Firms To Watch: Capital markets: Equity

Assisted with the development of its ECM practice by experienced practitioner Federico Valle, Bird & Bird‘s Italy team covers the full range of equity financing transactions, including IPOs, rights issues, placings, capital reorganisations, reverse takeovers, and public takeovers and mergers.
A partner since 2019, Gitti and Partners‘ ECM department head Vincenzo Armenio has notable experience in capital markets regulations, IPOs on European exchange markets, private placements, and extraordinary transactions involving listed companies.

Capital markets: Equity in Italy


The key areas for BonelliErede's equity capital markets (ECM) team are IPOs and capital increases, public tender offers and stake-building processes, related-party transactions, remuneration plans, and day-to-day assistance for listed companies. The principal figures are Vittoria Giustiniani, whose practice includes assisting public and private companies with access to capital markets through IPOs and capital increases; and financial markets and privatisation specialist Barbara Napolitano. Other ECM advisers are Alessandra Piersimoni, Silvia Romanelli, Gianfranco Veneziano and Federico Vermicelli, along with managing associate Federica Munno and senior counsel Elisabetta Bellini.

Practice head(s):

Vittoria Giustiniani


One stop shop with constantly updated and distinctive skills and experiences, and properly structured work teams.

Great vertical skills in capital market issues.

High levels of competence combined with availability, flexibility and full understanding of the client’s objectives and approach to results.

Competent, organised and available.

Studio Bonelli has demonstrated distinctive skills in capital market matters – it has a prominent position in the sector.

A remarkable ability to meet clients’ needs; and the firm’s very strong reputation opens up a very wide network of qualified relationships with important players at domestic and international level and with institutions.

Vittoria Giustiniani is very brilliant and made our collaboration fruitful and effective, with a positive atmosphere within the joint work team.

Barbara Napolitano is competent, attentive to detail and clients.

Key clients



Luxottica Group

RCS MediaGroup

Newlat Group


Investindustrial Services


Schneider Electric

Bialetti Industrie

Work highlights

  • Assisted Crédit Agricole and Crédit Agricole Italia with the acquisition of a stake of up to 100% of the share capital of Credito Valtellinese and its subsidiaries, by means of a voluntary takeover bid.
  • Assisted Investindustrial with structuring and executing a transaction aimed at completing a takeover of Guala Closures.
  • Assisted Banca Monte dei Paschi di Siena in relation to a complex public M&A transaction entailing a partial and non-proportional demerger.


Chiomenti fields specialists with longstanding experience in IPOs, rights issues, tender and exchange offers, capital increases and rights issues, public offerings of convertible and other equity-linked securities, and private placements. Manfredi Vianini Tolomei leads the listed companies, corporate governance and capital markets department, while Federico Amoroso is a financial markets specialist. Among the second line of advisers are managing counsel and transactions expert Giovanni Filippo Pezzulo, and senior associate Maria Carmela Falcone, who acts on capital markets deals. Former partner Enrico Giordano became of counsel in 2020.

Practice head(s):

Manfredi Vianini Tolomei


Highly prepared, with specific expertise in the financial sector.

They always understand the timing of transactions in the best possible way, even when they become stringent, and adapt to them to facilitate the company’s decision-making process as much as possible.

Very attentive to all aspects of the transaction and can make the best use of the firm’s internal expertise.

Key clients


BPER Banca

Intesa San Paolo

Credit Suisse

Citigroup Global Markets


Mediobanca – Banca di Credito Finanziario

BofA Securities

Fininvest – Finanziaria d’Investimento

The Friedkin Group


CDP Equity






Banca Akros


Golden tree Asset Management Lux


Carel Industries


Cofide – Gruppo De Benedetti

Life Care Capital



Centrale Del Latte d’Italia

Sicit Group

Intesa Holding

Work highlights

  • Advising BPER Banca, as issuer, on its rights issue, with the proceeds to be used to fund the acquisition of a going concern (comprising approximately 400/500 banking branches) from Intesa Sanpaolo (following the completion of a voluntary exchange offer launched by Intesa Sanpaolo on UBI Banca’s entire share capital.
  • Advising The Friedkin Group, as purchaser, on the acquisition of certain stakes and liabilities in Roma Group, with a view to gaining the control (directly and indirectly) of AS Roma football club.
  • Advising Stevanato on its IPO process on the New York Stock Exchange.

