Alantra has acted as Euronext Growth Advisor, Global Coordinator and Bookrunner for the successful Initial Public Offering (“IPO”) and listing of Otofarma S.p.A. (“Otofarma”) on Euronext Growth Milan (“EGM”). Trading of the company’s shares commenced on August 6, 2025, following the admission to trading granted by Borsa Italiana earlier this week. The transaction raised gross proceeds of approximately €10.5 million, including the potential full exercise of the Greenshoe option, and implies an initial market capitalization of €32.1 million.
Founded in 2016, Otofarma is a leading Italian hearing care company specializing in customized hearing aids, primarily distributed through over 4,000 pharmacies nationwide. The Group pioneered tele-audiology services in pharmacies and operates with a vertically integrated model focused on innovation and accessibility. In 2024, it reported pro-forma revenues of €15.1 million and an EBITDA of €3.0 million, with a 19.7% margin.
The placement saw demand amounting to about 2x the total offer, with strong participation from top-tier institutional investors, both Italian and international (representing about 50% of the total capital raised). Within the placement, three institutional investors subscribed to shares exceeding 5% of the issuer’s share capital. Specifically: (i) Axon Partners Group SA (“Axon”) will hold a 9.97% stake (assuming full Greenshoe exercise); (ii) the Cresci al Sud fund, managed by Invitalia S.p.A., will hold 6.42%; (iii) Algebris Investments will hold 5.60%.
Stefano Bellavita, Executive Chairman & Managing Partner at Alantra Italy, commented: “We are proud to have supported Otofarma in this important milestone. This transaction, completed in a challenging capital markets environment, reflects Alantra’s strong positioning in the ECM space and our proven expertise in the healthcare sector. We are particularly pleased with the high-quality international demand and the participation of three leading institutional investors as anchor shareholders. This marks our 22nd completed IPO in Italy and strengthens our leadership in the segment.”
“I want to express my gratitude to everyone who has believed in our company so far,” said Gennaro Bartolomucci, Chairman of the Group. “The listing marks a significant milestone and a further step in our growth journey, which we intend to share with new partners and shareholders. We will continue to invest so that all our current and future patients can access and benefit from the best possible care. Innovation and technology, personalized devices and services, widespread presence, and accessibility: these are the pillars of our offering, on which we will consolidate our leadership position in the sector.”
This transaction reinforces Alantra’s strong positioning in Italy’s capital markets advisory for growth-stage listed companies. Recent landmark transactions include the IPOs of Smart Capital and Kruso Kapital on Euronext Growth Milan, the €17.9mn capital increase for Expert.ai S.p.A., in which Alantra acted as financial advisor and bookrunner to support the continued execution of its strategic growth plan, the €30mn capital increase for ICOP, and the €60mn capital increase for NextGeo.
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