Euronext Growth Milan It is the market of Italian stock exchange dedicated to SME high growth potential and allows access to equity markets with a simplified quotation process. The main capitals collection channel for the growth of SMEs is confirmed: from 2009 to today it has accepted 331 companies that have collected 6.1 billion euros in IPO, a sign of a cultural evolution in favor of L’Aquity which is affecting all sectors. These are some of the evidence that emerged from the XII edition of the ECM EURONEXT Growth Milan of Iretop Consulting.
EGM Today
The 2025 recorded, on 11 July, 6 IPO for a collection (including Greenshoe where they were exercised), of 20.6 million euros. In particular, EGM: Com.Tel, Giocamondo Study, Haiki +, Metroks Ai, Tradelab, Ubaldi Costruzioni, landed on the market. EGM has contributed to the growth of the regulated market with 29 companies that have perfected translisting on Exm/Star. There total capitalization for translisting was equal to 7.4 billion eurosfor an average of 256 million euros, while at 30 June 2025 the 24 companies still listed on the main market capitalize with a total of 12.1 billion euros by registering an average performance from translisting equal to +76%. EGM also recorded 42 public purchase offers (opa), 50 delisting and 6 mergers. At 11 July 2025 the companies listed on Euronext Growth Milan are 204 for a total capitalization of 8.6 billion euros. The market has recorded a significant development starting from 2016, thanks to the combined effect of the individual savings plans (PIR) and the tax credit on IPO costs (CDI): +165% in terms of companies listed compared to 2016, +197% in terms of capitalization compared to 2016.
Sectoral and regional composition
Euronext Growth Milan has evolved increasing sectoral and territorial heterogeneity of the SMEs. In terms of number of listed companies: the most represented sector is technology with 47 companies, equal to 23% (Technology Services, Health Technology, Electronic Technology); The most represented regions are Lombardy (39%), Lazio (11%) and Emilia-Romagna (8%). EGM also welcomes 4 foreign companies (equal to 2%).
The outlook
For 2025 Iretop Consulting estimates a target number of listed companies of 218 and a capitalization that reaches 8.8 billion euros, with an increase linked to the capitalization of the new IPO and the growth of the FTSE Italy Growth index. The collection scheduled for 2025 is around 165 million euros. The variables on which the estimate is based concern the impact of the IPO bonus according to the allocated measure of 6 million euros, the Lombardy incentive and the average dimension of the capitalization of the new IPO, parameterized to the progress of the reference index. The analysis also took into account the trend of the delisting (translisting on the main market, opa and delisting) from 2017 to today.
