Few would have bet on this maneuver, born with the intent to strengthen the savings and to channel them towards the real economy, towards Italian SMEs. Yet 19 billion euros have been collected in 18 months. Money that could really support many companies and give new impetus to an economy still in difficulty.
Unfortunately, however, as we feared, very few of these money are ending up where we hoped.
The Star market - market of large listed companies - as expected, benefited.
As for the AIM market - that of listed SMEs - it is estimated that around 2.6 billion have ended there, but a large part has remained within the Spac, vehicles that collect capital aimed at acquiring companies to be listed.
And nothing went to unlisted companies through Private Equity, Venture Capital or Private Debt instruments.
In fact, most of the flow has fueled purchases on the secondary market, ie on listed companies, thus fueling a rise in prices.
Add to this the fact that consumer interest is slightly declining, some warning lights are lighting up. The hope is that, given the data to date, an intervention report on the right course this interesting tool.