Firms To Watch: Capital markets: Equity

Herbert Smith Freehills‘ Italian ECM practice was launched in February 2023 when Augusto Santoro, who has extensive experience in international capital markets transactions, joined as partner (alongside of counsel Bernadetta Troisi) from Simmons & Simmons.

Capital markets: Equity in Italy


With ‘a strong track record in the ECM space', BonelliErede has an enviable reputation for its advice to listed and regulated companies on privatisations and listings. Heading up the department, Vittoria Giustiniani is consistently mandated by companies to access capital markets through IPOs and capital increases. Other key figures include Silvia Romanelli, a highly-regarded expert in takeover bids and share issuances, and Gianfranco Veneziano, who brings ‘in-depth knowledge of capital markets‘. Managing associate Francesca Peruzzi is another name to note. Former partners Federica Munno and Carlo Montagna departed the firm during 2023.

Practice head(s):

Vittoria Giustiniani

Other key lawyers:

Silvia Romanelli; Gianfranco Veneziano; Francesca Peruzzi; Federico Vermicelli


‘Strong knowledge of business.’

‘Very high-level professional approach and full availability.’

‘BonelliErede is a very reliable law firm with a strong track record in the ECM space.’

‘The team is always available and has the ability to deal with complicated issues, understanding the client’s needs and providing solutions that help the client in its decision-making process.’

‘Gianfranco Veneziano’s in-depth knowledge of capital markets and corporate law, as well as his soft skills, are key when dealing with several complicated and delicate issues.’

Key clients

Abaco Innovazione

Bialetti Industrie


DeA Capital



Kruso Kapital

Massimo Zanetti Beverage Group



Unipol Sai

Work highlights

  • Advised Brembo on the proposal to relocate its registered office to the Netherlands, taking the legal form of an NV company (Naamloze vennootschap) under Dutch law.
  • Advised Edizione, as majority shareholder of Autogrill, in relation to the closing of the business combination between Autogrill and Dufry AG.
  • Advised Catterton OTTP on the accelerated book building launched by Catterton subsidiary CP7 Beauty Luxco to sell a tranche of its share participation in Intercos.


Chiomenti‘s team acts for issuers, guarantors, placement and underwriting syndicates and financial advisors, on major domestic and cross-border deals. The group is jointly led by Italo De Santis, whose broad practice encompasses public takeover bids, public exchange offerings, IPOs and capital increases; and Marco Maugeri, an adviser on capital increases. The practice further includes Manfredi Vianini Tolomei, whose practice covers public offerings and stock listings, and active practitioners Federico Amoroso and of counsel Giovanni Filippo Pezzulo. Other key figures include managing associate Maria Carmela Falcone and senior associate Matteo Costantino.

Practice head(s):

Italo De Santis; Marco Maugeri

Other key lawyers:

Manfredi Vianini Tolomei; Federico Amoroso; Giovanni Filippo Pezzulo; Maria Carmela Falcone; Matteo Costantino


‘The team excels for its professional skills, 24/7 availability, commitment and empathy.’

‘Very competent team and always available.’

‘Federico Amoroso leads with authority, leveraging on his high-standing professional skills and successful track record in transactions.’

‘Maria Carmela Falcone is a very solid professional, who is always available.’

Key clients

ENI S.p.A.

BPER Banca S.p.A.

Sicit Group


Cofide. – Gruppo De Benedetti S.p.A.

Life Care Capital S.p.A.

IGD SiiQ S.p.A.

Giglio Group S.p.A.

Camfin S.p.A.

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

Saipem S.p.A.

Enel S.p.A.

Esprinet S.p.A.

Conafi S.p.A.

Terna S.p.A.

Citigroup Global Markets Limited

Credit Suisse Bank (Europe) SA

Intesa Sanpaolo S.p.A.

BofA Securities Europe SA


Work highlights

  • Advised BPER Banca on the acquisition of Banca Carige and the subsequent merger of the latter into BPER Banca, which included the acquisition of 79.981% of the share capital of Banca Carige from FITD and SVI.
  • Advised Banca Monte dei Paschi di Siena on the corporate, regulatory and contractual side to a €2.5bn share capital increase.
  • Advised the board of directors of Atlantia on the voluntary tender offer launched by Schema Alfa on the ordinary shares of Atlantia.

