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Listing requirements

Supporting early stage and mature companies, ASX Listing Rules set out requirements to list with ASX. These requirements ensure the quality of the market that ASX operates. To list with ASX, a company must satisfy the minimum admission criteria, including structure, size, free float and number of shareholders.

ADMISSION CRITERIA GENERAL REQUIREMENT
Number of shareholders

Minimum 300 non-affiliated investors @ A$2,000

Free float 20%
Company size Profit test
 
A$1 million aggregated profit from continuing operations over past 3 years + A$500,000 consolidated profit from continuing operations over the last 12 months
Assets test A$4 million net tangible assets

or

A$15 million market capitalisation

Note: This is a general guide to listing requirements and is not exhaustive, nor a guarantee of a successful listing application. For full details of the ASX Listing Rules please refer to ASX Compliance at www.asx.com.au/regulation/rules/asx-listing-rules.htm.

Spread of shareholders

  • Your company must have at least 300 non-affiliated shareholders with holdings valued at a minimum of $2,000 each.
  • You do not need to have the required spread or free float before the listing application is made. The approval for listing is granted subject to the company meeting the shareholder spread requirement through the offer of shares associated with the listing application.
spread of shareholders

Dual listing

A company that is already listed on a foreign exchange can also list on ASX as an ASX Listing or ASX Foreign Exempt Listing.

A company that dual lists on ASX as an ASX Listing must generally comply with all of the ASX Listing Rules.

An ASX Foreign Exempt Listing must comply primarily with the rules of its home exchange and is exempt from most of ASX's Listing Rules. Other than for certain New Zealand companies, high financial thresholds apply for a company to be admitted as an ASX Foreign Exempt Listing. See the Foreign Entity Report for details of these companies, or refer to the details tab on the company information page to find out if a company is an ASX Foreign Exempt Listing.

dual listing

Working capital

  • No working capital is required if you are seeking admission under the Profit test (see Table above).
  • If you are seeking admission under the Assets test, your company must have at least A$1.5 million of working capital.
  • If it does not have A$1.5 million, then the working capital must be at least A$1.5 million if your company‚Äôs budgeted revenue for the first full financial year that ends after the listing was included in the working capital.
  • This amount must be available after allowing for the first full years budgeted administration costs and taking into account the costs of acquiring any assets referred to in its prospectus.
  • The prospectus, PDS or information memorandum for the offer must also include a statement that your company has sufficient working capital to carry out its stated objectives.
working capital

Ongoing reporting

  • Financial reporting is required on a half-yearly and annual basis in Australia.
  • Certain companies that are listed without a track record of revenue or profit are required to also file quarterly cash flow statements.
  • In addition, mining and oil and gas exploration companies are required to file quarterly reports on cash flow, and activities including changes in tenement interests, issued and quoted securities.
ongoing reporting

Contact ASX

 

  • Eddie Grieve
    Eddie Grieve
    Head of Listings and Issuer Services
     +61 2 9227 0519
  • James Posnett
    James Posnett
    Senior Manager,
    Listings Business Development
     +61 2 9227 0282
  • Kate Galpin
    Kate Galpin
    Business Development Manager
     +61 2 9227 0627
  • Josh Collard
    Josh Collard
    Business Development Manager
     +61 2 9227 0122