Capital markets: Equity in Italy


With 'expertise rendering it superior', BonelliErede's equity capital markets (ECM) team acts for both listed and regulated companies. It has longstanding experience in assisting issuers, placement banks, and selling shareholders with high-profile deals. Its ECM service includes IPOs, capital increases, public tender offers and takeover bids, and remuneration  plans. Vittoria Giustiniani leads the capital markets team, which includes capital markets specialists Barbara NapolitanoAlessandra Piersimoni and Silvia Romanelli, along with Gianfranco Veneziano and Federico Vermicelli. Managing associates Federica Munno and Elisabetta Bellini provide key support.

Practice head(s):

Vittoria Giustiniani

Other key lawyers:

Barbara Napolitano; Alessandra Piersimoni; Silvia Romanelli; Gianfranco Veneziano; Federico Vermicelli; Federica Munno; Elisabetta Bellini 


Great for its innovative approach, excellent interpersonal skills, and young and trained professionals.

This firm is the benchmark for legal assistance in the capital markets sector; it manages to reconcile technical aspects of the highest legal profile with issues of a financial and economic nature. True excellence on the Italian legal scene.

The innovative and qualified approach of the BonelliErede team distinguishes it from its competitors; it is very good for relations with counterparties and in managing complex proceedings with the authorities. They perfectly understand clients’ needs.

Great for technical preparation, competence, availability and punctual compliance within the timescale provided by the client.

Expertise that renders it superior.

Key clients

Bialetti Industrie


Cerved Group



UBI Banca


Work highlights

  • Assisted Italian banking group UBI Banca with a takeover bid, which was launched by its competitor Intesa Sanpaolo on UBI Banca’s listed shares on the Italian stock exchange.
  • Assisted Salini Impregilo with facilities agreements, which were negotiated with national and international financial institutions.
  • Advised Newlat Food S.p.A. and Newlat Group S.A. on the acquisition of 47,57% of Centrale del Latte d’Italia and consequent launch of a mandatory tender and exchange offer.


Consistently acting on the market's most significant ECM deals, Chiomenti's multidisciplinary team has longstanding experience in IPO transactions, rights issues, tender and exchange offers, public offerings of shares, capital increases and rights issues, convertible and other equity-linked securities, and private placements. Manfredi Vianini Tolomei heads the listed companies, corporate governance and capital markets department, and Federico Amoroso (a partner since 2018) is a financial markets expert. In 2020, Giovanni Filippo Pezzulo was appointed managing counsel, while former partner Enrico Giordano became of counsel. Maria Carmela Falcone is the senior associate to note.

Practice head(s):

Manfredi Vianini Tolomei

Other key lawyers:

Federico Amoroso; Giovanni Filippo Pezzulo; Enrico Giordano; Maria Carmela Falcone


Strong competence from both a legal and regulatory point of view, as well as from an operational and procedural point of view.

Important relations with the supervisory authorities and knowledge of the dynamics in place.

Senior team members who are always personally involved.

Recommended for the competence and quality of the whole team (including juniors), which is above the market average. Also great for customer support at all stages of projects, with the ability to bring in additional staff on very little notice.

Great preparation, and ability to work as a team with the client.

Expertise, great availability and problem solving.

‘Federico Amoroso negotiates effectively with counterparties; he has a very competent, active and fast approach.

Managing counsel Giovanni Filippo Pezzulo is always available for a discussion and able to interact with the counterparties and supervisory authorities. He is also able to identify effective solutions to problems that are not purely technical.

Key clients

ENI S.p.A.

BPER Banca S.p.A.

Fininvest – Finanziaria d’Investimento S.p.A.

CDP Equity S.p.A.

GL Europe Luxembourg SA

Golden Tree Asset Management Lux S. à r.l.


Alkemy S.p.A.

Cofide. – Gruppo De Benedetti S.p.A.

Life Care Capital S.p.A.

IGD SiiQ S.p.A.

Giglio Group S.p.A.

Officina Stellare S.p.A.

Camfin S.p.A.

Mediobanca – Banca di Credito Finanziario S.p.A.

Saipem S.p.A.

Enel S.p.A.

