Criteria
Main Board
ASEM
Dual Listing
Standard A
Standard B
Standard C
Pre-tax profits
Cumulative pre-tax profits from continuing operations of not less
than NGN300 million over the last 3 years, with at least NGN100 million pre-tax profit in 2 of these years
Cumulative pre-tax profits from continuing operations of not less than NGN600 million over the last 1 or 2 years
No requirement
Requirement for a comprehensive business plan (not less than 2 years)
No specific requirement
Market
capitalization
Not less than NGN4 billion at the time of listing (based on the
issue price and issued share capital)
At least N28 billion or equivalent at the time of listing, based on the issue price and issued share
capital
Operating
track record
3 years minimum operating track record
3 years minimum operating track record; or evidence of 3 years minimum operating track record of a core investor
2 years minimum operating track
record
Company must have been in operation for at-least 2 years
Financials
3 years' financial statements; with the most recent of which must not be more than 9 months old at the time of submission of the listing application
3 years financials (date of last audited accounts must not be more than 9 months); or evidence of a strong technical partner with substantial equity holding and involvement in the Issuers' management, who has a minimum of 3 years’ operating track record
and financial statements
Required to have financial statements (date of last audited
accounts must not be more than 9 months)
Minimum of 2 years financials (date of last audited accounts must not be more than 9 months)
Public float
The public shall hold a minimum of 20% of each class of equity securities
The public shall hold a minimum of 15% of each class of equity securities
The public shall hold a minimum of 10% of each class of equity securities
Shareholders’ equity
Not less than NGN3 billion.
IPO Lock Up Period
Promoters and Directors to retain SO% of shares Pre-IPO for 12 months from the date of listing
Public shareholders
The number of the public shareholders shall not be less than 300 (for equity shares)
The number of the public
shareholders shall not be less than 51 (for equity shares
Annual listing fees
Based on market capitalization; subject to a maximum amount as prescribed by the NSE fee schedule (currently NGN4.2 million)
Fixed flat rates as prescribed by the NSE (currently set at a total fee of NGN300 thousand for a new listing (i.e. Application fee for a new or additional listing of NGN100,000; and an Annual fee of NGN200,000)
Subject to applicable listing Board fee schedule
Business operations
Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act
Company must be registered as a
Public Limited Liability Company under the provisions of the
Companies & Allied Matters Act
No requirement for operations in Nigeria
Accounting standard
International Financial Reporting Standards (IFRS); in line with SEC regulations
Allotment
Securities to be fully paid up at time of allotment in line with SEC requirements for minimum threshold for a successful offer
Continuing obligation
requirements of the NSE's Listing,
Disclosure &
Transparency Rules
Submission of quarterly, semi— annual and annual statements. Annual certification on adherence to corporate governance required.
Submission of quarterly, semi-annual and annual statements. Annual certification on
adherence to corporate
governance required.
Companies must retain a
Designated Adviser for as long as they are listed
Waived from having to comply with continuing listing obligations if listed on another foreign stock exchange with WFE
status. Companies require a resident nominated representative for as long as they are listed.