Clifford Chance

Clifford Chance utilises the combined bench strength of its Italian, English and US-qualified lawyers to provide a comprehensive service covering IPOs, privatisations, rights issues, block trades, and exchangeable and convertible bonds. Finance and capital markets co-head Filippo Emanuele brings renowned expertise to the practice space. Within the counsel ranks, Stefano Parrocchetti Piantanida advises on capital strengthening and IPOs, while Laura Scaglioni assists with capital increases and block trades. Senior associate Jonathan Astbury is another active lawyer to note; and former Chiomenti partner Enrico Giordano, whose longstanding experience covers IPOs and rights’ issues, joined as senior of counsel in April 2023.

Practice head(s):

Filippo Emanuele

Other key lawyers:

Stefano Parrocchetti Piantanida; Laura Scaglioni; Jonathan Astbury; Enrico Giordano


‘Professional skills, 24/7 availability, commitment and empathy.’

Key clients

Goldman Sachs International

J.P. Morgan AG

Mediobanca Banca di Credito Finanziario

UniCredit Corporate & Investment Banking


Morgan Stanley


European Investment Fund

BNB Paribas


Work highlights

  • Advised BofA Securities, Citi, Goldman Sachs and J.P. Morgan (as joint global coordinators), BNP Paribas, Deutsche Bank and Morgan Stanley (as senior joint bookrunners), Banco Santander, Barclays, Société Générale and UniCredit (as joint bookrunners), Commerzbank, Crédit Agricole CIB, Mizuho and Landesbank Baden-Württemberg (as co-lead managers) on the €9.4bn IPO of Porsche AG.
  • Acting as international advisor to the issuer on an institutional offering that is concurrent with a translisting from the non-regulated Italian growth market to Euronext Milan.
  • Advised a leading investment management company on an investment related to Monte dei Paschi’s rights issue.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici consistently acts on major Italian takeover bids, IPOs, listings and securities placement transactions. Experienced sector expert Anton Carlo Frau heads up the department, which includes Rossella Pappagallo, who brings over 20 years to securities transactions and regulatory matters; SPAC sector specialist Stefano ValerioBarbara Napolitano, who leads the Rome M&A and ECM practices; and Vanessa Sobrero, an adviser on capital increases. Growth during 2023 included the April promotion of Carlotta Corba Colombo and Maximiliano Papini to junior partner and counsel, respectively, and the July hire of Federica Munno as partner from BonelliErede.

Practice head(s):

Anton Carlo Frau; Rossella Pappagallo; Stefano Valerio

Other key lawyers:

Barbara Napolitano; Vanessa Sobrero; Carlotta Corba Colombo; Maximiliano Papini; Federica Munno; Riccardo Salerno


‘Attention to detail and depth of analysis.’

‘The team involved is ready to take care of any issue that may arise.’

‘Problem-solving attitude, hard workers who are very prepared.’

‘Superb professionals. The firm stands out for its very high-level technical skills, combined with a clear and direct vision of legal practice at the service of large business-oriented companies.’

‘Stands out for the availability of its partners and collaborators.’

‘Rossella Pappagallo is equipped with very high-level technical skills, and a great ability to understand clients’ needs.’

‘Vanessa Sobrero stands out for her resourcefulness, attention to the technical sides of legal processes, empathy and availability’.

‘Carlotta Corba Colombo provides great availability and competence.’

Key clients

Assicurazioni Generali S.p.A.

Banco Desio e della Brianza S.p.A.

Edizione S.p.A. (Benetton Family)

ENI S.p.A.

Illimity S.p.A.

Intermonte Partners SIM

Tim S.p.A.

Industrial Stars of Italy 4

Magis S.p.A.

Revo Insurance S.p.A.

Digital Value

Linklaters Studio Legale Associato

Linklaters Studio Legale Associato's ECM team of Italian, UK and US-qualified lawyers remains consistently sought out for high-profile deals in Italy. Recent examples include advising the joint global coordinators and joint bookrunners on the Lottomatica Group IPO. The practice is jointly led by Claudia Parzani, the current chair of the Italian Stock Exchange; and Ugo Orsini, who acts for major investment banks, financial institutions and corporations on capital markets transactions, including equity and equity-linked deals. At managing associate level, Francesco Eugenio Pasello also specialises in ECM transactions.