Work highlights

  • Advised Eni on a four-year share buyback programme that was launched in 2019.
  • Advised BPER Banca, as issuer, on a rights issue up to a maximum aggregate amount of €1bn.
  • Advised Fininvest on the sale of its stake in MolMed, an Italian company listed on the Mercato Telematico Azionario, which related to a voluntary tender offer launched by AGC, a listed Japanese company.

Clifford Chance

At the forefront of the equity markets, Clifford Chance covers the whole range of ECM products, including IPOs, privatisations, rights issues, exchangeable and convertible bonds, and block trades. A member of the firm's global capital markets leadership group, Filippo Emanuele co-heads the finance and capital markets practice. Paolo Sersale's broad practice includes complex ECM transactions. Stefano Parrocchetti Piantanida, who regularly advises on capital strengthening operations and IPOs, and US law expert Laura Scaglioni  are experienced counsels. Jonathan Donald Astbury is the senior associate to note. Alberta Figari left the firm in 2021.

Practice head(s):

Filippo Emanuele

Other key lawyers:

Paolo Sersale; Stefano Parrocchetti; Laura Scaglioni; Jonathan Donald Astbury

Key clients


Banca IMI

Credito Emiliano

Dedalus Holding

Expert System


Intesa Sanpaolo


Municipality of Rome

RAI – Radio Televisione Italiana


Work highlights

  • Advised the joint global co-ordinators and joint bookrunners (as to Italian, English and US law) on the issue and sale of shares to institutional investors, which related to GVS’ IPO.
  • Assisted the joint lead managers and joint bookrunners with the issue of a high-value Covid-19 Social Response Bond by Cassa Depositi e Prestiti.
  • Advised AMCO, a specialist in non-performing exposures management, on a partial non-proportional demerger project.

White & Case LLP Italy

White & Case LLP Italy's large US, English and Italian capital markets team in Italy covers the gamut of ECM instruments, including IPOs, rights issues, secondary offerings, accelerated bookbuilds, private investments in public equity, and equity-linked products (including exchangeable and convertible bonds). The group's partners include: Ferigo Foscari, who is regularly involved in high-end domestic and cross-border mandates; Michael Immordino, who works across the London and Milan offices, and Piero de Mattia, who has approximately 20 years' ECM experience. Robert Becker is a key associate.

Practice head(s):

Ferigo Foscari; Michael Immordino; Piero de Mattia

Other key lawyers:

Robert Becker

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

Cassa di Risparmio di Biella e Vercelli – Biverbanca S.p.A.


Crédit Agricole

Credit Suisse

Credito Fondiario

CVC Capital Partners


Deutsche Bank







Glennmont Partners

Goldman Sachs

GSO Capital Partners


GVS Group

Hoist Finance

HP Pelzer Group



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





Société Générale Corporate & Investment Bank

Work highlights

  • Assisted Morgan Stanley (as sole bookrunner) with the offering of 2m ordinary shares of Italian listed company, Reply, which were sold by its controlling shareholder Alika through an accelerated bookbuild offering to institutional investors.
  • Acted for GVS (and GVS Group, a global manufacturer of filters and components for applications in the healthcare and life sciences, energy and mobility, and health and safety sectors) on its IPO.
  • Advised Banca IMI, Bank of America Securities and UniCredit Corporate & Investment Banking (as joint global co-ordinators and joint bookrunners) on the IPO of Sanlorenzo on the STAR segment of the Milan Stock Exchange.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici regularly acts in significant Italian takeover bids, IPOss and securities placement transactions. The practice also fields experts in the creation and listing of special purchase acquisition companies (SPACs) and has specific industry sector expertise in financial institutions, fashion, food and healthcare. Managing partner Stefano Valerio and Vanessa Sobrero are SPAC specialists, Anton Carlo Frau is an ECM expert, and Rossella Pappagallo assists with the regulation of listed issuers. Maximiliano Papini is an experienced senior associate.

Practice head(s):

Stefano Valerio; Anton Carlo Frau; Rossella Pappagallo

Other key lawyers:

Vanessa Sobrero; Maximiliano Papini


The work team was extremely professional and skilled, available 24 hours a day, and able to handle and solve problems.

