Kaleon’s dual-market IPO on Euronext Growth Milan and Paris

Kaleon — a company linked to the Borromeo family and active in the management and enhancement of artistic, natural and museum assets for tourism purposes — completed an IPO involving the concurrent admission of its ordinary shares to trading on Euronext Growth Milan and Euronext Growth Paris, marking one of the most significant capital raisings of 2025. The transaction is he first case of a simultaneous IPO on the two markets.

The start date for trading is scheduled to occur concurrently on the Milan and Paris lists on 1 December.

The offer price is 4 euros per share, with an expected market capitalization at the start of trading of 56.5 million euros. The free float will be approximately 29.20% of the company’s share capital, without taking into account the potential exercise of the Greenshoe Option. In the event of full exercise of the Greenshoe Option, the free float will be approximately 31.86%. The total value of the placement amounts to 18 million euros (including the greenshoe option). Based on the requests received in connection with the offering, 4.5 million shares were allocated.

Kaleon was assisted by LCA Studio Legale, with a team composed of Benedetto Lonato, Edoardo Berni, Martina Lacalamita, Alessandro Iustulin and Laura Scarola, and with the support of founder Giovanni Lega.

In the listing process, Kaleon was assisted by Emintad Italy S.r.l. as financial advisor, Equita SIM S.p.A. as Global Coordinator and Euronext Growth Advisor for the Euronext Growth Milan market, TP ICAP Europe SA as Co-Global Coordinator and Listing Sponsor for the Euronext Growth Paris market, KPMG S.p.A. as auditing firm, Studio Alfuor as tax advisor, Adagio23 S.r.l. as advisor for the certification of management and off-balance-sheet data, Barabino & Partners as communication consultant in Italy, and NewCap as media and IR advisor for the French retail market.