White & Case LLP Italy

Showcasing a large on-the-ground US, English and Italian team, White & Case LLP Italy‘s practice consistently works on the market’s most complex and largest ECM transactions. The team covers the full range of ECM instruments, such as IPOs, rights issues, secondary offerings, accelerated book Buildings (ABBs), private investments in public equity (PIPEs), and equity-linked products (including exchangeable and convertible bonds). The principal ECM partners are Ferigo Foscari, London and Milan-based Michael Immordino, and Piero de Mattia. Robert Becker (a US-qualified lawyer) and Alessandro Picchi are the associates to note.

Other key lawyers:

Robert Becker; Alessandro Picchi


Professionalism and accuracy of responses.

Great global network with deep connections.

Ferigo Foscari shows flexibility and a constant interest in satisfying the client’s needs.

Michael Immordino is a great professional who is always available.

Key clients


Adler Pelzer

Aéroports de la Côte d’Azur

Aeroporti di Roma






Atlas Capital Markets


Autostrade per l’Italia


Banca Akros

Banca IMI

BC Partners

BFF Bank

Banca Popolare di Vicenza

Banco BPM

Bank of America Merrill Lynch



BNP Paribas

Cassa di Risparmio di Asti

Cassa di Risparmio di Biella e Vercelli – Biverbanca



Corporation America Italia

Crédit Agricole

Credit Suisse

Credito Fondiario

CVC Capital Partners


Deutsche Bank



Enel Enel X





Glennmont Partners

Goldman Sachs

GSO Capital Partners


Hoist Finance

HP Pelzer Group


Ion Analytics

Ion Corporates

Ion Markets


International Game Technology


Intesa Sanpaolo

Jefferies International

JP Morgan


Lone Star Funds


Morgan Stanley

MPS Capital Services


NatWest Markets

Oaktree Capital Management



Pemberton Asset Management






Standard Chartered Bank

Ruffini Partecipazioni



Société Générale Corporate & Investment Banking

Società di Progetto Brebemi

TCP Lux Eurinvest

Toscana Aeroporti

UBI Banca


UniCredit Leasing

Wind Tre

York Capital Management

Work highlights

  • Advised Philogen on its IPO on the Mercato Telematico Azionario.
  • Advised Goldman Sachs International and Mediobanca – Banca di Credito Finanziario (as joint global co-ordinators and joint bookrunners) and Mediobanca – Banca di Credito Finanziario (as sponsor) on the IPO of SECO on the STAR segment of the Milan Stock Exchange.
  • Advised BC Partners on the mandatory tender offer for the remaining publicly outstanding shares of IMA.

Clifford Chance

A go-to practice in the Italian ECM space for over 25 years, Clifford Chance's team is active across all aspects of equity transactions. The group covers the whole gamut of ECM work, including IPOs, privatisations, rights issues, block trades, and exchangeable and convertible bonds. ECM specialist Filippo Emanuele co-heads the finance and capital markets practice, which includes  Stefano Parrocchetti Piantanida at counsel level, whose transactional expertise includes capital strengthening operations and IPOs, and US law specialist Laura Scaglioni. Former partner Alberta Figari recently left the firm for Legance - Avvocati Associati.

