Quick guide to listing

A beginner's guide to listing on various markets.

Nasdaq National Market — (Brocker’s exchange)

Companies listing on the NMS must have, among other things:

  • A share price of $US5 or more ($US1 to continue);
  • A market cap of $US75 million or more; or
  • Net tangible assets of $US18 million or more; or
  • Net tangible assets of $US6 million or more and pre-tax earnings in a fiscal year of $US1 million.
  • Minimum shares in a public float of 1.1 million
  • Market value of that public float $US8 million or more
  • Over 400 shareholders
  • Pay entry fees between $US34,000 and $US95,000, annual fees $US10,000 to $US50,000

Nasdaq SmallCap Market

Companies must have, among other things:

  • A share price of $US4 or more, ($US1 to continue) and:
  • A market cap of $US50 million; ($US35 million to continue), or
  • Net tangible assets of $US4 million or more; or
  • Net income in a fiscal year of $US750,000
  • Minimum shares in public float of 1 million
  • Market value of that public float $US5 million
  • Over 300 shareholders
  • Pay entry fees of $US5000 to $US10,000, annual fees $US4000 plus some variables
(Sources: Nasdaq and Catalyst Law).

New Zealand’s New Capital Market

Companies must have:

  • A total investment prior to listing of $600,000 to $1 million
  • Be a shell company that performs a key transaction within 18 months, with a maximum value of $1 million
  • Minimum share price of 50c or more
  • Mimimum value of the IPO of $400,000 to $600,000
  • Minimum 300 shareholders, all New Zealand residents
  • Graduate to NZSE when shareholders decide or market capital reaches $10 million
  • Pay entry fees of $4000, annual fees $2500
(Source: New Zealand Stock Exchange and New Capital Market).

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