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.

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.

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.

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 Valerio; Barbara 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.

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.

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 Ostrovskiy. Alessandro Picchi and Pietro Magnaghi were promoted to partner in January 2024.

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.

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.

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.

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.

A&O Shearman'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.

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.

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.

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).

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.

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.

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.

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.

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.