Choosing your Market

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, Norway, Portugal or The Netherlands. 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, Oslo* 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

*Oslo operates two EU regulated markets, Oslo Børs** and Euronext Expand.

** Equity Certificates can be listed on Oslo Børs and Euronext Growth (Oslo). 

Euronext Growth® Brussels, Dublin, Lisbon, Oslo* 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 Growth Oslo** is not registered as a SME Growth Market. 

** Equity Certificates can be listed on Euronext Growth (Oslo)

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, Oslo*, Paris Amsterdam, Brussels, Dublin, Lisbon, Oslo*, Paris
Free float Not applicable €1m

€2.5m

(market cap >€5m for Dublin, and >15% for Oslo)

>25% market cap or €5m (€1m for Dublin, and >25% for Oslo)
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)

*1 annual financial statement for or 1 interim report for Euronext Expand.

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 and Oslo) Listing Agent (Listing Sponsor for Dublin, and Listing Agent not required for Oslo)
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 Brussels, Oslo or Paris, 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: 

• Dublin, Lisbon, Oslo and Paris: 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 

Not required for Oslo

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 for Oslo

Not required (Listing Sponsor for Dublin)

Disclosure of threshold crossing (capital or voting rights) 

Not applicable 

Not applicable 

Applicable 

Applicable 

 

F.A.Q.

We have compiled this FAQ to answer common queries from our issuer and intermediary community.

Download F.A.Q

  • PDF

Euronext Listing FAQ

English Versão

English 23/04/2019 Euronext Listing FAQ /sites/default/files/2019-11/52118_Euronext-FAQ-2019_v08.pdf

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