Ferigo Foscari

The offering comprised approximately 10% of the Company’s share capital at a price of Euro 10 per share. With a capitalization exceeding 1 billion of euros, Gens Aurea’s market debut represents the first IPO on Italy’s regulated capital market in 2026, following several years without new listings on the country’s main stock exchange. BNP PARIBAS and Jefferies acted as Joint Global Coordinators and Joint Bookrunners. BNP PARIBAS also acted as Listing Agent.

A defense market in structural expansion Italy's defense sector has re-rated into one of Europe's most active M&A and procurement markets. In 2025, Italy reached NATO's 2% of GDP threshold — spending of €45.3 billion, up 38.5% year-on-year — though part of that jump reflects a reclassification of existing outlays.

The capital story is unambiguous: roughly €2.27 billion in disclosed defense M&A and financings within twelve months, anchored by Leonardo's €1.7 billion acquisition of Iveco Group's Defense business (IDV) and Fincantieri's €415 million purchase of Leonardo's Underwater Armaments & Systems division (January 2025) — both moves to build multi-domain platforms at European scale.