Practice head(s):

Filippo Emanuele

Key clients



Crédit Agricole Corporate & Investment Bank

Credito Emiliano Holding



Poste Italiane


PolyPeptide Group

Work highlights

  • Advised Mediobanca and other financial institutions (as global coordinators and bookrunners) on the capital increase of Bper Banca, which was in relation to the Intesa-Ubi public offer.
  • Advised PolyPeptide Group on the US law aspects of its successful IPO and listing on the SIX Swiss Exchange.
  • Assisted EPrice, an Italian e-commerce operator and digital publisher, with a recapitalisation matter.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici consistently advises on Italian takeover bids, IPOs, listings and securities placement transactions. The practice fields several experienced partners, including Anton Carlo Frau, who handles acquisitions, mergers, joint ventures, public offerings and IPOs; Rossella Pappagallo, who is experienced in the regulation of listed issuers; and Stefano Valerio, who has significant special purpose acquisition company (SPAC) sector know-how. Also integral to the practice is Vanessa Sobrero, who assists with capital increases and bond issues, while the ECM associates to note are senior Maximiliano Papini and Carlotta Corba Colombo.


A team with great professionals and great competence levels.

Flexible approach that best combines legal rigour and practical aspects.

Excellent preparation.

Great availability and professional competence.

An always constructive, professional and human relationship.

Vanessa Sobrero, is an all-round legal consultant, who is oriented to problem solving and has very strong technical skills.

Vanessa Sobrero carries out valuable work.

Key clients


Italian Wine Brands

Intesa SanPaolo

Illimity Bank



Sicit Group


Work highlights

  • Advising Intesa Sanpaolo on the voluntary public exchange offer for UBI Banca, the offer being for the 99.92% stake Intesa does not already own in UBI Banca.
  • Advised the board of directors of ASTM on the voluntary tender offer for ASTM’s remaining stake (47.64%) not already owned by NAF 2.
  • Advised Pharmanutra on the filing of the transfer of its ordinary shares from the AIM to the MTA.

Gianni & Origoni

Gianni & Origoni's group routinely advises issuers, selling shareholders and underwriters involved in initial and secondary public offerings of equity securities, as well as rights issues and listing procedures on Italy's stock exchanges. The key practitioners are widely respected ECM expert Antonio SegniPaolo Bordi, a specialist in financial markets, corporate finance and ECM matters; Andrea Marani, who advises domestic and international clients on capital markets deals, IPOs and secondary offerings; financial markets expert Alessandro Merenda; and Mariasole Conticelli, who is experienced in IPOs. Andrea Bazuro is the key associate.

Practice head(s):

Andrea MaraniPaolo Bordi


High competence levels in relation to legislation and sector regulations, as well as extremely speedy responses. The direct relationship with the authorities and the Stock Exchange is also extremely useful.

The Gianni & Origoni team is extremely competent and flexible. Whenever possible, it is always our first choice.

Over time, the team has acquired increasingly more space in equity capital market transactions.

The strengths are its strong propensity for problem solving and client support during the entire process, with attention to all related issues, such as labour, administrative and tax law.

The team is characterised by its empathy and willingness to enter into dialogue.

A firm with great skills and professionalism.

Alessandro Merenda is an extremely competent and helpful professional. He assists banks and issuers with every phase of the operation, always guaranteeing top quality assistance.

Alessandro Merenda is a great professional and competent, as well as always being available for advice and suggestions.

Key clients

Intesa Sanpaolo

BNP Paribas

BPER Banca

Citigroup Global Markets

Deutsche Bank

Equita SIM


Goldman Sachs International

Italian Exhibition Group

Italian Government/Ministry of Economy and Finance

JP Morgan Securities

Morgan Stanley

Poste Italiane


Salvatore Ferragamo


Salcef Group



Intermonte SIM

Compagnia dei Caraibi

Work highlights

  • Assisted Astaldi with capital increases reserved to both Webuild and the company’s unsecured creditors.
  • Assisting Salcef Group with the listing of its ordinary shares and warrants on the MTA of the Italian Stock Exchange.

Latham & Watkins LLP

With knowledge of both Italian and US law, Latham & Watkins LLP's capital markets team routinely advises on high-profile transactions. The Italian practice is led by Antonio Coletti, who has extensive experience advising private and public companies and private equity funds (as well as underwriters, placing agents and initial purchasers) on a variety of securities and corporate deals; the US group includes capital markets and corporate finance specialist Ryan Benedict, who works across the Milan and London offices. The broad practice of counsel Isabella Porchia also includes ECM work.

