[Last updated: 1 January 2024, unless otherwise noted]
Generally speaking, the FSE is one of the least expensive listing venues in the world.
Initial listing
- Listing fee for Regulated Market: A base fee of €41,499 (approximately US$45,856) and
a variable fee of up to €77,000 (approximately US$85,085) depending on the market
capitalization for the Prime Standard and General Standard according to the following table:
- Introduction fee for the Regulated Market: An additional introduction fee of €2,721 (approximately US$3,007) applies for commencement of trading.
- Listing Fee on Scale: A base listing fee of €20,000 (approximately US$22,100) applies. A variable fee capped at €69,000 (approximately US$76,245) will be added according to the following table:
Additional costs are to be taken into account, such as those of the lawyers and accountants in connection with the preparation of the prospectus and the drafting and negotiation of agreements.
Also, the bank or trading member that applies for the listing will charge a fee for this service. If the listing is combined with an offering, the underwriting bank will charge a commission for its services (usually defined as a percentage of the offering proceeds) and also charge its out-of-pocket expenses. In larger offerings, a financial communications firm may also be involved to assist in the preparation of marketing materials.
Further costs include the fee payable to the BaFin for review and approval of the prospectus (€16,915, or approximately US$18,691), costs for custody (varying, depending on the method used) and costs in connection with the issue of shares, such as court and notary fees.
Ongoing fees
A listed company must pay an annual fee (payable in quarterly installments) for the ongoing listing/trading of its shares. This fee is:
- €15,220 (approximately US$16,818) and an additional €0.10 (approximately US$0.11) for each additional €1 million (approximately US$1.11 million) of market capitalization for the Prime Standard.
- €14,397 (approximately US$15,909) and an additional €0.10 (approximately US$0.11) for each additional €1 million (approximately US$1.11 million) of market capitalization the General Standard.
- €3,250 per calendar quarter (approximately US$3,591) for Scale.
It is extremely difficult to assess the other costs of being a public company. Those will primarily be human resources costs for maintaining an investor relations department and a compliance department. Further costs may include travel, accommodation and room rent for meetings with analysts, the costs of publication of financial documents and legal notices and (a major cost item) the holding of the annual meeting. Finally, an additional cost may be associated with maintaining a somewhat larger financial department and higher auditor cost if the company has not been reporting its financial data under IFRS prior to its listing.