Practice head(s):

Claudia Parzani; Ugo Orsini

Other key lawyers:

Francesco Eugenio Pasello


‘Linklaters has an exceptional ECM team – deep knowledge of capital markets law and regulations, and always knowledgeable and responsive.’

Key clients

Barclays Bank Ireland PLC

Intesa Sanpaolo S.p.A.

BofA Securities Europe SA

Citigroup Global Markets Europe AG

Deutsche Bank Aktiengesellschaft

Goldman Sachs International

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

Morgan Stanley & Co. International plc

J.P. Morgan SE

BNP Paribas

UniCredit Bank AG, UniCredit S.p.A.

Volkswagen AG

Dr. Ing. h.c. F. Porsche AG (Porsche AG)

Kepler Cheuvreux

Net Insurance S.p.A.

Banco Santander, S.A

Société Générale

Stifel Europe Bank AG

Equita SIM S.p.A.

Joh. Berenberg, Gossler & Co. KG

Credit Suisse Bank (Europe)

Work highlights

  • Advised BofA Securities Europe, Citigroup Global Markets, Credit Suisse Bank (Europe) and Mediobanca – Banca di Credito Finanziario, as joint global coordinators and joint bookrunners, and the other syndicate members (Banco Santander, Barclays Bank Ireland, Société Générale and Stifel Europe Bank AG) on a rights issue by Banca Monte dei Paschi di Siena.
  • Advised Barclays Bank Ireland PLC, Deutsche Bank, Goldman Sachs, J.P. Morgan and UniCredit, as joint global coordinators; Apollo Capital Solutions, Banca Akros, BNP Paribas and Mediobanca, as joint bookrunners; and Equita SIM and Siebert Williams Shank, as co-managers, on the IPO of Lottomatica Group on Euronext Milan.
  • Advised Goldman Sachs International, J.P. Morgan and UniCredit, as joint global coordinators and joint bookrunners, and Equita and Berenberg, as joint bookrunners, in relation to the offering of shares and the dual listing of Ferretti on Euronext Milan.

White & Case (Europe) LLP

The large US, English, and Italian capital markets team at White & Case (Europe) LLP advises on IPOs, rights issues, secondary offerings, accelerated book buildings, private investments in public equity and equity-linked products. At the Milan office, Ferigo Foscari brings experience working on semiconductor and microelectronic manufacturer Technoprobe’s IPO. Milan and London-based Michael Immordino regularly acts for investment banks and issuers on public and private equity offerings. Other key figures include Piero de Mattia and Italian and US-qualified lawyer Evgeny Scirtò OstrovskiyAlessandro Picchi and Pietro Magnaghi were promoted to partner in January 2024.

Practice head(s):

Ferigo Foscari; Michael Immordino; Piero de Mattia; Evgeny Scirtò Ostrovskiy

Other key lawyers:

Alessandro Picchi; Pietro Magnaghi


Excellent professionals, pairing commercial spirit with product knowledge and a large team.

Piero de Mattia is a true professional.

Key clients

Banca Monte dei Paschi di Siena

Banca Popolare di Bari

Bank of America Merrill Lynch


BNP Paribas


Crédit Agricole

Credit Suisse

Deutsche Bank

Enel and Enel X

Goldman Sachs



Intesa Sanpaolo

JP Morgan


Monte dei Pachi di Siena

Morgan Stanley



NatWest Markets

Oaktree Capital Management

Pemberton Asset Management

Republic of San Marino


Société Générale Corporate & Investment Banking


Work highlights

  • Advised Banca Monte dei Paschi di Siena S.p.A. on the US law aspects of its €2.5bn rights issue, pursuant to Regulation S and Rule 144A under the US Securities Act.
  • Advised Intesa Sanpaolo S.p.A. on the placement of 5.1% of the share capital in Nexi, an Italian company in the digital payment solutions market.
  • Advised Mediobanca, as listing agent, in connection with a change in Technoprobe’s listing from Euro Growth Milan Exchange to Euronext Milan.

