- How long does it take to list?
- How much does it cost to list?
- How big does my company have to be in order to be eligible to list?
- As part owner of my private company, are there any restrictions on selling my shares once the company is listed?
- How do I choose an ASX code?
- Where can I find the application form for admission to the official list?
The timetable for listing depends on the complexity and scale of the transaction, how quickly the listing can be prepared and how quickly funds are received from investors. The amount of time taken to list can range from three months to two years, with six months being typical.
ASX charges an initial fee upon listing, and annual fees while your organisation remains listed. According to figures extracted from prospectuses for companies with market capitalisations between A$10 million and A$100 million, total costs including underwriting and prospectus preparation typically range between 6% to 10% of funds raised.
Your organisation will need to meet one of the following criteria:
- A$3.0 million in net tangible assets (including amounts raised under the IPO): or
- a market capitalisation of at least A$10.0 million (post-IPO); or
- net profit after tax of A$1.0 million (in aggregate) over the last 3 years plus A$0.4 million over the last 12 months and your organisation is still profitable.
As part owner of my private company, are there any restrictions on selling my shares once the company is listed?
Depending on which admission test your company uses to qualify for listing, trading in some proportion of shares may be restricted for up to two years.
These escrow provisions are designed to protect the integrity of the market. In general terms, they apply to businesses that are substantially speculative, or that do not yet have an established track record. The basis of escrow is to allow a company to develop such a record, and to enable the market to value and understand the business over a period of time.
Escrow provisions are complex, so you should seek advice from specialist advisers, or from ASX.
An entity's three letter ASX code must begin with the first letter of the entity's name and must not have been used within the last 10 years. ASX can check the availability of codes for you and, if required, reserve your preferred code.
Entities seeking admission to the official list as an ASX Listing need to complete Appendix 1A to the Listing Rules, entities seeking admission as an ASX Debt Listing need to complete Appendix 1B to the Listing Rules, and entities seeking admission as an ASX Foreign Exempt Listing need to complete Appendix 1C.
The Appendices to the Listing Rules are available.