%, ESG 15%, market positioning 10%) into a single indicator. Below 40: the PMI has structural gaps requiring 2-4 years of work before being considered for listing. 40-65: in progress, with recoverable gaps within 12-24 months. 65-80: sufficient readiness to initiate dialogue with a Nomad. Above 80: optimal, ready for formal process.
How much does an IPO cost on EGM for an Italian SME?
Typical costs for a small to medium-sized enterprise (PMI) that lists on EGM are divided into: Nomad fee ($50,000-$200,000), global coordinator/broker (2-5% of revenue), auditors for 3-year audits ($50,000-$150,000 total), legal and notary fees ($40,000-$100,000), communication and IR costs ($20,000-$50,000 per roadshow), plus annual Euronext fees (approximately $15,000-$20,000). The total cost for a medium-sized PMI is typically between $300,000 and $800,000.
What is the Nomad and why is it mandatory on EGM?
Nominated Adviser (Nomad) is an authorized intermediary by Euronext that evaluates the company's eligibility for listing on EGM, assists in preparing the admission document and maintains ongoing compliance after listing. Unlike regulated markets, EGM is a multilateral trading system (MTF) where Nomad replaces the approved prospectus by Consob. Its nomination is the indispensable prerequisite to initiate the admission process.
Are my financial data sent to a server when I complete the wizard?
No data is sent to external servers or saved; reloading the page loses all responses and you must start over from the first step.