Anton Carlo Frau and senior associate Maximiliano Papini managed to co-ordinate the work in compliance with the deadlines – this was greatly appreciated by the client and from all the players in the listing process.

Work highlights

  • Assisted Intesa Sanpaolo with the voluntary public exchange offer for all of Unione di Banche Italiane’s ordinary shares.
  • Advised Banca Carige on a capital strengthening exercise, through a share capital increase and the listing of shares and warranties.
  • Assisted Sicit with the transition from AIM to the MTA (Italian market reserved for investment vehicles) of its ordinary shares and warrants.

Gianni & Origoni

Gianni & Origoni's ECM team advises issuers, selling shareholders and underwriters that are involved in initial and secondary public offerings of equity securities, and in rights issues and listing procedures; it also assists with liability management transactions, and is well known for privatisation work. Antonio Segni frequently acts for large listed companies and financial institutions, Andrea Marani is a real estate sector expert, and Paolo Bordi and Mariasole Conticelli are ECM specialists. Alessandro Merenda was recently made partner.

Practice head(s):

Andrea Marani; Paolo Bordi

Other key lawyers:

Antonio Segni; Mariasole Conticelli; Alessandro Merenda


good team, with excellent management of matters and very responsive.

The team is part of a firm that ensures high professional standards in all sectors, and in relation to any legal problem that arises during the operation.

Provides assistance at the very top level.

High individual levels of professionalism, with speed and precision in the execution of tasks.

Availability that is superior to the competition.

Deep subject matter knowledge and experience with an approachable attitude are a powerful combination.

Alessandro Merenda is a top-tier lawyer in the equity capital markets sector. He has great knowledge of all the relevant aspects of a capital markets transaction, high interpersonal skills and an excellent dialectical ability with the supervisory authorities.

Alessandro Merenda is an excellent professional with a very transactional and proactive approach.’

Key clients

BNP Paribas

BPER Banca S.p.A.

Citigroup Global Markets Limited

Deutsche Bank AG

Equita SIM S.p.A.

Fincantieri S.p.A.

Goldman Sachs International

Intesa Sanpaolo S.p.A.

Italian Government and Ministry of Economy and Finance

JP Morgan Securities Ltd

Morgan Stanley

Poste Italiane S.p.A.

Safilo S.p.A.

Salvatore Ferragamo S.p.A.

UniCredit S.p.A.

Work highlights

  • Assisted the joint global co-ordinators and the joint bookrunners (on Italian law) in relation to the IPO of payment service company, Nexi.
  • Acted for Central Retail Corporation (as to Italian law issues) on its IPO, which (reportedly) marked Thailand’s largest IPO ever.
  • Advised Astaldi on a capital increase of €500m.

Latham & Watkins LLP

Acting on both Italian and US law matters, Latham & Watkins LLP's Italian capital markets team is led by highly rated partner Antonio Coletti, while the US group includes Jeff Lawlis and Ryan Benedict, who divides his time between the firm's Milan and London offices. The practice was recently active in relation to large, cross-border transactions, including IPOs and a mandatory tender offer and public takeover that included a subsequent delisting. Isabella Porchia is the counsel to note.

Practice head(s):

Antonio Coletti; Ryan Benedict

Other key lawyers:

Jeff Lawlis; Isabella Porchia

Key clients

Azimut Holding S.p.A.

Bank of America Merrill Lynch

Credit Suisse

Bain Capital

The Carlyle Group


International Design Group


Team System

Marcolin S.p.A.

Evoca S.p.A.

Forgital S.p.A.

Morgan Stanley


Equita SIM

Gruppo Coin

Deutsche Bank

Intesa Sanpaolo

Cerved Group

OVS S.p.A.

Goldman Sachs

Work highlights

  • Advised on a mandatory tender offer and public takeover launched by Gamma Bidco for all of Gamenet Group’s shares, and the subsequent delisting of Gamenet Group from Borsa Italiana.
  • Advised Sanlorenzo on its IPO and listing on the STAR segment of Borsa Italiana.
  • Assisted Unicredit with a tender offer launched by Investindustrial to acquire shares in Guala Closures, which produces aluminum and non-refillable closures.


