Main Market Listing

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.

 

Listing Requirements
   

Shareholder's Equity

min €1mil.
Capitalization min €40mil.

Corporate Governance

YES

Financial Statements

3 fiscal years

Free Float

  

minimum %

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 sumbission 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.


For the approval of the listing application, ATHEX may request to evaluate additional data, such as indicatively the operational profitability, any pending taxes, the activity sector, the administration and management of the corporate affairs.

Listing Procedure

  • 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.

  • Listing application

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's approval

HCMC approves the listing Prospectus.

Publication of the Prospectus on the website of ATHEX and the issuer.

  • IPO  

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.

Regulatory Framework

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

  • Resolution 27 - Documents for corporate actions of Issuers
  • Resolution 25 - Additional information submitted by the companies listed in ATHEX

Listing Fees

ATHEX charges for a company that wishes its shares to be listed to the Main Market include:
 

 
1. Application & Registration fees
 
Α. 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

B. 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.
 
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

Minimum: €3,000

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

 

 

 

The fund-raising process is supported by the Electonic Book Builiding (EBB) of ATHEX.

To contact a member of the ATHEX New Listings Team, please click here. 

PRESS RELEASES - INFORMATION

COMPANY ANNOUNCEMENTS

 
 
 
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