Capital markets: Equity in Italy

Clifford Chance

Frequently involved in headline deals in the Italian market, Clifford Chance fields Italian, English and US-qualified lawyers, who cover the whole range of ECM products. The group's representative work includes IPOs, privatisations, rights issues, exchangeable and convertible bonds and block trades. ECM specialist Filippo Emanuele jointly heads the Italian finance and capital markets practice; Alberta Figari is widely praised for her advice on IPOs and rights issues; and Paolo Sersale is highly rated for his work with key issuers and investment banks. At counsel level, Laura Scaglioni  and Stefano Parrocchetti Piantanida have notable ECM experience.

Practice head(s):

Filippo Emanuele

Key clients




Equita SIM

Intesa San Paolo

Banca IMI


Monte dei Paschi di Siena



Work highlights

  • Advised UniCredit and Credit Suisse, as global co-ordinators, on the proposed IPO and listing on the Italian Stock Exchange of Manifatture Sigaro Toscano.
  • Acted for the joint global co-ordinators, Banca IMI, Goldman Sachs International and Mediobanca – Banca di Credito Finanziario, on Prysmian’s €500m capital increase.
  • Advised an Italian company, which is active in the agri-food sector, on its IPO and future listing on the Italian Stock Exchange.


In 2019, BonelliErede was integrated with Lombardi e Associati, bringing capital markets expert Federico Vermicelli to the firm. Clients benefit from the practice's longstanding relationships with Consob - which regulates the Italian financial markets - as well as the Italian Stock Exchange. Typical work covers IPOs, capital increases, public tender offers and takeover bids. Vittoria Giustiniani advises on access to capital markets through IPOs and capital increases, as well as public offerings and Gianfranco Veneziano leads the firm's development in North Africa. Barbara Napolitano is an expert in IPOs and secondary offers, and managing associate Federica Munno has luxury goods, energy and infrastructure sector experience. London-based team head Massimiliano Danusso has broad capital markets experience.

Practice head(s):

Massimiliano Danusso


The team provides high levels of competence along with longstanding, deep experience in this area.

Vittoria Giustiniani manages client relationships very well.

Key clients







Salini Impregilo




Work highlights

  • Acted as deal counsel for Sirio, which provides restaurant services in hospitals, highways and airports, on its IPO on the AIM Italia multilateral trading system.
  • Acted for Nexi, which specialises in payment systems, on its IPO.
  • Advised Newlat Food on its plans to list its shares on the Milan Stock Exchange.


Chiomenti is well known for playing leading roles during the privatisation of state-owned companies. The practice also stands out for its involvement in highly significant tender and exchange offers and takeover bids. Clients particularly appreciate the firm's innovative corporate, contractual and fiscal structures in relation to ECM matters. Manfredi Vianini Tolomei and Enrico Giordano's practices include public offerings and stock listings. Federico Amoroso acts on IPOs, share capital increases, institutional placements and treasury share buy-back programmes; and counsel Gianfilippo Pezzulo is an expert in IPOs, public purchase and exchange offers, capital increases and private placements.

Practice head(s):

Manfredi Vianini Tolomei


The lawyers are devoted to their work and combine individual knowledge with practical support from the rest of the firm.

The team is influential during negotiations and in possession of a highly important information network.

Key clients


Pirelli & C


Carel Industries

Mediobanca – Banca di Credito Finanziario

Lazard & Co


Banca IMI

Credit Suisse Securities (Europe)


Aedes SiiQ

Officina Stellare

Gabelli Value for Italy

Ubi Banca

Unipol Gruppo

Longino & Cardenal


Giglio Group

Work highlights

  • Advising CrowdFundMe on the listing of its shares and warrants on AIM Italia.
  • Acted for Officina Stellare on the listing of its shares and warrants on AIM Italia.
  • Advised SIT on the translisting of shares and warrants from AIM Italia to the MTA.


Linklaters stands out in the  market for fielding Italian, UK and US legal specialists, who act in particularly high-profile ECM deals. Claudia Parzani is widely respected for her key role in transactions that allowed the capital strengthening of Italy's main listed banks. Recently promoted partner Ugo Orsini assists major investment banks, financial institutions and corporations with equity and equity-linked transactions and rights issues. He also has considerable experience of advising listed companies on establishing corporate governance structures.


