[Last updated: 1 January 2024, unless otherwise noted]

Initial listing

Borsa Italiana charges fees on admission through a formula based on the market capitalization of the company.

• A company whose shares are already listed on a foreign market must pay a fee equal to €250 (approximately US$276) for each €1 million (approximately US$1.11 million) of market capitalization, with a maximum of €200,000 (approximately US$221,000) and minimum of €20,000 (approximately US$22,100).
• A company resulting from the merger of companies that already had securities listed on regulated markets must pay a fee equal to €250 (approximately US$276) for each €1 million (approximately US$1.11 million) of market capitalization, with a maximum of €150,000 (approximately US$165,750) and minimum of €20,000 (approximately US$22,100).
• A company not already listed on a regulated market must pay a fee equal to €250 (approximately US$276) for each €1 million (approximately US$1.11 million) of market capitalization, with a maximum of €1,000,000 (approximately US$1.11 million) and minimum of (i) €40,000 (approximately US$44,200) if the total market capitalization is equal to or below €1 billion (approximately US$1.11 billion) or (ii) €100,000 (approximately US$110,500) if the total market capitalization exceeds the €1 billion threshold.

The issuance of new categories of shares requires the payment of a fee equal to €5,000 (approximately US$5,525) per category of shares.

Companies that intend to have their shares listed on the Euronext STAR Milan segment must pay an additional fee equal to €5,000 (approximately US$5,525).

CONSOB's initial fees are established (and must be paid) the year following the approval of the prospectus. The initial fees for listings that occurred following the approval of the relevant prospectus from 2 January 2022 to 1 January 2023 are €18,480 (approximately US$20,420).

Ongoing fees

Borsa Italiana's ongoing fees are:

• For companies whose shares are dual or multiple listed on a foreign market (with such foreign market being the reference market), a fixed fee equal to €23,500 (approximately US$25,968) per year.
• For all other listed companies (i) €51.00 (approximately US$56.36) if the total market capitalization is equal to or below €1 billion (approximately US$1.11 billion), or (ii) €47 (approximately US$51.94) if the total market capitalization exceeds the €1 billion threshold, for each €1 million (approximately US$1.11 million) of market capitalization per year, with a maximum of €430,000 (approximately US$475,150) and minimum of €23,500 (approximately US$25,968).

Issuers whose shares have been suspended for an indefinite period of time in the preceding year pay a fixed fee equal to €23,500 (approximately US$25,968) per year.

Companies whose shares are listed on the Euronext STAR Milan segment must pay an additional annual fee equal to €2,500 (approximately US$2,763).

CONSOB’s ongoing fees are decided each year. The 2023 fees charged to companies whose shares are listed on Italian markets depend on the number and value of the listed instruments, with a fixed fee equal of €23,580 (approximately US$26,056) (up to €10 million of share capital), plus a fee of €220.00 (approximately US$243) every €500,000 (approximately US$552,500) of additional share capital in excess of €10 million (approximately US$11.05 million) up to €100 million (approximately US$110.50 million) plus an additional €180.00 (approximately US$199) every €500,000 (approximately US$552,500) of additional share capital in excess of €100 million (approximately US$110.50 million), in all cases with a fee cap of €733,085 (approximately US$810,059).