With Italian, UK and US legal experts, Linklaters consistently acts in high-profile ECM deals. Claudia Parzani, the firm's managing partner for Western Europe, is well known for her assistance with the full range of equity and equity-linked transactions; examples include IPOs, private placements, rights issues, secondary offerings, bond issues and convertible bonds. Ugo Orsini regularly assists major investment banks, financial institutions and corporations on equity and equity-linked transactions, as well as rights issues.

Other key lawyers:

Claudia Parzani; Ugo Orsini

DLA Piper

Particularly focused on cross-border transactions, DLA Piper's Italian ECM practice assists financial institutions and issuers with a range of equity deals, such as IPOs (including special purpose acquisition company IPOs), rights issues, tender offers, secondary, offerings, and convertible, equity-linked and hybrid instruments. Francesco Maria Aleandri has extensive experience in the ECM sector.

Practice head(s):

Francesco Maria Aleandri

Key clients

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.

UBI Banca S.p.A.

Unicoop Tirreno S.p.A.

Borgosesia S.p.A.

Banca Generali S.p.A.

Iervolino Entertainment S.p.A.

AS Roma S.p.A.

Intesa Sanpaolo S.p.A.

Work highlights

  • Advised Newlat Group on its admission to the Milan Stock exchange.
  • Assisted Intermonte SIM and Equita SIM, as joint global co-ordinator, with the admission of Italian Exhibition Group to the Milan Stock exchange.
  • Advised Iervolino Entertainment, an international producer of movies and TV series, on the AIM Italia listing process.

Legance - Avvocati Associati

Legance - Avvocati Associati's ECM team has substantial experience in both MTA Market and AIM Market listings. It has also developed a specific focus on the automotive, oil, energy and real estate sectors. Giorgio Vanzanelli's experience includes IPOs, share capital increases, equity secondary offerings, convertible bond issues and public tender offers. Alberta Figari was a new arrival in 2021.

Practice head(s):

Giorgio Vanzanelli

Other key lawyers:

Marzio Ciani; Stefano Bandini; Alberta Figari

Key clients


Banca Farmafactoring





doValue S.p.A.

CTI BioPharma Corp.



Fortress Investment Group

Nexi S.p.A.

J.P. Morgan

Leonardo S.p.A.

Mediobanca – Banca di credito finanziario S.p.A.

Mediobanca SGR S.p.A.


Unipol Gruppo S.p.A.

Quarantacinque S.p.A.

Cad It S.p.A.

Unicredit S.p.A.

Work highlights

  • Advised BPER Banca on the ECM aspects of the voluntary public bid of exchange offer on Banco di Sardegna savings shares.
  • Advised Mercury UK Holdco, the main shareholder of Nex, with the approximately €781m sale (through an accelerated bookbuilding) of 55m Nexi ordinary shares.
  • Advised Banco di Sardegna, a BPER Group company, on the mandatory conversion of its savings shares (listed on the MTA) into preferred shares of the same bank.

Nctm Studio Legale

Assisting issuers, selling shareholders and intermediaries, Nctm Studio Legale's ECM practice advises on IPOs, private placements and listing procedures on Italy's stock exchanges. Department head Lukas Plattner handles a broad range of ECM issues, while Alessandra Stabilini's practice includes tender offers and rights issues. Andrea Iovieno was promoted to salary partner in 2019.

Practice head(s):

Lukas Plattner

Other key lawyers:

Alessandra Stabilini; Andrea Iovieno

Key clients

SolarEdge Technologies, Inc.

Techedge S.p.A.

Triboo S.p.A.

Cellularline S.p.A.

AMM S.p.A.

Askoll EVA S.p.A.

Nous S.r.l., Baya S.r.l.

Nexte 1 S.r.l.

Società Editoriale Il Fatto S.p.A.

Comer Industries S.p.A.

Energica Motor Company S.p.A.

Grifal S.p.A.

Relatech S.p.A.