On top of a customer-first approach, Linklaters’ Italian team has outstanding expertise in capital markets transactions as well as knowledge of the banking sector.

The team has very good expertise.

It stands out for its reliability and one-stop-shop synergies.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici has a longstanding history of involvement in important Italian takeover bids and listings. In recent years, the practice has been actively involved in the creation and listing of special purchase acquisition companies (SPACs). Clients also appreciate the team's integrated service, with the ECM lawyers regularly working alongside their corporate law colleagues. Anton Carlo Frau advises on public offerings and IPOs, Stefano Valerio is a SPAC sector expert and Rossella Pappagallo has experience of advising on securities transactions. Vanessa Sobrero and senior associate Maximiliano Papini are also experienced in ECM matters.


The team offers a mixture of attention to detail, business orientation and dedication to clients’ needs.

Its in-depth legal advice for actual or potential legal aspects, as well as its practical management of the process and client are invaluable.

The co-operation among different individuals and the consequent merging of unique competences provide for an effective and fruitful teamwork in more complex matters.

The team shows a high level of professionalism and in-depth knowledge of regulatory issues and capital markets. It dedicates itself to projects with passion and professionalism from the beginning and is always focused on achieving the final result.

The overall perception by clients – and by the authorities – is of high-quality work, with very pragmatic solutions.

It provides an outstanding legal service, achieving peaks of excellence in extraordinary transactions. The team has true competence and expertise in listings.

The firm counts among its numbers many professionals with different outstanding features.

Anton Carlo Frau and senior associate Maximiliano Papini demonstrate a professional approach and commitment, supporting mid-sized companies very well and providing indirect training to clients’ teams.

Stefano Valerio always shows an effective problem-solving attitude, providing solutions to potential problems in order to support clients in reaching their goals.

Junior partner Vanessa Sobrero is an extremely dedicated professional with an outstanding pulse for market transactions. Her familiarity with financial markets and related practices, and her attention to every detail, are priceless assets for any listed client that cares about its conduct on the market.

Key clients

Quattro R SGR

Industrial Stars of Italy 3

Gabelli Value


Yoox Net-A-Porter Group


NB Aurora

Ubi Banca


Work highlights

  • Advised SprintItaly, a SPAC, on a business combination with Sicit 2000 and the simultaneous listing of the combined entity on AIM Italia.
  • Assisted Cellularline with the admission to trading of its ordinary shares and warrants on the STAR segment of MTA.
  • Assisted Illimity Bank with the transition from Italy’s AIM to the MTA of its shares and warrants.

Gianni & Origoni

Gianni & Origoni is highly rated for its assistance to issuers, selling shareholders and underwriters, which are involved in initial and secondary public offerings of equity securities. The team also advises on rights issues and listing procedures on Italian stock exchanges, as well as liability management transactions. In addition, it is highly specialised in small and medium enterprises' capital strengthening operations through IPOs on AIM Italia. Andrea Marani focuses on real estate-related matters and Paolo Bordi is an ECM specialist. Mariasole Conticelli's practice includes IPOs, rights issues, corporate bonds and public tender offers, while capital markets expert Antonio Segni joined from Lombardi Segni & Associati.

Practice head(s):

Andrea Marani; Paolo Bordi


The team assists with all aspects of deals and provides maximum commitment when looking for innovative solutions.

It has a very strong ECM practice and its professionals offer total support at a very high level.

Clients are impressed by the team’s very commercial but technical and responsive approach. It is able to cover all the relevant equity capital market issues involved in transactions, proving to be a one-stop shop and good value for money.

Compared with other firms, the lawyers are deal makers, good negotiators and have a good understanding of different financial operations.

Key clients

Ministry of Economy and Finance

Banca IMI

Citigroup Global Markets

Poste Italiane


UniCredit Bank

Equita SIM


Salvatore Ferragamo

BPER Banca

Bank of America – Merrill Lynch

Ubi Banca

Intermonte SIM

Banca Mediolanum

Banca Finnat Euramerica

Work highlights

  • Advised Italian Exhibition Group on its MTA listing.
  • Acted for Garofalo Health Care and Peninsula on Garofalo’s IPO and listing of ordinary shares on the Italian Stock Exchange’s MTA.
  • Assisted Banca Imi, BofA Merrill Lynch, Credit Suisse, Goldman Sachs International, Mediobanca – Banca di Credito Finanziario (as joint global coordinators), and the joint bookrunners, with the IPO of payment service company Nexi.

