Other initial listing requirements
[Last updated: 1 January 2024, unless otherwise noted]
Prospectus. A listing on the General or Prime Standard requires a BaFin-approved prospectus. An inclusion on the Scale segment also requires a prospectus in case of a concurrent public offering. However, because Scale has the status of an SME growth market, small and medium size issuers can follow a simplified prospectus standard. In the event of private offering or a pure listing, the issuer must provide an inclusion document, which is a kind of mini prospectus.
Free float; distribution. A listing on the General or Prime Standard generally requires a free float of 25%, but the threshold can be lowered in the case of very large issues. A company whose shares will be included on the Scale segment must have a free float of at least 20% or 1 million shares and a minimum of 30 shareholders.
Application; third party involvement. An application for listing on the General Standard, the Prime Standard must be made by a bank or financial services provider with a minimum capital of €730,000 (approximately US$806,650). An application for listing on the Scale segment must be co-signed by a "Capital Market Partner" accredited with Deutsche Börse AG. In addition, for an index membership a Prime Standard listing and a designated sponsor is required. In the case of the Scale segment, a compliance advisor also must be contracted.
Accounting standards. In the case of General Standard and Prime Standard listings, IFRS or a national GAAP that was deemed equivalent by the European Commission must be complied with. In the case of the Scale segment, IFRS or equivalent, national GAAP (only EEA issuers) or German GAAP must be complied with.
Financial statements. In the case of the General Standard and Prime Standard, the applicant must submit audited annual financial statements, including the company report for the last three business years and the auditor certificates. In the case of the Scale segment, those documents must only be provided for the last completed fiscal year.
Corporate history. A company applying for admission to the General or Prime Standard must have a history as an enterprise of at least three years and must have duly published its financial statements during that period. For the Scale segment, a two-year corporate existence requirement applies.
