IPOs in Italy have returned more cash to investors than trade sales or secondary buyouts, according to research from KPMG and AIFI, the Italian venture capital association. The research dates back to 1999 and reveals that IPOs of private equity-backed firms have achieved an average IRR of 50.5%, which is more than double that realised by trade sales or secondary buyouts for the same period.
There are 26 private equity-backed companies on the Italian stock exchange. Italian firm Private Equity Partners leads the ranking with five IPOs, including Art’è, Datamat, Negri Bossi, Trevisan and Marr. 3i and Interbanca follow with four exits each. 3i’s deals include Novuspharma, Datamat, Biosearch and Mirato. Interbanca celebrated the IPOs of Panaria, Procomac, Astaldi and Negri Bossi. Arca, Efibanca, Fidia, Pino Partecipazioni and Permira boasted two Italian IPOs each.