Latham & Watkins LLP

Latham & Watkins LLP regularly advises on high-profile transactions for both issuers and underwriters. The practice stands out for its ability to assist clients with both Italian and US law. The Italian team is led by Antonio Coletti, who recently advised on major Italian capital markets transactions (including IPOs), and includes five Italy-qualified lawyers. The US team includes Jeff Lawlis and Ryan Benedict, who is based in the firm's Milan and London offices. Lawlis has significant experience of public and private cross-border deals, while Benedict has broad capital markets expertise. Counsel Isabella Porchia is experienced in ECM offerings.

Practice head(s):

Antonio Coletti; Jeff Lawlis

Key clients

Credit Suisse

Bain Capital

The Carlyle Group

Work highlights

  • Advised (alongside the firm’s Madrid office) Solarpack Corporacion Tecnologica, which is specialised in the development, financing, construction, operation and management of utility scale solar photovoltaic power plants, on its IPO on the Barcelona, Bilbao, Madrid and Valencia stock exchanges.
  • Acted for Piovan, which develops and produces auxiliary automation systems, on its IPO on the MTA.
  • Advised the joint global co-ordinators, Banca IMI, Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs International, Mediobanca – Banca di Credito Finanziario,  and the joint bookrunners, on the IPO of Italian paytech company, Nexi.

White & Case LLP Italy

Spanning all equity products, White & Case LLP Italy works on complex and large transactions. Offering a one-stop-shop approach covering Italian, English and US legal advice, typical work includes IPOs, rights issues, secondary offerings, and equity-linked products, including exchangeable and convertible bonds. Ferigo Foscari  is a leading ECM  lawyer, and Michael Immordino, who divides his time between London and Milan, advises investment banks and issuers on public and private equity offerings. Piero de Mattia is an Italian and US-qualified lawyer with considerable ECM experience, and associate Robert Becker frequently advises on IPOs.

Key clients


Aeroporti di Roma


Atlas Capital Markets

Autostrade per l’Italia

Banca Akros

Banca IMI

Banca Farmafactoring

Banca Popolare di Vicenza

Banco BPM

Bank of America Merrill Lynch


BNP Paribas

Cassa di Risparmio di Asti


Crédit Agricole

Credit Suisse

CVC Capital Partners


Deutsche Bank




Glennmont Partners

Goldman Sachs

GSO Capital Partners

HP Pelzer Group


International Game Technology


Intesa Sanpaolo

Jefferies International

JP Morgan


Lone Star Funds

Morgan Stanley

Oaktree Capital Management


Pemberton Asset Management


Secundum Naturam



UniCredit Leasing

Wind Tre

York Capital Management

Work highlights

  • Advised TCP Lux Eurinvest on the placement of 4.5 million ordinary shares of Gamenet Group, which was carried out through an accelerated bookbuild offering to institutional investors.
  • Acted for Goldman Sachs International and UniCredit Corporate & Investment Banking, as joint global co-ordinators and joint bookrunners, on the IPO of Piovan on the Star segment of the Milan Stock Exchange.

DLA Piper

DLA Piper has longstanding relationships with financial institutions and issuers, which it regularly assists with equity transactions such as IPOs (including SPAC IPOs), rights issues, tender offers, secondary offerings, and convertible, equity-linked and hybrid instruments. The practice also distinguishes itself through its focus on cross-border transactions. Additionally, it provides ongoing legal and regulatory advice to listed companies and intermediaries in Italy and abroad, particularly regarding market abuse legislation. Francesco Maria Aleandri  has extensive ECM sector experience.

Practice head(s):

Francesco Maria Aleandri


The advice is great and the team delivers on time.

This is a brilliant, focused and well-prepared team.

Francesco Maria Aleandri is not only a partner of huge reputation and technical skill, he is also a solid and trusted adviser to clients. He is both very engaged and available, and always provides very precious and appropriate advice.