Work highlights

  • Advised Monrif and Poligrafici Editoriale on the reorganisation of the Monrif Group, which was realised through the merger by incorporation of Poligrafici Editoriale into Monrif and the admission to trading of new shares.
  • Advised SEC Newgate on its merger with Porta Communications, which involved the combined group being re-admitted to trading on AIM UK.
  • Advised Vodafone on the capital markets aspects of its landmark joint venture with Telecom Italia and its subsidiary INWIT.

Pedersoli Studio Legale

Pedersoli Studio Legale's ECM practice is led by experienced partners Marcello Magro and Carlo Re. The team's expertise covers IPOs, stock exchange listings, the offering of financial instruments, private placements, capital increases, and public tenders and exchange offers. Junior partner Francesca Leverone's practice includes extraordinary transactions involving regulated markets and multilateral trading facilities.

Practice head(s):

Marcello Magro; Carlo Re

Other key lawyers:

Francesca Leverone; Federico Tallia


Their competence, professionalism and availability are absolutely at the top – always ready to take action to assist the client in finding the best solution.

We have always had almost immediate answers from this competent and professional team.

Maximum flexibility and availability, with the ability to think outside the box.

Prepared and client-oriented.

The team of Carlo Re is one of excellent quality, and one with whom we work efficiently and effectively.

Carlo Re and his team are recommended for their response times; the quality of their assistance to clients is undoubtedly of high quality, allowing even complex operations to be carried out in a short time.

Key clients

Infrastrutture Wireless Italiane (Inwit)

Intesa Sanpaolo

Davide-Campari Milano


Juventus Football Club



EnVent Capital Markets Ltd

TrenDevice S.p.A.

Work highlights

  • Assisted Inwit with the capital markets aspects (including an offering and listing) of a merger by incorporation of Vodafone Towers into Inwit.
  • Assisted EXOR with the acquisition of a majority interest in public company GEDI Gruppo Editoriale, as well as the subsequent tender offer.
  • Assisted Juventus Football Club on its €300m rights offering.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's Pietro Fioruzzi is experienced in advising international and Italian corporate clients and investment banks on IPOs and other capital markets transactions. Providing support is associate Nicole Puppieni, who assists issuers and underwriters on public and private equity offerings.

Other key lawyers:

Pietro Fioruzzi; Nicole Puppieni; Giuseppe Scassellati-Sforzolini; Carlo de Vito Piscicelli


‘Among the top firms in providing quality services in capital markets operations.

Its main strength lies in the competence as well as constant updating of its lawyers, who I always find to be proactive in addressing innovative and topical issues.

CGSH is represented in Italy by a group of top-standing lawyers, who are always up to date on market news and connected to a network of clients and operators in the capital markets sector.

The team is always available and proactive, and provides support with great competence and experience; it also aims for innovation in order to make processes more and more efficient.

Among the lawyers who stand out, associate Nicole Puppieni holds a role of primary importance, with the ability to co-ordinate and supervise teams, as well as to interact with all the actors involved.

Key clients

Centerview Partners UK LLP


Goldman Sachs

Natuzzi S.p.A.

Sogefi S.p.A.

Credit Suisse

Work highlights

  • Advised Goldman Sachs and Credit Suisse, as financial advisers to UBI’s board of directors, in relation to Intesa Sanpaolo’s voluntary exchange offer.
  • Assisted Enel Finance International with the launch of a single-tranche sustainable bond.
  • Acted for Goldman Sachs, as financial adviser to Fiat Chrysler Automobiles, on the proposed combination between Fiat Chrysler Automobiles and Peugeot.


Dentons' scope of practice covers private placements, public offerings, financial instruments' admission to trading, and takeover bids. The team also advises on corporate governance and the capital markets aspects of restructuring transactions and cross-listing procedures. ECM expert Antonella Brambilla is capital markets practice head.

Practice head(s):

Antonella Brambilla

Other key lawyers:

Silvia Pacchiarotti


Maximum availability, with strong attention to the client’s requirements.

Dentons is characterised by its ability to offer highly qualified consultancy services in a plurality of branches of civil law. This is not common among peer law firms.

The team stands out for its dedication to work, attention to detail, extreme availability and very high levels of skills.

