2025 ended with 21 IPOs, averaging €6.1 million, and 19 delistings on the EGM market. The number of IPOs remained unchanged compared to 2024, but there were 8 more delistings. The EGM remains the leading public market for equity financing, considering the zero IPOs on other segments of the Italian Stock Exchange.
The EGM’s market capitalization rose to €10.6 billion at the end of 2025, compared to €9.4 billion at the end of 2024. Its current average market size is €54 million, up from €45.8 million at the end of 2024.
The FTSE Italia Growth index reversed the negative trend seen in the previous two years. It rebounded 20% from the April decline and is expected to grow 9% year-on-year in 2025.
On January 23, the ational Strategic Indirect Fund (FSI) presented its public-private investment vehicle to support SMEs on the stock exchange. Thirteen managers have applied for the project, eight have received authorization from the Supervisory Authority, and four have already been subscribed by CDP.
According to the FNSI, the potential amount of resources that could be mobilized by the end of 2027 ranges from €800 million (eight funds) to €1.6 billion (10-12 funds).
Furthermore, the approval, fundraising, and investment deadlines have been extended to the first half of 2027 to spread investments over a longer timeframe and avoid excessive market demand.
Find out more in the attached Report by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst of Banca Profilo.
