​​​​​​​​​​​​​​​​​​LISTING REQUIREMENTS
​Dynamic Market Place
The NSE Green Book​ sets out the requirements for listing on The Nigerian Stock Exchange. The table below shows some of the basic requirements for listing equity securities on the Exchange.  For details of the listing requirements, please refer to the NSE Green Book.
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Subject Main Board​​ ASeM Board
Pre Tax Profits Cumulative consolidated pre-tax profit of atleast N600m within 1 or 2 years or the option of consolidated pre-tax profit of atleast N300m for the last 3years, with a pre-tax profit of atleast N100m in 2 of those years. Medium term (at least 2 years) comprehensive business plan
Market Cap At least N4bn at the time of listing based on the issue price and issued share capital Capital to be raised & anticipated market capitalization
Operating Record 3 years operating track record of company and/or core investor Company must have been in operation for at-least 2 years
Financials 3 years financials and date of last audited accounts must not be more than 9 months 2 years financials and date of last audited accounts must not be more than 9months
Public Float Minimum of 20% of share capital must be offered to the public Minimum of 15%  of share capital must be offered to the public
Public Shareholders At least 300 for equity shares At least 51 shareholders
Continuing Obligations Promoters to retain 50% of shares pre-IPO for 12 months. Submission of quarterly, semi – annual and annual statements. Promoters to retain 50% of shares pre-IPO for 12 months. Submission of quarterly, semi – annual and annual stateme​nts. Companies must retain a Designated Adviser to assist with regulatory compliance.​
Accounting Standard All financial accounts are to be prepared following the International Financial Reporting Standard (IFRS) All financial accounts are to be prepared following the International Financial Reporting Standard (IFRS)
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General Requirements.pdf
  
Initial Listing by Introduction (ASeM).pdf
  
Initial Listing by Introduction (Main Board).pdf
  
Initial Listing by IPO and OFS (ASeM).pdf
  
Initial Listing by IPO and OFS (Main Board).pdf
  
Nine stages of listing.pdf
  
sample checklist block divestment.pdf
  
sample checklist conversion of preference shares to ordinary shares.pdf
  
sample checklist corporate bond.pdf
  
sample checklist employee share based payment.pdf
  
Sample checklist for Final Delisting.pdf
  
Sample checklist for migration to premium board.pdf
  
Sample checklist for voluntary delisting.pdf
  
sample checklist formal application for listing.pdf
  
sample checklist government bonds.pdf
  
sample checklist mergers and acquisition.pdf
  
sample checklist mutual funds and ETFs.pdf
  
sample checklist supplementary listing of shares by Offer for Subscription.pdf
  
sample checklist supplementary listing of shares by placing.pdf
  
sample checklist supplementary listing of shares by Rights Issue.pdf
  
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Thinking of listing your company? Please email us at listingsales@nse.com.ng​ and one of our relationship managers will be in touch promptly. You may also contact us at +23414489363 or +23414489373  with queries or requests for clarification.​