When going public on a Euronext market, companies must carefully consider which market would best suit their needs and the ideal country in which to list. Unsure how to make that decision?
Take a look at the video of Sarah's research of the different markets across Euronext locations.
English
Identifying the best market for your company’s size and ambitions.
When listing on Euronext, companies can choose their market as well as their point of entry: Belgium, France, Ireland, Italy,Norway, Portugal, or The Netherlands. By default, the competent regulator is that of the company’s country of incorporation for companies registered in EU or EEA. Each company can find the market that best suits its profile. The choice of listing venue is usually made naturally based on the proximity of the investor base, partners and clients, employees, etc.
Euronext markets
| Market | Euronext® | Euronext Growth® | Euronext Access® & Access+® |
|---|---|---|---|
| Typology | EU Regulated* | MTF** | MTF |
| Number of issuers | 1140 | 588 | 187 |
| Average deal size at IPO | €188m | €25m | €0.03m |
| Average market cap at IPO | €2.7bn | €89m | €39m |
*Excluding Euronext Expand. MTA and MIV markets are included in EU regulated Typology.
*MULTILATERAL TRADING FACILITY (MTF): FINANCIAL TRADING VENUE DEDICATED TO SMES WITH LIGHTER REQUIREMENTS.
EURONEXT: NUMBER OF ISSUERS AS OF THE END OF December 2022, AVERAGE DATA OVER 5Y (2018-2022 Ytd) EXCLUDING MERGER OPERATIONS.
Euronext® Amsterdam, Brussels, Dublin, Lisbon, Oslo* and Paris
For large established companies
Euronext is an EU regulated market for highly structured companies that have the resources to meet the requirements of the most demanding and largest investors from across the globe. It has three segments according to companies' market capitalisation:
- compartment A over €1bn
- compartment B €150m to €1bn
- compartment C less than €150m
Listing on Euronext is recommended for larger, established companies with substantial financing depth.
- Eligibility: high level of listing requirements
- Liquidity: one of the most liquid markets in Europe, highly visible to investors
*Oslo operates two EU regulated markets, Oslo Børs and Euronext Expand.
Euronext Growth® Brussels, Dublin, Lisbon, Oslo* and Paris
For high-growth SMEs
Euronext Growth is suited to small- and mid-sized companies (SMEs) that want to raise funds to finance their growth. Listing requirements are simplified and reporting requirements are lighter than for the regulated market. Euronext Growth is open to both professional and individual investors. Although a controlled market, as a SME Growth Market it is not a regulated market as defined by EU directives and thus offers an alternative route for organisations that are at earlier stages of development.
- Eligibility:medium level of listing requirements
Liquidity:a large community of long-term investors focusing on SMEs only, including both institutional and retail investors, is active on this segment
*Euronext Growth Oslo is not registered as a SME Growth Market under EU regulation.
Euronext Access® Brussels, Lisbon and Paris
The first step for start-ups and SMEs
Euronext Access markets are designed especially for start-ups and SMEs that wish to join a stock exchange to finance growth and gain the reputational advantages of listing, but do not meet the criteria for admission to Euronext’s regulated markets or Euronext Growth. As Euronext Access markets are not regulated under the EU Directive, the admission criteria are much simpler and less extensive. Once companies are big enough, they are encouraged to consider transferring to Euronext Access+ or Euronext Growth, and later to the Euronext regulated market.
- Eligibility:low level of listing requirements
Liquidity:fewer active investors than on larger markets such as Euronext Growth and Euronext
Euronext Access+®
A springboard to listing for start-ups and fast-growing SMEs
Euronext Access+ is a special compartment of Euronext Access that is tailored to the needs of start-ups and fast-growing SMEs. Euronext Access+ acts as a springboard to other Euronext markets, helping companies transition smoothly and adapt to market practices. Euronext Access+ has its own listing criteria, and companies admitted to trading on this market enjoy special assistance and greater visibility.
