In this episode, James Kennedy chats with Nicolò Scoditti, co-founder of Hybris Corporate Finance, about taking an Italian martech company public via a direct listing – why they chose it over a traditional IPO, what it actually does (no new shares, no fresh capital), and how it can unlock credibility, liquidity and a future funding path. Nicolò also lifts the hood on running a fractional CFO practice for lower-mid-market firms in Italy – turnarounds, PE/VC dynamics, and the nuts and bolts of staffing multi-client finance teams.
About Nicolò Scoditti
Nicolò is the co-founder and global coordinator at Hybris Corporate Finance (HCF), an Italian advisory firm with specialized units for CFO services, M&A, and legal. Based between Bari and Milan (with a UAE branch), HCF serves growth-stage and stressed companies in the €10–100M revenue range across sectors like packaging, healthcare, security, food & beverage, and software.
What You’ll Learn
- Direct Listing 101: How it differs from an IPO, who it suits, and why Yakkyo S.p.A. used it to gain market credibility and shareholder liquidity without immediate dilution.
- Market Timing & Incentives: How 2023’s rate environment, valuation compression, and an Italian tax credit on listing costs shaped the go-public decision.
- Two-Step Go-Public Strategy: Using a direct listing first, then raising growth equity later once operating metrics strengthen.
- Fractional CFO Playbook: Modular staffing, FP&A cadence, treasury control, and how HCF toggles resources when clients hit diligence, M&A, or turnaround sprints.
- When Finance Calls in Help: Why owners often engage a fractional CFO only when the wheels wobble – and how PE/VC involvement changes the brief.
Episode Highlights
- “A direct listing makes you public without issuing new shares – you gain credibility and liquidity, then raise later when your metrics justify it.”
- “Our client had ~€5M in cash; the point wasn’t money in, it was visibility, trust, and tradable shares for 100+ investors.”
- “In 2023, higher rates drained equity and compressed multiples – so we split the IPO benefits: listing now, fundraising later.”
- “Fractional CFO is Tetris – long engagements, shifting needs, the same core team, and modular time to cover spikes like diligence or acquisitions.”
- “Italy is evolving from family-owned to venture-backed – venture studios and VCs are changing how finance teams get built.”
More About HCF’s Role
HCF acted as financial advisor on Yakkyo’s direct listing on Euronext Growth Milan – Professional Segment (Dec 2023), preparing the information memorandum, business plan, and assumptions book, coordinating reviews with the exchange and investors, and supporting roadshow prep. Beyond capital markets, HCF leads turnarounds, debt restructurings, M&A, and builds fractional finance teams handling P&L/KPIs, budgeting, and treasury for €20M-ish Italian scale-ups.