Gianni & Origoni

Acting for issuers, selling shareholders and underwriters, Gianni & Origoni's ECM team regularly advises on initial and secondary public offerings of equity securities. Other key areas are rights issues and listing procedures. Paolo Bordi and Emanuele Grippo co-head the practice, which includes renowned capital markets specialist Antonio Segni; Alessandro Merenda, who brings strength to structuring and negotiating reserved alternative investment funds; and financial instrument offering and IPO expert Mariasole Conticelli. Other key figures include Lidia Caldarola, who draws on over 20 years of experience in the practice space; counsels Francesca Romana Stefanelli and Andrea Bazuro; and managing associate Giacomo Bizzozero.

Practice head(s):

Paolo Bordi; Emanuele Grippo

Other key lawyers:

Antonio Segni; Alessandro Merenda; Mariasole Conticelli; Lidia Caldarola; Francesca Romana Stefanelli; Andrea Bazuro; Giacomo Bizzozero


‘Excellent preparation and ability to anticipate and solve problems. Always on time.’

‘Able to provide smart solutions with a hands-on approach.’

‘Fees are fair and aligned to the quality of the legal services provided. It is worth mentioning the availability of the entire team, as well as the operational approach of the partners who are directly involved in providing assistance to clients.’

‘Alessandro Merenda is best ECM lawyer around.’

‘Alessandro Merenda adopts a hands-on approach to proposing solutions by considering, at the same time, all legal and regulatory aspects. He is able to make clients feel safe in relation to capital markets work.’

Lidia Caldarola is a fantastic professional whose assistance is impeccable.’

Key clients


BNP Paribas

Citigroup Global Markets Limited

Deutsche Bank

Ferretti S.p.A.

European Investment Bank

Goldman Sachs International

Italian Government / Ministry of Economy and Finance

J.P. Morgan Securities Ltd

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

Morgan Stanley

Poste Italiane S.p.A.

Salcef Group S.p.A.

Salvatore Ferragamo S.p.A.

Technoprobe S.p.A.

Tinexta S.p.A.

UniCredit S.p.A.

Zetland Capital Partners

Carraro S.p.A.

Work highlights

  • Assisted Ferretti with the listing of its ordinary shares on Euronext Milan.
  • Assisted Technoprobe with a translisting on Euronext.
  • Assisted with the voluntary tender offer and exchange offer launched by Evergreen for the purchase of the entire share capital of COIMA RES SIIQ.

Latham & Watkins LLP

Latham & Watkins LLP's Italian ECM team is comprised of both Italian and US law-qualified lawyers. The firm's active client base includes private and public companies, private equity funds, underwriters and placing agents. The group is co-led by Antonio Coletti, who advises on a range of complex securities transactions, and US securities and capital markets specialist Ryan Benedict, who works across the firm’s Milan and London offices. Key support is provided by senior associate Guido Bartolomei, who assists with IPOs and equity transactions.

Practice head(s):

Antonio Coletti; Ryan Benedict

Other key lawyers:

Guido Bartolomei

Key clients

Lottomatica Group

EuroGroup Laminations

Goldman Sachs

BNP Paribas

JP Morgan Chase

Deutsche Bank


7-Industries Holding

Industrie De Nora S.p.A.

Banca Intesa

IVS Group S.A.


Unicredit S.p.A.


Credit Suisse

Azimut Holding

Work highlights

  • Advised EuroGroup Laminations on its IPO on Euronext Milan.
  • Advised Lottomatica Group on its IPO on Euronext Milan.
  • Advised Industrie De Nora on its Euronext Milan IPO.

Legance - Avvocati Associati

Legance - Avvocati Associati's Milan-based ECM team acts for issuers, underwriters and investors on IPOs, right issues, listings and offerings, including accelerated book buildings and private placements. The group, which also assists with public tender offers and employee stock offerings, is jointly headed by Alberta Figari, a well-known specialist in takeovers, IPOs and right issues; and Giorgio Vanzanelli, whose practice covers IPOs, share capital increases and secondary equity offerings. Senior counsels Marzio Ciani and Stefano Bandini are capital markets experts to note.

