Italy's new issue market, which is traditionally dominated by heavyweight privatisation transactions, has seen a rush of activity on the new high-growth segment where companies have had almost as much attention as the big state disposals.

At the time of Nuovo Mercato's launch in June, there was little indication that an epochal change was under way. But nine months later the new index has become the main focus of attention for the country's equity issuers who are being inundated with business plans from young companies looking to go to the market.