Before, and that is only a few months ago, Deodato Island arrived: the first place in the metaverse focused on art where you can visit exhibitions, ask for help from gallery assistants and much more; then the Deodato.gallery has decided with the new year to try another great challenge: listing on the stock exchange. And he did it.
January 25, 2023 was therefore the opening day of the Italian Stock Exchange with a new number, not the first in this field but certainly the first after many years, almost twenty-three. The company can thus start trading its ordinary shares and warrants on the Euronext Growth Milan (EGM) market, the Piazza Affari market dedicated to small and medium-sized enterprises and companies with high growth potential.
We retrace the steps of the company:
Deodato Arte was born from a project by Deodato Salafia in 2010, as a contemporary art gallery in the heart of Milan. In 2015 the company began to take shape, becoming Deodato.gallery s.r.l. and at the same time starting to open several offices in Italy and abroad. Some with the name Deodato, others take a different name but the brand remains unmistakable. In 2020, the Wunderkammern Gallery (Rome/Milan) was acquired and in 2022 Love Spot Galleries, a franchise network of art galleries, was founded. The main focus is and remains street art and pop art. In 2023 the big leap: the stock exchange listing accompanies the birth of Deodato.gallery s.p.A.
Thus, 4,299,000 ordinary shares were issued, and the placement was successfully completed, in fact managing to raise 2.2 million euros, with a demand of almost 2.3 times the supply. At the same time, 4,299,000 Warrants were issued, that is 1 for each share held.
Each action was proposed with the price 0.5 euro each, minimum level of the indicative price range. We can therefore calculate that, net of expenses and commissions, the net proceeds of the IPO was 1.7 million. While the market capitalization of the post placement company, calculated on the basis of the offer price, is about 15.6 million euros, with a floating 13.72%. *
Such a very low float certainly has the potential to increase, even if not in a short time, and this could discourage potential investors and decrease the interest of experts. It is these numbers that must surely be analyzed over time. But with this step it is not only art to marry the laws of the stock exchange and a well-structured market: because yes, investment is talked about but we must not forget that in reality it is the market to be invaded by art. And Deodato proves this, not only with a business strategy that eludes the classic trend of a gallery but making the day of his entry into the stock exchange an artistic performance and, thanks to the help of street artist Mr. Savethewall, Piazza Affari has been filled with frogs in full businessman style.
Finally, we close the circle with the last record of Deodato.gallery that, in addition to being the first company listed this year on the Milan Stock Exchange, was also the first whose listing also took place in the Metaverso, streamed via the Lieu.City.
*Source: finanza.lastampa.it