Practice head(s):

Alberta Figari; Giorgio Vanzanelli

Other key lawyers:

Marzio Ciani; Stefano Bandini; Marco Sagliocca


‘The Legance team is well structured and always available for clients.’

‘Expertise is shared and broad, and the supervision of partners facilitates the team’s efficiency.’

‘Legance’s team is very competent, always available and able to understand the clients’ commercial needs.’

Key clients


Banca Farmafactoring





CTI BioPharma Corp






J.P. Morgan


Mare Group



Tecma Solutions

Vantea Smart

Work highlights

  • Assisted Blackstone with the launch, alongside Edizione, of a voluntary tender offer for the shares of Atlantia.
  • Assisted Tatatu with the process for admission of its shares to negotiations for the Euronext Growth Paris private placement segment.
  • Assisted selling shareholder Tikehau Capital in connection with an IPO on Euronext Milan of Eurogroup Laminations.


In January 2024, Pedersoli Studio Legale and Gattai, Minoli, Partners merged to become PedersoliGattai, which covers IPOs, and equity-linked, convertible, mandatory convertible and subordinated bonds. Leveraging the combined bench strength of ECM experts Marcello Magro, Carlo Re and Nicola Brunetti, also features tender and exchange offer specialist Marta Sassella; Francesca Leverone and Leonardo Bonfanti, who assist with IPOs, rights issues, and listings on regulated markets and multilateral trading facilities; and senior associate Federico Tallia, who maintains an ECM transactions practice. The firm was further bolstered by the recent arrival of Carlo Montagna and Alessandro Capogrosso from BonelliErede.

Practice head(s):

Marcello Magro; Carlo Montagna

Other key lawyers:

Marta Sassella; Francesca Leverone; Leonardo Bonfanti; Marco Ventoruzzo; Federico Tallia; Alessandro Capogrosso; Riccardo Monge; Federico Gatti; Elisa Bertoni; Edoardo Brillante; Carlo Re; Nicola Brunetti

Key clients

Exor N.V.

Ferretti S.p.A.

De Nora Family

Ariston Holding N.V.

Ferretti Group

Aedes SIIQ S.p.A.

Impianti S.p.A.

Cassa di Risparmio di Bolzano S.p.A. – Sparkasse

Assiteca S.p.A.

TrenDevice S.p.A.

Caleffi S.p.A.

Sabaf S.p.A.

Fine Mito S.r.l.

Talea Group S.p.A.

Industrie Chimiche Forestali S.p.A. – ICF S.p.A.

Work highlights

  • Assisted Exor N.V., a diversified holding company controlled by the Agnelli family, in relation to the transfer of the listing of the company’s ordinary shares to Euronext Amsterdam, and the concurrent delisting of its ordinary shares from Euronext Milan.
  • Assisted the De Nora family in relation to Industrie De Nora S.p.A.’s listing on Euronext Milan.
  • Assisted Assiteca, Luciano Lucca, and Chaise on the sale of a controlling stake in Assiteca to Howden Group Holdings, and subsequent mandatory tender offer launched by Howden Group on the remaining ordinary shares of Assiteca.


Acting for issuers, selling shareholders and intermediaries, ADVANT Nctm's ECM team regularly advises on IPOs, listing securities on regulated markets and MTFs, capital increases, public tender offers and extraordinary transactions. Recent highlights include advising Comer Industries on its transition from Euronext Growth Milan to Euronext Milan. Lukas Plattner is particularly active in Euronext Growth Milan listings, while the broad practice of Andrea Iovieno covers IPOs and share capital increases.

Practice head(s):

Lukas Plattner

Other key lawyers:

Andrea Iovieno


A key partner for clients with great know-how.

Lukas Plattner and Andrea Iovieno are very knowledgeable.

Key clients

Energy S.p.A.

Comer Industries

HWG Group HoldCo S.p.A.

Creactives Group S.p.A.

Energica Motor Company

Valtecne S.p.A.

Yolo Group S.p.A.


Bolognafiere S.p.A.

