Alternative Market Listing

ENA STEP is the segment of the Alternative Market (ENA) of Athens Exchange which aims to provide small and medium-sized companies with a funding solution on market terms.

In particular, ENA STEP is directed towards growth companies that apply innovative ideas in the development, production or marketing of their products and services, but also companies that are in the early stage of their business development, which seek an alternative source of funding to implement new business ideas and achieve future growth.

During the initial evaluation phase for admission to ENA STEP, a key selection criterion is the implementation of original business ideas, not only in technologically advanced sectors (e.g. energy, water resource management, biotechnology, ICT) but also in more traditional sectors (e.g. new methods of agricultural production, packaging and standardization of food and beverages, methods to penetrate foreign markets).

Requirements for Admission

The requirements for a company's admission to ENA STEP are the following:

Equity No restriction
Raised funds No restriction
Financial Statements 

No restriction

In the case of companies that have published financial statements, the statements for the most recent fiscal year must comply with IAS/IFRS standards and have been audited by a Certified Auditor.
Business Plan It is drawn up if the company does not have at least two years of previous activity in the sector of economy and the area of business in which it will operate after admission of its shares in ENA.

Free Float

% distribution to investing public

No restriction 
number of persons  < 5% No restriction
Tax audit

Statement submitted by the Nominated Adviser regarding the adequacy of provisions recognized in the financial statements and any tax liabilities for the unaudited fiscal years. (for the company and its subsidiaries included in the latest consolidated financial statements)

Lock-up period


If a Business Plan is submitted Shareholders holding greater than or equal to 5% each may transfer a maximum of 25% of the shares they held on the date of admission, during the period of implementation of the Business Plan.
If losses have been reported in the two fiscal years prior to admission Shareholders holding greater than or equal to 5% each may not transfer their shares for a period of one year after admission.
Nominated Adviser Mandatory appointment of a Nominated Adviser at the admission approval stage and retention of the Nominated Adviser for as long as the company remains in ENA STEP.
Corporate Governance Corporate governance practices applied or reference to the corporate governance code adopted.

Procedure for admission to ENA STEP

1. Appointment of Nominated Adviser

Before a company's shares can be admitted to ΕΝΑ STEP, the company must first appoint an Adviser, selected from the list of ENA Nominated Advisers, which will coordinate and manage the admission process.

2. Preparation of admission file

The admission file is prepared by the Nominated Adviser in cooperation with the company.

3. Application for admission to ENA  STEP

The Nominated Adviser and the company jointly submit the application for admission to the Athens Stock Exchange, accompanied by the necessary documentation (Resolution 2).

4. Presentation of the company to the ENA Εvaluation Committee

The Nominated Adviser and the company make a presentation of the company to the ENA Evaluation Committee.

If a company has been admitted to an ATHEX Acceleration Programme, evaluation by the Committee is deemed to be the company's evaluation by the relevant Selection Committee after completion of the final stage of the Acceleration Programme.   

5. Approval of admission requirements by ATHEX 

ATHEX accepts the application for admission to ΕΝΑ STEP.

6. Conducting of a Private Placement / Public Offering

In order to raise the desired amount of funds, the issuing company conducts a Private Placement of shares to a limited number of investors, or, if it wishes, a Public Offering to the investing public.

7. Start of share trading on ENA STEP

The Nominated Adviser submits to ATHEX the necessary documentation relating to admission and sets the date for the commencement of trading of its shares on ENA STEP.


ENA Resolution 2 details the procedure for admission to ENA STEP.


Fund-raising on admission to ENA STEP

At the stage of admission of shares to ENA STEP, the issuing company invites interest from investors in order to raise the required capital.

Shares are offered to investors through:

  • a Private Placement to a limited number of investors, or
  • a Public Offering of shares to the investing public, or
  • a combination of Private Placement and Public Offering.
In all cases, the Electronic Book Building service may be used.
See resolution 34 of ATHEX regarding the Electronic Book Building service.