Practice head(s):

Antonio ColettiRyan Benedict

Other key lawyers:

Isabella Porchia

Key clients

Azimut Holding

Bank of America Merrill Lynch

Credit Suisse

Bain Capital

The Carlyle Group


International Design Group


Team System




Morgan Stanley


Equita SIM

Gruppo Coin

Deutsche Bank

Intesa Sanpaolo

Cerved Group


Goldman Sachs

Legance - Avvocati Associati

In April 2021, Legance - Avvocati Associati boosted its practice through the hire of ECM partner Alberta Figari from Clifford Chance. The team advises on IPOs, listings, accelerated bookbuildings and private placements; and fields experts in secondary market offerings, rights offerings, public tender offers, employee stock offerings and stock option plans. Giorgio Vanzanelli is well-regarded for IPO and other equity issue matters; and the second line of key advisers are senior counsel Marzio Ciani, who has longstanding experience in assisting underwriters and issuers, and Stefano Bandini, who was recently made counsel.

Other key lawyers:

Marzio Ciani; Stefano Bandini


I found the team to be very competent, with experts in various fields.

I very much appreciated the great flexibility, availability and competence shown by the firm’s partners, specifically senior counsel Marzio Ciani.

I really appreciated Marzio Ciani’s professionalism, as well as his listening and problem-solving skills.

Work highlights

  • Advised FCA on Italian law (including issues related to a listing on the MTA) in relation to the completion of its cross-border merger with French group Psa that created large automotive group Stellantis.
  • Assisted Nexi with certain ECM aspects surrounding its agreement with payment provider Nets to integrate the two groups through a cross-border merger of Nets into Nexi.
  • Assisted Mercury UK HoldCo, the main shareholder of Nexi, with the accelerated bookbuilding of Nexi’s ordinary shares.


ADVANT Nctm's ECM group routinely assists issuers, selling shareholders and intermediaries with IPOs, private placements and listing procedures on Italian stock exchanges. Lukas Plattner advises on IPOs, bond issuances, listings on the main market of Borsa Italiana and multilateral trading facilities, accelerated book building, warrant issuances and capital increases; while Alessandra Stabilini regularly assists with tender offers and rights issues. Andrea Iovieno is another ECM specialist to note.

Practice head(s):

Lukas Plattner


In addition to high-quality technical work, the team knows how to understand the internal dynamics of the client company and support the GC in light of these aspects.

People of great experience and competence, who build highly trusting relationships and are able to establish a pleasant and friendly working climate, which is very important in high pressure situations.

Key clients

Vodafone Europe

Monrif Group

Sudtiroler Volksbank-Banca Popolare dell’Alto Adige

Alantra Capital Markets

G Rent

Askoll Eva

SEC Newgate


Tenax International




Work highlights

  • Assisted Techedge with the voluntary public tender offer launched on all of Techedge’s shares by Titan BidCo, a company controlled by One Equity Partners.
  • Assisted Tenax International with the procedure of admission to trading of its shares and Tenax 2020-2023 warrants on the AIM Italia market.
  • Assisted MIT SIM with the admission to trading of its shares and MIT SIM 2020-2023 warrants on the AIM Italia PRO market.

DLA Piper

Particularly focused on cross-border transactions, DLA Piper's Italian ECM practice fields experts across a range of equity and transaction scenarios. The group is sought out by financial institutions and issuers for IPOs, rights issues, tender offers, secondary offerings, and convertible, equity-linked and hybrid instruments. The team also provides regulatory advice to listed companies and intermediaries, including assistance with market abuse regulations. Francesco Maria Aleandri has extensive ECM sector experience.

Practice head(s):

Francesco Maria Aleandri

Key clients

Intesa San Paolo S.p.A. (Banca IMI)

Banca Akros S.p.A. (Banco BPM Group)

Equita SIM S.p.A.

Intermonte SIM S.p.A.

Aeroporto di Bologna S.p.A.

Biesse Group


Tinexta S.p.A.

Unicoop Tirreno S.p.A.

Borgosesia S.p.A.

Banca Generali S.p.A.