Cube Labs

Work highlights

  • Provided legal assistance to Energy S.p.A. in relation to its admission to trading on Euronext Growth Milan.
  • Provided legal assistance to Comer Industries, in relation to the transition from Euronext Growth Milan, where it has been listed since 2019, to Euronext Milan.
  • Provided legal assistance to HWG Group HoldCo in relation to the voluntary tender offer for the acquisition of all the share capital in Sababa, an Italian cybersecurity solutions integrator.


Dentons' Milan-based capital markets practice comprises specialists in the issuance, placement and listing of financial instruments (both in Italy and abroad). The team also works alongside the firm’s corporate, M&A, banking, finance, financial institutions, investment funds and tax colleagues on ECM matters. The team is led by ECM transactions expert Antonella Brambilla. Counsel Silvia Pacchiarotti advises on significant public offerings, IPOs and takeover bids.

Practice head(s):

Antonella Brambilla

Other key lawyers:

Silvia Pacchiarotti


‘Competence, commitment, team work and passion.’

‘Antonella Brambilla has outstanding skills, both hard and soft, which make her the best partner ever.’

Key clients

White Bridge Investment III




Met.Extra Group S.p.A.


Newron Pharmaceuticals S.p.A.

Neosperience S.p.A.

ImprendiRoma S.p.A.

CPI Property Group

Confinvest FL S.p.A.

DBA Group S.p.A.

Work highlights

  • Advised White Bridge Investments III, through its vehicle Nebula Aurea Bidco, on two takeover bids for the shares and warrants of Reevo, a company listed on Euronext Growth.
  • Advised Informa on the subscription of a convertible bond by Bolognafiere.

DLA Piper

The Italy ECM team at DLA Piper acts for financial institutions and issuers on IPOs, rights issues, tender offers, translistings and secondary offerings. The group also comprises experts in convertible, equity-linked and hybrid instruments. Heading up the practice, Milan-based Francesco Maria Aleandri has substantial experience in IPOs, secondary offerings, listings and public tender offers on the Italian main market, as well as on AIM (both in Italy and the UK).

Practice head(s):

Francesco Maria Aleandri

Key clients

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

Intermonte SIM S.p.A.

Aeroporto di Bologna S.p.A.

Iervolino Entertainment S.p.A.

Digital Magics S.p.A.

Greenthesis S.p.A.

Banca Akros S.p.A.

Work highlights

  • Assisted Intermonte SIM with the listing of Greenthesis ordinary shares.
  • Assisting Banca Akros, as Euronext Growth Advisor, with Industrial Stars of Italy 4’s reverse takeover.
  • Advised Digital Magics on the proposed merger with LVenture Group.

LCA Studio Legale

LCA Studio Legale’s practice handles mid-market and upper-market ECM mandates, including IPOs, share buy-back schemes and dual listings. The team is co-led by IPO specialist Benedetto Lonato and Andrea Messuti, who advises tech and growth-stage companies on capital markets matters. In January 2023, the firm hired Andrea Marani, Gianni & Origoni’s former financial markets practice co-head. Marani’s arrival extends the firm’s IPO capabilities to cover the Milan Borsa’s main list.

Practice head(s):

Benedetto Lonato; Andrea Messuti

Other key lawyers:

Andrea Marani

Key clients

Eprcomunicazione S.p.A. Società Benefit

FOS S.p.A.

H-Farm S.p.A.


Nusco S.p.A.

Planetel S.p.A.

Racing Force S.p.A.


Work highlights

  • Advising IMD, a medical devices company, and Banca Akros, as global coordinator, on IMD’s July 2023 IPO of its shares on Euronext Growth Milan.
  • Acted, as sole legal counsel, on the dual listing process concerning the admission of Racing Force’s shares to Euronext Growth Paris.
  • Assisted Abitare In, a residential developer in Milan that is listed on the Euronext Milan – STAR Segment, with the preparation and approval of its €20m corporate share buy-back programme.

Shearman & Sterling LLP

Shearman & Sterling LLP's Milan-based team has extensive experience in Italian IPOs, rights offerings and Italian issuers’ complex recapitalisations. The group, which is particularly noted for its ability to handle US, English and Italian law matters, is co-headed by Tobia Croff, who advises various financial institutions and corporations on equity issuances; and Emanuele Trucco, whose track record encompasses IPOs and rights offerings. Domenico Fanuele is the key contact in Rome.