Further fund-raising

After raising funds on admission to ENA STEP, a company may further strengthen its capital position, indicatively by:

  • increasing its share capital with pre-emption rights in favour of existing shareholders;
  • increasing its share capital with cancellation of pre-emption rights of existing shareholders.

In both the above cases, the relevant decisions are taken by the General Meeting of the company's shareholders.

Regulatory Framework

The regulatory framework consists of the following:

A. ENA Operating Rules

See the Alternative Market Operating Rules

B1. Resolutions on admission to ENA STEP

  • Resolution 2 - Procedure and documentation for admission to trading of transferable securities on ENA STEP
  • Resolution 3 - Content of Information Document
  • Resolution 34 - Electronic Book Building (EBB) Service

B2. Resolutions on matters following admission to ENA STEP

  • Resolution 4 - Procedure and documentation for corporate actions of companies admitted to the Alternative Market
  • Resolution 7 - Additional information provided by companies admitted to the Alternative Market

Β3. Decisions of the Hellenic Capital Market Commission

If the company chooses to raise capital through a Public Offering of shares, of total value less than €5,000,000, it must publish an Information Document in accordance with the provisions of Decision 1/893/16.10.2020 of the Hellenic Capital Market Commission (HCMC) and submit to Athens Exchange the documentation set out in HCMC Decision 2/892/13.10.2020.


HCMC Decision 1/893/16.10.2020: Information Document that must be published in cases of an offer of transferable securities of instance h), par. 3, article 1 of Law 3401/2005.

HCMC Decision 2/892/13.10.2020: Procedure and documentation required for approval of the Prospectus.




Admission charges

ATHEX charges for a company seeking admission to ENA STEP include:

1. Application fee

A. Payment of €3,000 on submission of the application

B. Companies that have been awarded at business contests will pay the amount of €2,000.

This amount payable regardless of whether the company's shares are admitted to ENA STEP.

2. Registration fee

            A. Payment of €5,000 on admission of shares to ENA STEP.

B. Companies that have been awarded at business contests will pay the amount of €3,500.

The above application fee is offset against the registration fee.

3. Annual subspciption fee

Companies whose shares have been admitted to trading on ENA STEP pay an annual subscription fee, charged quarterly, according to the following scale:

 Capitalization Quarterly charge Annual charge
Up to 20.000.000   750 3.000
From 20.000.001 - 40.000.000 1.250 5.000
Over 40.000.000 1.750 7.000


The minimum annual subscription fee cannot be less than €3,000 , while the maximum fee cannot be higher than €7,000.

See Resolution 5 of the Alternative Market for details of all charges.

4. Fees for registration of securities in the Dematerialized Securities System

Α. Examination of the application file for the provision of the Initial Recording Service: € 1,000.

a. A rate of 0.20% on the issue value, as this is specified below, up to a value of € 3,000,000
b. A rate of 0.15% on the issue value, for a value between € 3,000,000.01 and € 9,000,000
c. A rate of 0.10% on the issue value, for a value between € 9,000,000.01 and € 15,000,000 and
d. A rate of 0.05% on the issue value, for a value exceeding € 15,000,000.01

Minimum: € 3,000 per Initial Recording.
The issue value to which the scale is applied is equal to the product of the subscription price or the listing price of each stock multiplied by the number of stocks.

B. Maintainance of issuer data and securities
€ 600 per year and per issuer and in addition:
An annual scale shall be applied as a percentage to the value of the recorded securities:

a. A rate of 0.0015%, up to a value of € 40,000,000
b. A rate of 0.0010%, for a value between € 40,000,000.01 and € 100,000,000
c. A rate of 0.0005%, for a value between € 100,000,000.01 and € 200,000,000 and
d. A rate of 0.0001%, for a value exceeding € 200,000,000.01

Maximum: € 2,500 per year and per issuer

See Resolution 18 of ATHEX CSD for all charges relating to the registration of the securities in the DSS.




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