Choosing a Market | euronext.com

Going Public with Euronext: Choosing the right market for your company

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 Sarah's research of the different markets across Euronext locations.

Inglês

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, Portugal, The Netherlands or the United Kingdom. The regulator is either that of the company's country of incorporation if the company is registered in Europe; or the one of the jurisdiction selected.

Euronext markets

Market	Euronext®	Euronext Growth®	Euronext Access® & Access+®
Typology	EU Regulated	MTF*	MTF*
Number of issuers	776	229	180
Average deal size at IPO	€278.1m	€22.8m	€0.1m
Average market cap at IPO	€5,514m	€97m	€51m

*Multilateral Trading Facility (MTF): financial trading venue dedicated to SMEs with lighter requirements.

Euronext : number of issuers as of January 2020, average data over 5Y (2014-2019) excluding merger operations

Euronext® Amsterdam, Brussels, Dublin, Lisbon, London 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

Euronext Growth® Brussels, Dublin, Lisbon and Paris

For high-growth SMEs

Euronext Growth is suited to small- and mid- sized companies (SMEs) that want to raise funds to finance 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, it is not regulated 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 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. Except for an IPO, an EU prospectus is not required. 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

	Euronext ACCESS^®	Euronext ACCESS+^®	Euronext GROWTH^®	Euronext^®
Venues	Brussels, Lisbon, Paris	Brussels, Lisbon, Paris	Brussels, Dublin, Lisbon, Paris	Amsterdam, Brussels, Dublin, Lisbon, London, Paris
Free float	Not applicable	€1m	€2.5m (market cap >€5m for Dublin)	>25% market cap or €5m (€1m for Dublin)
Financial statements	2 years (if relevant, and no requirement for audited accounts)	2 years incl. audited accounts of the last financial year	2 years (audited)	3 years (or 2 for SMEs*) (audited)
Accounting standards	IFRS or local GAAP	IFRS or local GAAP	IFRS or local GAAP	IFRS
Intermediary	Listing Sponsor	Listing Sponsor	Listing Sponsor (Euronext Growth Advisor for Dublin)	Listing Agent (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 • For a Public Offer below these amounts or for an admission through Private Placement or Direct Admission: • Paris, Dublin and Lisbon: Information Document • Brussels: Information Nota	• For a Public Offer >€8m in Paris or Brussels or >€5m in Dublin or Lisbon: EU Prospectus • For a Public Offer below these amounts or for an admission through Private Placement or Direct Admission: • Paris, Dublin and Lisbon: Information Document • Brussels: Information Nota	• For a Public Offer >€8m in Paris or Brussels or >€5m in Dublin or Lisbon: EU Prospectus • For a Public Offer below these amounts or for an admission through Private Placement or Direct Admission: • Paris, Dublin and Lisbon: 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

	Euronext ACCESS^®	Euronext ACCESS+^®	Euronext GROWTH^®	Euronext^®
Financial reporting: annual	Annual financial statements (unaudited)	Annual financial statements (audited)	Annual financial report (annual financial statements, business report and auditor’s report on annual financial statements)	Annual financial report (annual financial statements, business 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 business report (unaudited)	Semi-annual financial statements with auditor’s limited review, business report
Legal Entity Identifier (LEI)	Yes	Yes	Yes	Yes
Financial/Investor Website	Yes	Yes	Yes	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 Dublin)	Not required (Listing Sponsor for Dublin)
Disclosure of threshold crossing (capital or voting rights)	Not applicable	Not applicable	Applicable	Applicable