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.
3 fiscal years
EBITDA 3 years aggregate
EBITDA per annum
Positive EBITDA for last 2 fiscal years
Pre tax profit 3 years aggregate
Pre tax profit per annum
Profitability for last 2 fiscal years
number of persons holding <5%
For all fiscal years for which annual financial statements have been published
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
Apart from the above quantitative listing criteria, in the context of a company's suitability assessment, ATHEX takes also into account other qualitative characteristics, such as industry sector, investment plan, management team, revenue growth and prospects.
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.
Preparation of the listing application
The preparation of the listing application is the task of the Underwriter who works closely together with the issuer.
The Underwriter, jointly with the company,will submit the listing application to ATHEX, along with the necessary supporting documents.
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.
HCMC approves the listing Prospectus.
Publication of the Prospectus on the website of ATHEX and the issuer.
During the IPO the company raises the funds and achieves an adequate free float.
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.
This step is not required in case of using the EBB service for the fund-raising process.
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:
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 & Registration fees
|VALUE OF LISTED SHARES||% on the share value|
|Up to €1,000,000,000||0.04%|
|€1,000,000,001 - €3,000,000,000||0.02%|
The value of the stocks to be admitted to trading results as the product of the number of listed securities times the admission price.
The minimum threshold of the lump sum admission fee is €5,000. In case of admission to trading, the lump sum relating to the listing rights paid by the company shall be reduced by the above amounts.
2. Annual subscription fee
The calculation of the subscription owed, is made according to the followig scale:
|Capitalization (in €)||% on the share value|
|Up to €100,000,000||0.0025%|
|€100,000,001 - €250,000,000||0.0020%|
|€250,000,001 and above||0.0005%|
The annual minimum amount of subscription can not be less than €1,000.
See Resolution 24 of ATHEX, regarding new listing fees & quarterly subscriptions.
3. Registration Fee
A. Initial Registration of securities
- Application's assessment: €1,000.
- Additional fees based on the issue value of securites:
a. 0.20% for a value up to €3,000,000
b. 0.15% for a value between €3,000,000.01 and €9,000,000
c. 0.10% for a value between €9,000,000.01 and €15,000,000 and
d. 0.05% for a value exceeding €15,000,000.01
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.
Β. Maintainance of issuer data and securities:
- Minimum €600 per year and per issuer and,
- An annual scale shall be applied as a percentage to the value of the registered securities:
a. 0.0015%, for a value up to €40,000,000
b. 0.0010%, for a value between €40,000,000.01 and €100,000,000
c. 0.0005%, for a value between €100,000,000.01 and €200,000,000 and
d. 0.0001%, for a value exceeding €200,000,000.01
Maximum: €2,500 per year and per issuer
See Resolution 18 of ATHEXCSD for all charges relating to the registration of the securities
New Listings Prospectuses
Laws and Regulations
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|HELLENIC TELECOM. ORG.|
|ALPHA ASSET MANAGEMENT A.E.D.A.K.|