Key clients

Banca IMI

Equita SIM

Intermonte SIM

Aeroporto di Bologna


Integrae SIM

Quadrivio Capital SGR

Meyer Bergman



Iervolino Entertainment

Work highlights

  • Assisted Co.Stamp Group with its capital increases and restoration of floating securities.
  • Acted for Intermonte SIM and Equita SIM, as joint global coordinators, on the admission of Italian Exhibition Group to the Milan Stock exchange.
  • Advised Iervolino Entertainment on its listing process on AIM Italia.

Legance - Avvocati Associati

Legance - Avvocati Associati advises on IPOs, and listings and offerings in regulated markets and multilateral trading facilities. The practice also assists with secondary market and rights offerings, public tender offers, employee stock offerings, and corporate finance transactions involving equities and securities. It is particularly active in the MTA and AIM market listing process. Giorgio Vanzanelli regularly advises on IPO and other equity matters; and senior counsel Marzio Ciani handles the international and Italian side of ECM deals.

Practice head(s):

Giorgio Vanzanelli

Key clients

Aeroporti di Roma

AEW Europe

Agos Ducato

AIM Vicenza



Banca IMI

2i Rete Gas




Compass Banca



Energy Lab



Fortress Investment Group

ING Bank

J.P. Morgan

Mediobanca – Banca di Credito Finanziario


Unipol Gruppo



Société Générale

Amundi SGR


Work highlights

  • Advised F2i on the launch by 2i Towers of a voluntary public tender offer for EI Towers’ entire capital.
  • Acted for Quarantacinque on the launch of a voluntary tender offer for the shares of MTA-listed CAD IT.
  • Assisted the management of Nexi, as well as the majority shareholder, with certain capital markets and executive compensation issues in relation to Nexi’s MTA listing process.

Nctm Studio Legale

Nctm Studio Legale assists issuers, selling shareholders and intermediaries with IPOs, private placements and listing procedures. It particularly stands out for its advice on AIM Italia IPO deals. Lukas Plattner handles IPOs, corporate and convertible bond issuances, MTA listings, accelerated book building, issuance of warrants and capital increases. Alessandra Stabilini's practice includes advising issuers on corporate governance-related matters, tender offers and rights issues. Recently promoted salary partner Andrea Iovieno has been involved in several IPOs on AIM Italia and MTA.

Practice head(s):

Lukas Plattner


The team is always available and very professional.

Key clients

SolarEdge Technologies





Askoll EVA

Società Editoriale Il Fatto

Comer Industries

Energica Motor Company



Work highlights

  • Advised Renergetica, a renewable energy sector company, on the admission of its shares to trading on AIM Italia.
  • Assisted Società Editoriale Il Fatto with its admission to trading on AIM Italia.
  • Assisted Techedge with its MTA listing.

Shearman & Sterling LLP

Shearman & Sterling LLP's combined Italian, US and UK team is well known for advising on significant, high-profile mandates, as well as for addressing, from an Italian perspective, issues that arise in the international markets. Its ECM practice has particular strength in acting as issuer or underwriters’ counsel. Italy and New York-qualified Tobia Croff is highly rated for IPOs and rights issues. Counsel Emanuele Trucco advises on IPOs and rights offerings.

Practice head(s):

Tobia Croff

Key clients

Italo Nuovo TrasportoViaggiatori







Work highlights

  • Assisted Mediobanca – Banca di Credito Finanziario and UniCredit Bank (Milan Branch), as joint global coordinators, and Banca Akros, Banca IMI and BNP Paribas, as joint bookrunners, with Fila’s €100m rights offering.
  • Advised Piteco on the listing of its ordinary shares.
  • Acted for Garofalo Health Care on its IPO and simultaneous MTA listing.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton counts issuers as well as international and domestic banks as clients. It is experienced in IPOs, private placements, capital increases and rights offerings, and frequently works alongside the firm's tax advisers on ECM matters. The team also assists with capital markets deals involving SPACs. Pietro Fioruzzi represents clients before the Italian courts and agencies in capital markets-related matters, and Giuseppe Scassellati-Sforzolini's practice includes privatisations through equity offerings and auctions, as well as takeover bids. Senior associate Nicole Puppieni is 'a pleasure to work with'.


