Typical client
Italian Family Businesses
Listing pathways, capital increases, pre-listing readiness, and structured comparison between public market, private capital, and debt.
Equity Capital Markets
Market access, capital raises, and readiness for equity-driven transactions.
We work alongside family businesses, sponsors, and financial institutions on market access pathways, capital transactions, and the choice between public equity, private equity, and listed instruments.
Who it's for
The public market is not the right answer for everyone.
For some companies the market is a destination; for others it is a tactical lever or a discipline benchmark. The ECM practice exists to determine whether the market is the right path and to make it executable.
Typical client
Investment Funds
IPOs of portfolio companies, accelerated exits, block trades, dual tracks, and transactions where the public market is an alternative or complement to the private process.
Typical client
Banks
Support on issuer readiness, information materials, transaction structure, and coordination with origination, ECM, and distribution teams.
What we do
From market readiness to capital transactions.
ECM requires industrial preparation, information governance, and tight coordination between issuer, sponsor, advisor, and the market.
Primary service
IPO readiness and listing pathway
We assess whether the market is consistent with the issuer profile and we govern the readiness path: governance, reporting, equity story, advisors, timetable, and execution.
Capital increase
Pre-listing and listed capital increases
Equity-strengthening transactions addressed to institutional or market investors, before or after listing.
Secondary placements
ABBs, block trades, and accelerated exits
Support to sponsors and shareholders in managing accelerated placements, market sales, and partial or full exits.
Listed debt
Listed bonds and mini-bonds
Structuring of listed or market-facing issuances when the capital solution integrates with debt instruments.
Investor materials
Equity story and market documentation
Preparation of information materials and positioning toward investors, analysts, and intermediaries.
Public market optionality
Dual track between public market and private options
Structured comparison between IPO, private placement, sale to investors, and other fundraising or exit options.
Special situations
Complex equity-driven transactions
Support on capital transactions that require coordination among shareholders, sponsors, banks, and institutional investors.
The method
How we work.
How we make a market path credible, orderly, and sustainable.
01
Deep corporate preparation
Preliminary gap analysis on governance, reporting, and internal controls to anticipate market and regulatory requirements.
02
Rigorous syndicate selection
Scouting of Nomads, Global Coordinators, and Specialists based on specific track record and qualified distribution capability.
03
Peer-based valuation
Pricing range built on listed comparables and recent transactions, tested against a narrow indicative investor feedback.
04
Execution and post-listing
End-to-end coordination through admission, with hands-on support on the first post-IPO investor relations and disclosure obligations.
Industries
Eight reference industries.
Industrial & Manufacturing
Italian manufacturing SMEs heading to EGM and Euronext Milan. Stories of organic growth and growth by acquisition, with multi-year pipeline visibility.
Real Estate
Listings of real estate groups, SIIQs, and managed real estate operators. Free-float structuring and roadshows targeting specialized investors.
Financial Services
IPOs of asset managers, specialty banks, and financial services operators. Equity story positioning on the quality of assets under management.
Infrastructure & Logistics
Listings of logistics, infrastructure, and recurring-revenue service operators. Capital structure designed for cash generation.
Digital Infrastructure
IPOs of data center, fiber, and telco asset operators. Equity story on planned capex and visibility of long-term contracts.
Digital Finance
Listings of fintechs, paytechs, and digital financial platforms. Positioning on scalable growth and network effect.
Retail & Consumer
IPOs of consumer brands and specialty retail. Equity story positioning on brand equity and distribution channels.
Life Sciences
Listings of specialty pharma, medical devices, and healthcare operators. Equity story on regulatory pipeline and market positioning.
Sector insight
Practice insights.
Report
Euronext Growth Milan 2025: consolidation of the Italian mid-cap segment
Note
Pricing of EGM listings post-2023: a read of recent transactions
Article
Mini-bonds and direct listings: IPO alternatives for Italian mid-caps
Report
Tender offers 2025: the state of public offerings in Italy
The team
Lead partner.
Ugo Zampieri
Partner
Senior expert with over 25 years in M&A and debt restructuring across IT, business services, and healthcare, with Italian and cross-border experience. Originator of mandates for several IPOs on the EGM segment (formerly AIM Italia of Borsa Italiana).
Gian Piero Sala
President
Expert in pre-listing governance and corporate preparation, with a long track record in bond issuance transactions.
Mirco Galeri
Managing Partner
Thirty years of strategic and operational management, combining direct entrepreneurial activity and executive advisory. CFO and Executive Committee member at top-tier companies, with cross-sector experience in metals & mechanics, chemicals, agriculture, and services.
Riccardo Puddu Cortesi
Managing Partner
Pre-listing investor relations coordination and liaison with the Italian and international financial community.