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EQUITA assisted Kaleon in the listing on Euronext Growth Milan and Euronext Growth Paris

EQUITA SIM - Equity Capital Markets Advisory

The transaction in a nuthsell

2025 12 Kaleon

The transaction represents the largest initial public offering completed in 2025 and marks the first dual-listing on Milan and Paris stock exchanges. EQUITA sole global coordinator, joint bookrunner and Euronext Growth advisor in the transaction

Client:
Kaleon S.p.A.
Date:
December 2025
Mandate:
Initial Public Offering (IPO)
Role:
Sole Global Coordinator, Joint Bookrunner, Euronext Growth Advisor
Value:
€ 18 m
Team:
Equity Capital Markets – ECM
Advisor:
EQUITA SIM

The company

Kaleon, a company founded in 1983 by the Borromeo Family, specializes in the management, preservation, protection, and promotion of major artistic, natural, and museum heritage sites.
The company’s core business, Terre Borromeo, is the brand that identifies the prestigious cultural and natural landmarks located on Lake Maggiore, including Isola Bella and Isola Madre in the Borromean Gulf within the archipelago of the Borromean Islands; Parco Pallavicino in Stresa; Parco del Mottarone, with 500 hectares of woodland extending between Lake Maggiore and Lake Orta; the Rocca di Angera on the Lombardy side in the province of Varese; the Castelli di Cannero, in the upper Verbano area; and the Castles of Cannero, set in the northernmost part of Lake Maggiore.
Leveraging more than 40 years of experience in the tourism sector, Kaleon is acknowledged as a pioneer in high-end cultural tourism, positioning itself at the forefront of premium-quality heritage travel experiences.