AIM Italia Community
The market of Borsa Italiana devoted to the Italian small and medium enterprises, which wish to invest in their growth.
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AIM Italia Community
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The choice of the team of advisors, which will support the company during the listing process and, in particular, the choice of the Nomad (Nominated Adviser) represents a fundamental passage for the success of the admission to the market. It is advisable that the choice is accurate and well weighted since the company and the advisors will work together in the preparation stage to the listing and throughout the period of permanence of the company on AIM Italia.
What is a Nomad?
A Nomad is a central figure for AIM Italia. The Nomads must be approved by Borsa Italiana and included on the AIM Italia Register. A Nomad can be a bank, an intermediary or a company mainly operating in the corporate finance sector. It must assess the appropriateness of the company to the admission to the market, supporting it in maintaining an adequate profile of transparency, and stimulate the attention of the company to comply with the rules deriving from being listed on AIM Italia, maximizing the benefits thereof.
How to become a Nomad
In order to become a Nomad it is first of all necessary to meet the admission criteria defined by Borsa Italiana, i.e. one must:
- be a company known to the market and with good standing, which has elected a board of directors, a supervisory board and with audited financial statements;
- have practiced mainly corporate finance activity for an adequate period of time;
- have performed an adequate number of transactions such as, for example, transactions providing for the preparation of a prospectus or equivalent document (IPO or takeover bids);
- have key executives of good standing and experience, evidenced by a number of material transactions and an adequate technical competence in corporate finance and market practices.
The duties of a Nomad
The main duties of a Nomad, so as provided by AIM Italia Rules, are the following:
- to make the due diligence described in the Rules of AIM Italia for the purpose of evaluating whether a company is eligible for admission to the market;
- to handle the listing process, coordinating the team of advisors, defining the time schedule and guiding the company in the preparation of the admission document;
- to provide advice to the company, once it is listed, about the requirements included in the Rules for companies. A Nomad assists the company listed on AIM Italia throughout the period of permanence on the market.
Who are the broker and the specialist?
The company that lists on AIM Italia must choose a broker, which participates in the markets of Borsa Italiana with the duty of placing the securities of the company on the market, after defining with the company the type of target investors, the most adequate price and the investor relations strategy to be adopted.
After being admitted, the company must provide itself with a specialist, who shall have the responsibility to support the liquidity of the security. A specialist does not always coincide with the broker, which placed the securities during the admission phase, whilst the figure of the broker and that of the Nomad may coincide, where the Nomad is an authorized intermediary.
Which are the other advisors?
The team of advisors, which will join the Nomad during the listing process, in order to ensure that all the activities are perfectly coordinated and planned for maintaining the envisaged time schedule for the listing, is represented by several firms depending on the company’s needs and the complexity of the transaction: the law firm, the auditing firm, the finance advisor, the communication company and the investor relations’ advisor. The advice of the Partners Equity Market is a valid support for directing the company in the choice of the experts, which will accompany the company to the listing on Borsa Italiana.