The efficient and proactive practice is well co-ordinated and always comprises a majority of senior lawyers.

The lawyers act fairly and in a constructive way.

Pietro Fioruzzi is an exceptional professional with a client-oriented approach.

Senior associate Nicole Puppieni is very efficient and proactive.

Senior associate Nicole Puppieni is a pleasure to work with.

Key clients

Essilor (now EssilorLuxottica)

A Agrati


Work highlights

  • Advised Essilor on its strategic combination with Luxottica, which included  the delisting of Luxottica shares.
  • Acted for A Agrati on its proposed business combination with IDeaMI, which consisted of a reverse takeover through merger by incorporation.
  • Advised Natuzzi on a number of capital markets matters, including the annual update of its Form 20-F.


Dentons advises on all legal aspects concerning the issuance, placement and listing of financial instruments in Italy and abroad. Other areas of strength are IPOs and takeover bids, including liaising with the relevant authorities. The team's assistance also covers corporate governance matters, as well as the capital markets aspects of restructuring transactions and cross-listing procedures. Capital markets practice head Antonella Brambilla is 'a great professional with extensive experience'.

Practice head(s):

Antonella Brambilla


The lawyers have a great understanding of clients’ needs.

This flexible and fast team team is capable of finding creative and professional solutions.

Dentons shows great flexibility and commitment.

Antonella Brambilla is a great team leader and team builder.

Antonella Brambilla is a great professional with extensive experience.’

Key clients


Integrae SIM


Maire Tecnimont

Mainfirst Bank (Italian Branch​)


Shedir Pharma

Work highlights

  • Advised Shedir Pharma on its AIM market admission process.
  • Acted for Friulchem, an Italian contract development manufacturing organisation, on AIM Italia’s admission process.
  • Advised Neosperience on its admission  to the AIM market.

Giovannelli e Associati Studio Legale

Giovannelli e Associati Studio Legale acts for corporate issuers and underwriters on a range of international and domestic ECM transactions. Clients particularly appreciate the team's advice on related regulatory considerations. Andrea Bartolucci assists with first-time listings and IPOs, rights issues, block trades and convertible securities offerings. Fabrizio Scaparro recently led advice to Aquafil, which produces polyamide 6, on its Milan Stock Exchange listing.

Key clients

Space Holding

Equita SIM

Finint Investment SGR


B&C Speakers


Work highlights

  • Advised Space2 on its business combination with Avio and listing.
  • Acted for Equita SIM, as guarantor, on Banca Carige’s rights offering.
  • Advised Equita SIM, as sponsor, on the MTA listing of BF Holding.

Pedersoli Studio Legale

Pedersoli Studio Legale's Turin-based ECM practice advises listed clients, institutional investors, shareholders and banks on structuring, executing and launching capital raising transactions. It also stands out for its regulatory and banking and financial sector expertise. Marcello Magro has broad experience in IPOs and other capital markets offerings, and Carlo Re is particularly focused on the automotive, publishing and financial services sectors. Alessandro Marena  is also noted.

Key clients


EnVent Capital Markets


Work highlights

  • Advised Italia Independent Group, which is listed on the Italian AIM market, on an investment transaction that was carried out through a share capital increase.
  • Acted for EnVent Capital Markets, as nominated adviser and global co-ordinator, on the AIM Italia IPO of Gear 1 (a SPAC).
  • Assisted Wiit with the listing of its ordinary shares on MTA’s Star segment.

Simmons & Simmons

Simmons & Simmons advises on the placement and listing of financial instruments for growing companies (including SMEs), particularly on AIM Italia and other European multilateral trading facilities. Recent work includes public offerings and private placements, as well as investment opportunities for domestic and international institutional investors, mandatory and voluntary takeover bids, capital increases and the issue of equity securities. Augusto Santoro is regularly instructed by investment banks and issuers on complex deals.

Practice head(s):

Augusto Santoro

Key clients



Bomi Italia

Technical Publications Services


Shedir Pharma Group


Work highlights

  • Advised Shedir Pharma Group on its listing of ordinary shares on AIM Italia.
  • Acted for Portobello on its listing of ordinary shares on AIM Italia.
  • Assisted Monnalisa with its listing of ordinary shares on AIM Italia.