The Frankfurt Stock Exchange General Standard segment is ideal for mid-sized SMEs. The General Standard segment of the Frankfurt Stock Exchange is part of the regulated official market, which means that it is an EU regulated stock exchange and that the financial reporting requirements are governed by the German Securities Trading Act, and subsidiarily, by the Exchange Rules for the Frankfurt Stock Exchange.
Frankfurt Stock Exchange General Standard Listing Requirements:
Please note that the rest of this document includes only the general issuer qualification rules and requirements, not the technical requirements. This document provides only a brief summary guideline and listing requirements are subject to change without notice. For more information, contact a listing specialist.
The following are very basic requirements for listing on the General Standard segment of the Frankfurt Stock Exchange Regulated Market (EU Regulated Market), hereinafter “Frankfurt Stock Exchange” and its electronic trading platform, XETRA:
- Minimum age of company—3 years
- Minimum 30 shareholders
- Company must provide evidence of a minimum nominal capital of €750.000 (EUR or its equivalent in another currency at the exchange rate on the date of confirmation) paid-in-capital and the nominal value of the shares must not be less than €1.00 (one euro)
- 25% of the total share capital that is admitted to trading on the regulated market must be held by the public.
- Audited financials (National GAAP or IAS/IFRS US-GAAP, et. al.), prepared locally, for the year prior three years, or less if the company is not three years old
- Must publish annual, semi-annual and quarterly financial reports in accordance with the Securities Trading Act.
- Approved Prospectus
- Must declare annually whether or not the company has complied with the recommendations of the German Corporate Governance Code ("declaration of conformity"). Foreign issuers are not required to make a declaration of conformity
- And other listing documents, forms and requirements.
Estimated Time to IPO—Approximately 6 to 9 months