Equities
Companies aiming to list their stocks for trading on the Athens Stock Exchange can opt between the Regulated Market and the Alternative Market, based on their needs and business development stage.
Listing Process
Listing on the Regulated Market can be completed in an 8-week period, ensuring fast access to capital. The listing process includes:
- Selection of Advisor / Underwriter
- Preparing the listing dossier
- Listing application
- Approval by ATHEX
- Approval by the Hellenic Capital Market Commission
- Conduct of Public Offer (IPO)
- Approval by ATHEX - Admission to trading
- Start of trading
Submit an Application
| Supportive Documents & Application Forms | |
| TABLE 1: Supporting documents for evaluation of the listing application for shares/ascertainment of the fulfilment, in principle, of the listing requirements | Download PDF  |
| TABLE 2: Application Form for Listing Shares on the Main Market of ATHEX – Declarations by the Issuer and the Sponsor | Download PDF |
| TABLE 3: Share Blocking Form for Principal Shareholders | Download PDF |
| TABLE 4: Supporting documents for approval of listing and commencement of trading of shares | Download PDF |
Listing Requirements
| GENERAL LISTING REQUIREMENTS | |
| Shareholder's Equity | Min €1,000,000 |
| Capitalization | Min €40,000,000 |
| Corporate Governance | YES |
| Financial Statements | 3 Fiscal years |
| Free Float | |
| Free Float | At least 25% or exceptionally at least 15% for companies with market capitalization > €200mil. |
| Number of Persons Holding <5% | At least 500 persons or exceptionally at least 300 persons with the simultaneous appointment of at least 2 Market Makers |
| Shares Lock-Up | For companies with losses during the last financial year before the submission of the application and with estimated capitalization < €200mil., during the 1st semester following listing, major shareholders are not allowed to transfer shares that represent > 25% of their holdings |
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.
Listing Fees
ATHEX charges for a company that wishes its shares to be listed to the Regulated Market include:
Application & Registration fees
- 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 Regulated Market.
The companies whose shares are 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 to €1,000,000,000 0.04% €1,000,000,001 - €3,000,000,000 0.02% Over €3,000,000,000 0.00%
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.
Quarterly subscription fee
The calculation of the subscription owed, is made according to the following 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.
Regulatory Framework
The regulatory framework includes:
A. Athens Stock Exchange Rulebook
- See the ATHEX Rulebook.
B1. Resolutions for listing on the Regulated Market
- Resolution 28 - Documents required for the primary listing of transfer securities on ATHEX
- Resolution 24 - Fee schedule for ATHEX markets
B2. Resolutions regarding listed companies
- Resolution 27 - Documents for corporate actions of Issuers
- Resolution 25 - Additional information submitted by the companies listed on ATHEX
Procedure for Admission
The Alternative Market is suited to small and mid-sized companies, with prior operating and business history and growth prospects, aiming to finance their business plans. Listing criteria are simplified and reporting requirements are lighter compared to the Regulated Market, offering the opportunity for smaller companies to take advantage of the stock market.
- Selection of Advisor
- Preparing the listing dossier
- Application for listing on the Alternative Market
- Presentation of the company to the Evaluation Committee
- Approval of listing requirements by the Athens Stock Exchange
- Conduct of Private Placement / Public Offer
- Approval by the Athens Stock Exchange
- Initiation of trading
Submit an Application
| Supportive Documents & Application Forms | |
| Annex A: Application form for Admission to Trading on the Alternative Market of Athens Exchange and Declaration of the Company | Download PDF |
| Annex B: Suitability Questionnaire | Download PDF |
| Annex C: Declarations of the Nominated Adviser regarding the applicant company | Download PDF |
| Annex D: Form for declaration by members of the applicant company's board of directors | Download PDF |
| Annex E: Form for declaration by shareholders of the applicant company holding ≥ 5% of share capital | Download PDF |
| Annex F: Declaration confirming submission to ATHEX of an electronic copy of the Admission Document/Prospectus/Information Document | Download PDF |
Admission Requirements
| GENERAL LISTING REQUIREMENTS | |
| Legal Form | Limited company at the time of application (or foreign equivalent) |
| Financial Statements | 2 fiscal years Financial statements must comply with IAS/IFRS standards and have been audited by a Certified Auditor. (In cases of fewer fiscal years, admission may be approved subject to submission of specific documentation by the Nominated Adviser.) |
| Business Plan | It is submitted if the company does not have at least two years of prior activity in the sector and the area of business in which it will operate after admission of its shares in EN.A. |
| 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). |
| Corporate Governance | Reporting of the corporate governance practices applied or reference to the Corporate Governance Code adopted. |
| Free Float * | |
| Free Float | 15% |
| Number of Shareholders With < 5% | at least 50 |
| Lock-up period | |
| If a Business Plan is Submitted | Shareholders with ≥ 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 with ≥ 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 for two years after admission. |
* Holdings of BoD members, senior executives, key shareholders (≥5%) and their first-degree relatives are not taken into account in the calculation of free float.
Fund-raising on Admission
At the stage of admission of shares to the Alternative Market, 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
- a Public Offering of shares to the investing public
- a combination of Private Placement and Public Offering
In all cases, the Electronic Book Building service and the network of ATHEX Members may be used.
Admission Charges
ATHEX charges for a company seeking admission to the Alternative Market include:
Application & single registration fees
- Payment of €4,500 on submission of the application
This amount will be paid regardless of whether the company's shares will be admitted to ENA PLUS.
- The companies whose shares are admitted to trading on ATHEX for the first time pay a lump sum as listing right of €7,500 on admission of shares to ENA PLUS.
The above application fee is offset against the registration fee.
Quarterly subscription fee
Companies whose shares have been admitted to trading on ENA PLUS pay an annual subscription fee, charged quarterly, according to the following scale:
Capitalization (in €) Quarterly Charge Annual Charge Up to €20,000,000 €750 €3,000 €20,000,001 - €40,000,000 €1,250 €5,000 Over €40,000,000 €1,750 €7,000 - Minimum fee: €3,000
Maximum fee: €7,000
See Resolution 5 of the Alternative Market for details of all charges.
Regulatory Framework
The regulatory framework consists of the following:
A. EN.A. Operating Rules
See the Alternative Market Operating Rules here
B1. Resolutions on admission to EN.A.
- Resolution 2 - Procedure and documentation for admission to trading of transferable securities on EN.A PLUS
- Resolution 3 - Content of Information Document
- Resolution 34 - Electronic Book Building (EBB) Service
- Resolution 18 - Price List
B2. Resolutions on matters following admission on EN.A
- 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 the Athens Stock Exchange the documentation set out in HCMC Decision 2/892/13.10.2020.
| FILE NAME | TYPE |
| 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 | Download PDF  |
| HCMC Decision 2/892/13.10.2020: Procedure and documentation required for approval of the Prospectus | Download PDF  |
Our Electronic Book Building facilitates capital raising procedures by effectively leveraging the network of the Athens Stock Exchange members and their clients.
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