The Main Market is the principal market for the trading of securities, according to international practice ("Regulated Market"). It is entirely conformed to EU standards and is supervised by the Hellenic Capital Market Commission (HCMC).
The Main Market mainly addresses medium and big capitalization companies with growth prospects, while providing accessibility to cross-border capital raising and shares' participation in European indices.
The listing procedure, as well as, the obligations of the companies listed on the Main Market, is equivalent to respective practices of other European Exchanges.
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A company must satisfy the listing requirements prior to filing a listing application. Apart from meeting the quantitative criteria listed below, a company's suitability for the floatation of its shares in the Regulated Market depends also on the evaluation of specific characteristics such as industry sector, investment plan, management team, revenue growth and prospects.
The listing requirements for the Main Market, are as follows:
min € 3.000.000
3 fiscal years
EBITDA 3 years aggregate
min € 3.000.000
EBITDA per annum
Positive EBITDA for last 2 fiscal years
Pre tax profit 3 years aggregate
min € 2.000.000
Pre tax profit per annum
Profitability for last 2 fiscal years
number of persons holding <5%
For all the fiscal years for which there are published financial statements, except the last one. In case of tax unaudited fiscal years, a special tax audit report by an independent auditing firm may be submitted.
For companies with estimated capitalization < 100 m €, during the first year following listing, major shareholders (>5%) are allowed to transfer shares that represent a maximum of 25% of their holdings.
Minimum value of shares offered
min € 2.000.000
1. Selection of Underwriter
The first step for a company to go public is the selection of an Underwriter, who will coordinate and manage the listing procedure.
2. Preparation of the listing application
The preparation of the listing application is the task of the Underwriter who works closely together with the issuer
3. Listing application
The Underwriter, jointly with the company,will submit the listing application to ATHEX, along with the necessary supporting documents.
4. Approval by ATHEX
ATHEX approves the listing application. All the listing requirements are fulfilled at this stage, except for the free float adequacy, which will be achieved upon the completion of the IPO.
5. HCMC's approval
- HCMC approves the listing Prospectus & grants permission for the IPO.
- Publication of the Prospectus on the website of ATHEX and the issuer.
6. IPO procedure
During the IPO the company raises the funds and achieves an adequate free float.
7. Approval by ATHEX - Admission to trading -
- The Underwriter submits to ATHEX the relevant documents concerning the admission to trading and the free float adequacy.
- ATHEX approves admission to trading.
8. Start of trading
The issuer sets the trading date.
In the ATHEX Rulebook, section 3.1.8, you can find more details regarding the listing procedure on the Main Market.
The regulatory framework includes the following:
A. Athex Exchange Rulebook
See the ATHEX Rulebook.
B1. Resolutions for listing on the Main Market
- Resolution 28 - Documents required for the primary listing of transfee securities in the ATHEX.
B2. Resolutions regarding listed companies
ATHEX charges for a company that wishes its shares to be listed to the Main Market include:
1. Application processing costs
A.Payment of € 5,000 on submission of the application
This amount will be paid regardless of whether the company's shares will be listed to the Main Market
2. Single registration fee
Α. The companies whose shares atr admitted to trading on ATHEX for the first time pay a lump sum as listing right, which is calculated according to the following scale:
|VALUE OF LISTED SHARES||% on the share value|
|Up € 1,000,000,000||0.04%|
|€ 1,000,000,001 - € 3,000,000,000||0.02%|
|Over € 3,000,000,000||0.00%|
Β. The value of the stocks to be admitted to trading results as the product of the number of listed securities times the admission price.
C. The minimum threshold of the ump sum admittion fee is € 5,000. In case of admittion to trading, the lump sum relating to the listing rights paid by the company shall be reduced by the above amounts.
3. Quarterly subscriptions
The companies whose shares are listed in the 'Main Market', 'Low Free Float', 'To be Deleted', 'Under Surveillance' Market Segments are obliged to pay to ATHEX quarterly subscriptions in advance.
1.The quarterly subscriptions are calculated based on the category in which the listed company's shares were traded prior to the end of the quarter.
2. The calculation of the subscription owed, is made according to the followig scale:
|Capitalization (in €)||% on the share value|
|Up to 100,000,000||0.00250%|
|100,000,001 - 250,000,000||0.0020%|
|250,000,001 and above||0.0005%|
3. The annual minimum amount of subscription can not be less than € 1,000.
4. Issuers whose transerable securities are traded in 'Main Market', 'Low Free Float', 'To be Deleted', 'Under Surveiliance', the quarterly contribution will be increased by 120%, the threshold being € 5,000.
5. Such quarterly subscriptions are fully prepaid in the beginning of each calendar quarter regardless of the days of trading of the company securities in the quarter.The value of the company's listed securities results from the formula:
VALUE = NUMBER OF LISTED SHARES x AVERAGE PRICE OF SHARE
(of the last month of the previous quarter of reference)
As an exception and only for the first quarterly subscription, the price of admission is considered as the average price of the share.
6. For companies with an average quarterly capitalizationless than 100 million euros,
i.the maximum amount of annual subscriptions cannot be above € 7,000
ii. a discount will apply on the subscription amount paid in advance based on the liquidity of their shares during the previous quarter, as follows:
- 15% discount on the subscription amount paid in advance, if the quarterly Time Spread is less than or equal to 2%
- such discount does not apply if the company is billed the minimum limit of € 1,000 or the maximumlimit of € 7,000.
See Resolution 24 of ATHEX, regarding new listing fees & quarterly subscriptions.
4. Registration Fees
For the registration of the shares in the Dematerialized Securities System (DSS) is paid:
a. A rate of 0.30% on the issue value, as this is specified below, up to a value of € 3,000,000
b. A rate of 0.20% 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
The issue value is calculated as follows:
- for existing shareholders, the nominal value of the shares multiplied by the number of the shares;
- for the portion of shares resulting from the increase, the offer price per share multiplied by the number of the shares.
Minimum and maximum amounts that are payable for the registration of the shares are set at € 3,000 and €180,000, respectively.
See Resolution 1 of ATHEX CSD for all charges relating to the registration of the securities in the DSS.
New Listings Prospectuses
Laws and Regulations
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