The capital markets team is made up of young, trained, motivated, fast and active professionals. Its approach is extremely practical and the advice provided is very professional, thorough and complete.

Antonella Brambilla has an extremely competent and practical approach, and provides quick and complete feedback in relation to the resolution of all problems posed; she leaves nothing to chance and explores each issue without affecting the speed of response. These capabilities make her highly appreciated by all members of top management.

Antonella Brambilla is very pragmatic.

Key clients


Confinvest F.L.

Cose Belle d’Italia


Newron Pharmaceuticals



Banca Akros

Work highlights

  • Assisted with an offering in both Italy and the US markets, as well as a listing attempt on MTA.
  • Assists AIM Italia-listed Confinvest with day-to-day ECM issues, including corporate governance.
  • Assisted MTA-listed Cose Belle d’Italia with a delisting procedure.

Gattai, Minoli, Partners

With 'deep market knowledge', Gattai, Minoli, Partners' 'very commercial' ECM department is led by Nicola Brunetti. Focusing on domestic and cross-border ECM work, Brunetti has extensive experience in high-profile IPOs, takeovers of public companies, rights issues, and SPAC listings.

Practice head(s):

Nicola Brunetti


They are very commercial and have deep market knowledge – a great one-stop-shop.

The firm is made up of professionals of the highest level in all legal disciplines,  and has an excellent level of internal co-ordination that allows the client effectively to benefit from the different skills present within the firm.

‘The approach is very practical and the responses are quick, aspects that are extremely appreciated by clients.

Nicola Brunetti has the ability to interact well with top management and corporate bodies. On several occasions he proposed brilliant solutions for complex problems and handled difficult situations with great balance.

Key clients

Goldman Sachs

JP Morgan

BNP Paribas


Credit Suisse

MB Credit Solutions S.p.A.


Banco BPM S.p.A.

Work highlights

  • Advised MolMed, a clinical stage biotechnology company (focused on the research, development, manufacturing and clinical validation of cell and gene therapies), on the voluntary public tender offer by AGC for all of MolMed’s ordinary shares.

Giovannelli e Associati Studio Legale

Highly regarded for his advice to issuers and underwriters on international and domestic ECM transactions, Giovannelli e Associati Studio Legale's Andrea Bartolucci 's experience includes first-time listings and IPOs, as well as rights issues. Fabrizio Scaparro's broad practice also includes ECM work.

Other key lawyers:

Andrea Bartolucci; Fabrizio Scaparro 

Shearman & Sterling LLP

Fielding a respected Italian, US and UK team in Italy, Shearman & Sterling LLP's European capital markets partner, Tobia Croff, advises financial institutions and corporations on transactions involving the issuance of equity, such as IPOs and rights offerings. Emanuele Trucco  provides counsel-level support.

Other key lawyers:

Tobia Croff; Emanuele Trucco

Simmons & Simmons

Headed by Augusto SantoroSimmons & Simmons' Italy ECM practice focuses on the placement and listing of the financial instruments of innovative businesses, particularly on AIM Italia. Its experience includes public offerings and investment opportunities, takeover bids, capital increases and the issue of equity securities.

Practice head(s):

Augusto Santoro


The firm’s standing and professionalism are excellent and easily recognisable in every operation.

Among its strengths are accuracy and legal precision, which are well balanced by excellent relationship and human skills (both with clients and other professionals).

Great competence and availability.

Augusto Santoro is always available, and has an excellent professional and academic background. Despite his young age, his opinion is always authoritative and esteemed by professionals and clients.

Augusto Santoro is an experienced and well-known lawyer in Italy, who is particularly appreciated for his commitment.

Augusto Santoro is extremely competent on all issues, always very helpful and quick to reply.

Key clients

Shedir Pharma Group




Portobello S.p.A.

Bomi Group

Work highlights

  • Advised the Shedir Pharma Group on the admission of its ordinary shares to AIM Italia.
  • Advised DHH on a reverse takeover with Seeweb Holding, which aimed for an indirect listing of the Seeweb group of companies.
  • Assisted Relatech with the launch of a partial voluntary public takeover bid, which involved approximately 300,000 treasury shares.