Iervolino Entertainment S.p.A.

Medica S.p.A.

BMP Europe S.p.A.

Link Mobility Group

Orizzonte Uno S.r.l. (Cube Infrastructure Fund II group)

Work highlights

  • Assisted Banca Akros S.p.A., as global coordinator and nominated adviser, in the €130 million IPO and the listing of the SPAC Industrial Stars of Italy 4 S.p.A. on AIM Italy.
  • Assisted Intermonte SIM S.p.A. and Joh. Berenberg, Gossler & Co. KG as global coordinators in the €100 million IPO and listing of The Italian Sea Group S.p.A. on the Milan Stock Exchange.
  • Assisted Unicoop Tirreno Società Cooperativa in the offering of €150 million of corporate bonds.

Pedersoli Studio Legale

Led from its Turin and Milan offices, Pedersoli Studio Legale's ECM practice is particularly active in the banking, finance, automotive, IT and publishing sectors. Marcello Magro's practice covers equity-linked, convertible and exchangeable capital markets transactions, IPOs and listings; and Carlo Re and Marta Sassella provide additional partner-level support.

Practice head(s):

Marcello MagroCarlo Re


Studio Pedersoli is extremely professional, well organised, multi-disciplinary, and capable of achieving the client’s objectives effectively.

An important shoulder for entrepreneurs, who operate all over the world at industrial, commercial and corporate levels.

Studio Pedersoli represents excellence among law firms in Italy.

We were very happy to work with them on our AIM listing, and they were capable of following us at a 360-degree level. We also believe that their ability to interact with other stakeholders of our business completes the needs of a small and medium-sized Italian company that wants to become big.

Boutique of excellent standing and track record.

Deep knowledge of this area and efficient management of operations with a multidisciplinary approach.

Competent, professional and helpful team.

In addition to junior partner Francesca Leverone’s competence, we appreciate her punctuality, firmness and decision-making ability.

Key clients

Intesa Sanpaolo


Juventus Football Club


WIIT fin

EnVent Capital Markets

Infrastrutture Wireless Italiane

Davide Campari



Industrie Chimiche Forestali

Banca Intermobiliare di Investimenti e Gestioni




Work highlights

  • Advised Intesa Sanpaolo on the capital markets issues surrounding a voluntary public purchase and exchange offer involving the entire share capital of UBI Banca.
  • Assisted DiaSorin, globally known for in vitro diagnostics, with the capital markets aspects of a merger agreement for the acquisition of Luminex, a US-based company that develops, manufactures and sells proprietary technologies and products for biological tests.
  • Assisted WIIT and WIIT Fin with the private placement of 2.1m of WIIT’s ordinary shares, through an accelerated bookbuild offering for institutional investors.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's client markets transactions team is able to leverage the firm's regulatory, disputes and antitrust expertise. Pietro Fioruzzi's broad practice includes IPOs and other capital markets transactions, along with securities regulatory issues, while associate Nicole Puppieni regularly acts on both public and private equity offerings.

Practice head(s):

Pietro Fioruzzi

Other key lawyers:

Nicole Puppieni


Experienced, competent and continuously attentive to the client.’

‘Partners and collaborators are very helpful, quick, solid and efficient.

The strengths of the firm are its team and organisation.

Compared to other law firms, I found the CGSH professionals more connected to business contexts, as well as being willing promoters in the dissemination of news that will impact the market in the following months, creating a collaborative network with the main operators in the sector.

The team is made up of highly experienced professionals both on the local and international markets. I have found a strong propensity to search for optimal solutions and stimulate the progress of operations to the satisfaction of parties.

Proven experience and skills.

Pietro Fioruzzi is a professional who stands out for his very pragmatic approach. Pietro is a charismatic leader, and his approach guarantees a focus on achieving the best result for the client.

The collaboration with Pietro Fioruzzi and associate Nicole Puppieni has been in progress for a long time. On every occasion they have proved their competence and abilities, resulting in compliance with particularly stringent deadlines and the resolution of complex issues.

