Kaleon completes dual listing on Euronext Growth Milan and Paris with €18 million raised and €56.5 million valuation

Vitaliano Borromeo, Chairman of Kaleon, Davide Molteni, CEO of Kaleon and Giberto Borromeo, Vice Chairman of Kaleon

(IN BRIEF) Kaleon has completed a dual listing on Euronext Growth Milan and Euronext Growth Paris, becoming Euronext’s 64th listing of 2025. The IPO valued the company at €56.5 million and raised €18 million, including a €1.5 million greenshoe tranche, with an initial free float of 29.2%. Founded in 1983, Kaleon manages culturally significant heritage destinations such as Isola Bella, Isola Madre and Parco Pallavicino, attracting more than one million visitors in 2023. With 194 employees and four decades of experience, the company aims to expand its sustainable tourism model in Italy and abroad. Chairman Vitaliano Borromeo said the listing marks a major milestone and reinforces Kaleon’s mission to transform cultural heritage into a lever for economic growth and community value.

(PRESS RELEASE) OSLO, 1-Dec-2025 — /EuropaWire/ — Euronext has announced the successful dual listing of Kaleon on Euronext Growth Milan and Euronext Growth Paris, marking the company’s entry into the public markets and representing the 64th listing completed on Euronext in 2025. The IPO valued Kaleon at €56.5 million and generated €18 million in new capital, including €1.5 million through the greenshoe option. At admission, the free float stands at 29.2%, rising to 31.86% if the greenshoe is fully exercised.

Founded in 1983 by the Borromeo family, Kaleon has built a distinctive position in the cultural tourism landscape by managing and developing major natural and heritage destinations. Its operational model separates property ownership from management, enabling a dedicated and professional approach to site enhancement, visitor experience and long-term preservation. Among its most recognised managed assets are Isola Bella, Isola Madre and Parco Pallavicino on Lake Maggiore — locations that draw over one million visitors per year and form the core of Kaleon’s premium tourism offering. Today, the company employs nearly 200 people and is preparing to expand both within Italy and internationally.

The listing underscores Kaleon’s ambition to scale its sustainable tourism business and strengthen cultural destinations as drivers of economic development. Chairman Vitaliano Borromeo described the dual listing as a defining step for the company and a testament to the confidence investors have shown in Kaleon’s long-term strategy. He noted that the model demonstrates how heritage sites can become engines of growth, community development and employment when managed professionally and responsibly.

Borromeo added that entering two exchanges at once positions the company at the heart of European visibility and capital access, supporting future expansion while maintaining its commitment to cultural stewardship and regional value creation.

CONTACTS            

MEDIA – italypressoffice@euronext.com

Italy          Ester Russom                                +39 02 72 42 67 56

France      Flavio Bornancin-Tomasella          +33 1 70 48 24 45

About Kaleon

Kaleon is the new name of SAG S.r.l., a company founded in 1983 by the Borromeo family and specialized in the management, protection, and enhancement of major artistic, natural, and museum assets. Its business model is innovative, separating asset management from asset ownership and thereby enabling a fully managerial approach to operations. The Company’s core business, Terre Borromeo, is the brand identifying the prestigious cultural and natural sites on Lake Maggiore associated with the Borromeo family, including Isola Bella and Isola Madre in the Borromeo Gulf within the Borromean Islands archipelago; Parco Pallavicino in Stresa; Parco del Mottarone, a 500-hectare woodland area extending between Lake Maggiore and Lake Orta; the Rocca di Angera, on the Lombardy side in the Province of Varese; and the Castelli di Cannero, in the upper Verbano area, opened to the public on 28 June 2025 following a 10-year restoration project. With 194 employees as of 30 June 2025 and more than 40 years of experience in the tourism sector, Kaleon is positioned as a pioneer in high-quality cultural tourism. In 2023, Kaleon welcomed over 1 million visitors. In 2024, the Company generated revenues of €21.7 million, with an operating margin of approximately 25%. Following a steady growth path (2015–2024 CAGR +10%), the Company now aims to expand its activities both in Italy and abroad, offering authentic and sustainable cultural experiences for future generations.

About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
As of September 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host over 1,700 listed issuers with €6.5 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
In November 2025, Euronext successfully acquired a majority stake in the Athens Stock Exchange (ATHEX), further expanding its footprint and strengthening its pan-European market infrastructure.

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SOURCE: Euronext N.V.