AIM Italia - Ernesto Mocci - Methorios Capital

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Global IPO market‣ The Global IPO market has experienced a severe contraction sinceGlobal l IPO Transactions 2010 (transactions > $10 mln)2007 with the onset of the financial crisis. Total IPO transactionRest of WorldAsia Emergingvalues have fallen from their peak in 2007 of $ 395 billion to $ 115North AmericaEuropeAverage IPO size (USD mln)billion in 2009. 2010 has seen a rebound with the number of 3.000transactions and average transaction value increasing by 110% and158,0173,816% respectively.149,6‣ One noticeable trend has been a significant shift in the level of IPO2.000activity from US and European markets that were once dominant567have now been surpassed by listings in China.This is atrendfor 7071.500which many believe will remain the case for years to follow as567developing markets continue to be the drivers for the global 1.000460economy.362‣ For 2011 US equity market activity is expected to pick up as there662becomes greater clarity in US taxation policies and the federal0reserve implements another round of quantitative easing. Rumoursof large upcoming IPO’s include the listing of Facebook hinted fora late 2011 or 2012 and Chrysler in the second half of 2011.‣ On the contrary Western European markets are likely to remainrather stagnant in comparison the US and China, as the debt crisissurrounding the Euro zone will remain a concern for investors.‣ The most significant IPO’s for 2010 were listed on the Chinese andUS markets. These were: Agricultural Bank of China, listed on theHong Kong stock exchange in 07/07/2010, a deal valued at $19.2bln; AIA Group that listed on the Hong Kong Stock Exchange in21/10/2010, 00, a deal valued at $ 15.8; and General Motors that listedon the NYSE on the 17/11/2010, a deal valued at $ 15.7 bln.** Renaissance <strong>Capital</strong> IPO expert 2010 market review.IPO’s2.500500Global IPO Transactions by Region 20103%1%6%North America200180128,716049614095,7152 120100440 80169346033322962840835 28629820338 39320802006 2007 2008 2009 2010Source: Bloomberg39%15%27%9%Western EuropeUSDAsia Pacific DevelopedAsia EmergingLatin America CaribeanEastern EuropeMiddle East & AfricaSource: Bloomberg6
European IPO market‣ European equity markets saw a significant decline in IPO activity from 2007. The number of transactions fellheavily from 496 in 2007 to 34 in 2009.‣ Despite the ongoing European sovereign debt crisis, 2010 experienced a recovery in IPO listings and average listingvalues with 152 new listings and average IPO size increasing by 11% in comparison to 2009. However for 2011,debt concerns in Europe are likely to remain a lingering deterrent for cautious investors. This ongoing uncertaintymay see potential issuers continuing to defertheirlistingsforalaterdatewhenthereexistsgreaterconvictioninthemarket.‣ The largest European IPO for 2010 was Enel Green Power’s listing on Borsa <strong>Italia</strong>na in November 2010. The dealraised $ 3.2 bln however the level of institutional investor participation in this listing did not indicate a strong periodfor capital raising in the European markets (refer to page 10).600 Number of IPOs Average IPO size (USD mln)500400300567178,8Western Europe IPO Transactions (> $ 10 mln)219,4101,2170,3188,7250200150Western Europe IPO Transactions (>€ 10mln) bysector4961008%200 10%6%9%7%6%10%20%Basic MaterialsConsumer GoodsConsumer ServicesFinancial ServicesHealth CareIndustrials100169341525022%Oil and Gas02006 2007 2008 2009 2010Source: Bloomberg0Source: Bloomberg7
Page 1 and 2: Multilateral Trading FacilitiesJuly
Page 3 and 4: Index• AIM Italia Companies Analy
Page 5: IPO Market
Page 9 and 10: The Italian IPO market‣ As shown
Page 11 and 12: New Potential listings on Borsa Ita
Page 13 and 14: AIM UK‣ Like the IPO market in It
Page 15 and 16: AIM Italia‣ The acquisition of Bo
Page 17 and 18: AIM Italiatraded ,000)Dailyvolume (
Page 19 and 20: Mercato Alternativo del Capitale (M
Page 21 and 22: AIM Italia & MAC MTF’s‣ To date
Page 23 and 24: AIM Italia & MAC MTF’s‣ An addi
Page 25 and 26: Market players for MTF listings‣
Page 27 and 28: Euronext Alternext - Paris, Lisbon,
Page 29 and 30: Euro MTF (Luxembourg)‣ Euro MTF,
Page 31 and 32: European MTF markets‣ From analys
Page 33 and 34: AIM Italia‣ The following section
Page 35 and 36: VRWay‣ In late 2009, VRWay brough
Page 37 and 38: TBS GroupEquipment and Medical Devi
Page 39 and 40: Made in Italia 1‣ Made in Italy 1
Page 41 and 42: Fintel EnergiaProject Output kWp Ty
Page 43 and 44: Methorios Capital‣ Methorios Capi
Page 45 and 46: Methorios CapitalMarket DataMarketS
Page 47 and 48: First Capital Investment CompanyMar
Page 49 and 50: Poligrafici PrintingMarket DataMark
Page 51 and 52: NeurosoftMarket DataMarketSectorPri
Page 53 and 54: IKF‣ In the first half of 2010, I
Page 55 and 56: PMS Group‣ PMS Group is aPublic r
Page 57 and 58:
Vita Società Editoriale‣ Vita So
Page 59 and 60:
Unione Alberghi Italiani‣ Unione
Page 61 and 62:
Mercato Alternativo del Capitale(MA
Page 63 and 64:
Rosetti Marino‣ Rosetti Marino Gr
Page 65 and 66:
Rosetti MarinoMarket DataMarketSect
Page 67 and 68:
Servizi Energetici Integrati (SEI)M
Page 69 and 70:
Raffaele CarusoMarket DataMarketSec
Page 71 and 72:
Centro Servizi Metalli (CSM)Market
Page 73 and 74:
Tessitura Pontelambro‣ Tessitura
Page 75 and 76:
Gruppo Effegi‣ Gruppo Effegi inve
Page 77 and 78:
Valore Italia‣ Valore Italia is a
Page 79 and 80:
Imvest‣ Imvest is an operator in
Page 81:
Via Bocca di Leone, 7800187 RomaTel
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AIM Italia - Ernesto Mocci - Methorios Capital

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