Practice head(s):

Tobia Croff; Emanuele Trucco

Other key lawyers:

Domenico Fanuele


Emanuele Trucco stands out for consistently going the extra mile – makes sure that his advice is fully understood and fits the situation.

Key clients



Anima Holding





Bird & Bird

The Milan team at Bird & Bird advises on a range of capital markets transactions, including public offerings, listings, secondary offerings and public takeover bids. The group is jointly led by ECM specialist Federico Valle, who acts for major commercial banks and Italian Stock Exchange-listed companies; and fellow partner Alberto Salvadè.

Practice head(s):

Federico Valle; Alberto Salvadè

Key clients

Athesia Group

Fondo Rilancio managed by CDP Venture Capital

Invesco US


Techstars Central LLC

Work highlights

  • Assisted CDP Venture Capital SGR S.p.A. – Fondo Rilancio with an investment in the share capital of Eligo S.p.A.
  • Assisted Athesia Group with the negotiation and execution of, inter alia, a subscription and security holders’ agreement.
  • Assisted Invesco US with reference to various interlocutions with Consob, in respect of the drafting, updating and submission of forms to be used in accordance with Article 120 of Italian Legislative Decree No. 58/1998.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton‘s main ECM adviser is Pietro Fioruzzi, whose recent experience includes acting for Italian Design Brands on its Euronext Milan IPO. Fioruzzi is supported by Giuseppe Scassellati-Sforzolini and Carlo De Vito Piscicelli, as well as by associates Nicole Puppieni, who ‘delivers brilliant and innovative solutions', and Rosa Parmose.

Other key lawyers:

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


Outstanding attitude of the firm towards clients’ expectations, in terms of capacity to find innovative solutions and the whole team’s professional skills.

Pietro Fioruzzi and Nicole Puppieni are able to assist clients during stressful situations, managing tensions and disagreements through a professional approach.

Nicole Puppieni impresses clients with her energy, flexibility and deep knowledge of capital markets regulations, and delivers brilliant and innovative solutions.

Key clients

Italian Design Brands (IDB)


Ermenegildo Zegna


Ontario Teachers’ Pension Plan

Intesa Sanpaolo


Falck Renewables

Asterion Industrial Partners

Work highlights

  • Advised Italian Design Brands, as international counsel, on its IPO on Euronext Milan.
  • Advised Natuzzi on a number of capital markets matters.

Giovannelli e Associati Studio Legale

Advising on a range of securities transactions, Giovannelli e Associati Studio Legale acts for corporate issuers and underwriters on international and domestic ECM deals. The team is led by Andrea Bartolucci, whose practice includes rights issues, first-time listings and IPOs, while Fabrizio Scaparro's wide-ranging workload encompasses ECM matters.

Practice head(s):

Andrea Bartolucci

Other key lawyers:

Fabrizio Scaparro; Gianvittorio Giroletti Angeli

Key clients

B&C Speakers S.p.A.

Culti Milano S.p.A.

Genenta Science S.p.A.

KME Group S.p.A.

Mittel S.p.A.

Space S.p.A.

Trafigura Group

Work highlights

  • Advised Culti Milano S.p.A. on the buy-back of its shares through a tender offer.
  • Advised Intek Group S.p.A. (now KME Group S.p.A.) on exchange offers.
  • Advsied Trafigura Group on the purchase of a relevant shareholding in Saras (listed on Euronext Milan).

Gitti and Partners

Gitti and Partners' Milan team is experienced in the issuance, placement and underwriting of equity instruments. The group is led by public offering and private placement specialist Vincenzo Armenio, who assists with financial instrument placement transactions both in Italy and abroad. Partner Gregorio Gitti is also a key figure.

Practice head(s):

Vincenzo Armenio

Other key lawyers:

Gregorio Gitti


Great relationships with clients.

Key clients

Redfish Longterm Capital S.p.A.

Erredue S.p.A.

Iniziative Bresciane S.p.A.

Igeamed S.p.A.

Class Editori S.p.A.

Banca Profilo S.p.A.