Eligibility criteria
| EuronextACCESS® | EuronextACCESS+® | EuronextGROWTH® | Euronext® | |
|---|---|---|---|---|
| Venues | Brussels, Lisbon, Paris | Brussels, Lisbon, Paris | Brussels, Dublin, Lisbon, Oslo, Paris | Amsterdam, Brussels, Dublin, Lisbon, Oslo, Paris |
| Free float | Not applicable | ≥€1m | ≥€2.5m Oslo: ≥15% market cap Milan: ≥10% market cap | ≥25% market cap or ≥5% and ≥€5m (In Milan only ≥25% market cap) |
| Financial statements | 2 years (no requirement for audited accounts) | 2 years incl. audited accounts of the last financial year | 2 years (audited) 1 year (audited) for Milan | 3 years (audited) 1 year (audited) for Euronext Expand |
| Accounting standards | IFRS or local GAAP | IFRS or local GAAP | IFRS or local GAAP | IFRS for consolidated accounts |
| Intermediary | Listing Sponsor | Listing Sponsor | Listing Sponsor (Euronext Growth Advisor for Milan and Oslo) | Listing Agent (not required for Oslo) (Listing Sponsor for Dublin) |
| Main document to be provided | • For a Public Offer >€8m in Paris or Brussels or >€5m in Dublin or Lisbon: EU Prospectus •Other cases for Dublin, Lisbon, Milan, Oslo and Paris: Information Document • Brussels: Information Nota | • For a Public Offer >€8m in Paris or Brussels or >€5m in Dublin or Lisbon: EU Prospectus • Other cases for Dublin, Lisbon, Milan, Oslo and Paris: Information Document • Brussels: Information Nota | • For a Public Offer >€8m in Brussels, Milan, Oslo or Paris, or >€5m in Dublin or Lisbon: EU Prospectus; EU Growth Prospectus • Other cases for Dublin,Lisbon, Milan, Oslo and Paris Information Document • Brussels: Information Nota | EU Prospectus |
| Legal Entity Identifier (LEI) | Yes | Yes | Yes | Yes |
Ongoing obligations
A partial list of ongoing obligations for listed companies
| EuronextACCESS® | EuronextACCESS+® | EuronextGROWTH® | Euronext® | |
|---|---|---|---|---|
Financial reporting: annual | Annual financial statements (no requirement for audited accounts) | Annual financial statements (audited) | Annual financial report (annual financial statements, management report and auditor’s report on annual financial statements) | Annual financial report (annual financial statements, management report and auditor’s report on annual financial statements) |
Financial reporting: semi-annual | Not required | Semi-annual financial statements (unaudited) | Semi-annual financial statements and operations report (unaudited) | Semi-annual financial statements and operations report (unaudited) |
Legal Entity Identifier (LEI) | Yes | Yes | Yes | Yes |
Financial/Investor Website | Yes | Yes | Yes Not required for Oslo | Yes |
Market Abuse Regime (inside information, insider lists and declaration of management transactions) | Applicable | Applicable | Applicable | Applicable |
Intermediary | Not required | Listing Sponsor | Listing Sponsor (Euronext Growth Advisor for Milan and Oslo) | Not required (Listing Sponsor for Dublin) |
Disclosure of threshold crossing (capital or voting rights) | Not applicable | Not applicable | Applicable | Applicable |
Contacts
Rita Albuquerque
Listing Director Portugal
+351 (910) 052031
ralbuquerque@euronext.com
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Susana de Antonio
Head of Listing Spain
+34 (0)9 15 72 65 35
sdeantonio@euronext.com
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Eirik Høiby Ausland
Head of Listing Nordics
+47 90606301
ehausland@euronext.com
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Guillaume Morelli
Head of listing France Portugal and Spain
+33 6 85 70 48 42
gmorelli@euronext.com
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Sophie Stegen
Head of Listing Belgium and Luxembourg
+32 477 24 22 80
sstegen@euronext.com
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René van Vlerken
Head of listing Netherlands Central and Eastern Europe
+31 (0)20 721 4293
rvanvlerken@euronext.com
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Alain Baetens
Head of Listing Large Caps France
+33 1 70 48 27 32
abaetens@euronext.com
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Frédéric Boiffin
Director Listing SMEs – France West Region
+33 6 20 99 37 69
fboiffin@euronext.com
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Mathias Borge Bye
Listing Advisor - Norway
+47 98 42 37 33
MBBye@euronext.com
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Jérôme Hervé
Director Listing SMEs - Ile-de-France
+33 6 24 02 49 72
jherve@euronext.com
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Alexis Janin
Head of Listing SMEs France & Auvergne-Rhône-Alpes and Bourgogne Franche-Comté
+33 6 84 35 99 17
ajanin@euronext.com
