In 2023 new listings on EGM increased: 27 new IPOs in 9M23 compared to 17 in 9M22.

From our Coverage, the second IPO of 2023 and third in terms of marginality was TMP, while Riba Mundo was the first Spanish company listed on EGM and the first in terms of revenues.

EGM is confirmed as the place of small companies: almost 200 firms with an average market capitalization of €40mln, with 25% in the €10-25mln range. Liquidity remains EGM main issue.

EGM companies are small but with high potential growth;  since post-pandemic revenues have been increasing: +38% CAGR 2020-2022 and +19% yoy in 1H23. However, the contraction of margins resulting from price pressure that began in 2H21 persists.

Growth is partially supported by M&A activity: 57 deals concluded in 9M23, confirming the positive trend of 2022.

Market overview and future perspectives? Find out the report by Francesca Sabatini, Head of Equity Research, and Eleonora Chetrì, Equity Research Analyst of Banca Profilo.