Key clients

F C Juventus

Il Sole 24 Ore

Ermenegildo Zegna Group

JP Morgan

Morgan Stanley

Falck Renewables


Goldman Sachs


Credit Suisse

Work highlights

  • Counsel to Juventus Football Club in relation to its announced €400m rights issue.
  • Assisted the issuer, Il Sole 24 Ore, with the first issue of a senior unsecured bond of €45m.
  • Advised, as international counsel, the underwriters (Mediobanca – Banca di Credito Finanziario, Morgan Stanley and JP Morgan) on the public offering of ordinary shares of Antares Vision and the concurrent migration of Antares Vision’s ordinary shares to the MTA.


Dentons' Italy capital markets group regularly advises listed and non-listed companies on private placements, IPOs, takeover bids, and admission to trading of financial instruments on regulated markets and multilateral trading facilities. The team also assists on interactions with the relevant authorities. Experienced ECM partner Antonella Brambilla heads up the group.

Practice head(s):

Antonella Brambilla

Other key lawyers:

Silvia Pacchiarotti


Professionalism, availability and great competence.’

Commitment to solving any problem.

24-hour assistance that is reliable, punctual and incisive.

Excellent and distinctive skills by comparison with other professional firms.

Key clients




The Italian Sea Group

B Fin

CPI Property Group

YA Global

Work highlights

  • Assisting The Italian Sea Group with its institutional offering and listing of its ordinary shares on the MTA.
  • Advised B Fin, the controlling shareholder of Elettra Investimenti, on the sale of 90% of its share capital, as well as the connected mandatory tender offer for the remaining 10% and a voluntary tender offer for the warrants and delisting of Elettra Investimenti.
  • Assisted CPI Property Group with the takeover bid on Nova Re SIIQ, a real estate investment company listed on the Italian Stock Exchange.

Gattai, Minoli, Partners

Gattai, Minoli, Partners' capital markets coverage ranges from the issuance of plain vanilla products to the structuring of complex multi-jurisdictional transactions. Advising both major corporations and investments funds, Nicola Brunetti focuses on ECM work, including IPOs, takeovers of public companies, rights issues and SPAC listings, public M&A, and public-to-private transactions.

Practice head(s):

Nicola Brunetti

Key clients




CIR (Compagnie Industriali Riunite)

Giovannelli e Associati Studio Legale

With substantial securities offerings of all kinds, Giovannelli e Associati Studio Legale regularly advises corporate issuers and underwriters on international and domestic ECM transactions, including regulatory matters. Andrea Bartolucci routinely acts on first-time listings and IPOs, rights issues and private placements. Additional support is provided by experienced partner Fabrizio Scaparro.

Practice head(s):

Andrea Bartolucci

Other key lawyers:

Fabrizio Scaparro

Key clients

B&C Speakers

Genenta Science

Intek Group


Work highlights

  • Advised Intek Group on the voluntary exchange offer for its saving shares.
  • Advised Intek Group on the issue and listing on the MTA of warrants, as well as the corresponding capital increase.

Simmons & Simmons

Simmons & Simmons' Italy ECM practice is particularly active in relation to the placement and listing of financial instruments for SMEs, especially those involving AIM Italia. Heading the ECM practice in Italy, Augusto Santoro advises financial institutions, issuers and funds, and is experienced in the gaming, fashion and financial services industries.

Practice head(s):

Augusto Santoro

Other key lawyers:

Bernadetta Troisi


Unique competence at a national level.

Great for professionalism and availability.

Reliability and preparation.

Always available and ready to support the company, working with us to solve problems.

Competence, speed and flexibility.

Ability to manage complex projects in compliance with agreed deadlines.

It rarely happens to work with such good and capable professionals, both from a professional and a human point of view.

Augusto Santoro is a trained and competent professional, who is able to combine a deep knowledge of the law with rare humility and sensitivity.

Augusto Santoro is capable of managing complex projects and co-ordinating multiple resources effectively, bringing that something extra to every occasion and situation.

Key clients

Shedir Pharma Group





Bomi Group


AnaCap Financial Partners