Italian Stock Market Study Highlights Mid‑Cap Industrial Dominance

mid-cap industrials Borsa Italiana Euronext Growth Milan IPO surge Italian market study

A study by ValueTrack SIM, combining FactSet, Bloomberg and historical sources, traced the evolution of Borsa Italiana from its 1861 inception to the present. The analysis found that medium‑size industrial companies have delivered the strongest long‑term returns, outpacing banks, utilities and other large‑cap sectors.

The listing count grew slowly for over a century, reaching 200 companies in 1986 after 125 years. In the next 35 years the market doubled to 400 listings by 2021, peaked at 427 in 2023, and slipped to around 400 by early 2026. The most active IPO periods were 1900‑1910, 2000‑2010 and 2010‑2024.

Euronext Growth Milan (formerly AIM) has been the main engine of recent listings. Of roughly 600 IPOs recorded since 2000, about 84 % (around 260) occurred on this market, especially between 2015 and 2024. In 2021, 43 of the 49 new listings were on EGM, while the primary market fell from 285 listed firms in 2009 to 173 in the first half of 2026.

Sources

Borsa Italiana, dopo 165 anni vincono le mid-cap industriali [www.investiremag.it]

4 days ago

Altro che banche: in 165 anni di Borsa Italiana a vincere sono le mid-cap industriali [www.teleborsa.it]

4 days ago