Equities
Companies aiming to list their stocks for trading on the Athens Stock Exchange can opt between the Regulated Market and the EN.A. Growth, based on their needs and business development stage.
Listing Process
Listing on the Regulated Market can be completed in an 8-week period, ensuring fast access to capital. The listing process includes:
- Selection of Advisor / Underwriter
- Preparing the listing dossier
- Listing application
- Approval by ATHEX
- Approval by the Hellenic Capital Market Commission
- Conduct of Public Offer (IPO)
- Approval by ATHEX - Admission to trading
- Start of trading
Submit an Application
| Supportive Documents & Application Forms | |
| TABLE 1: Supporting documents for evaluation of the listing application for shares/ascertainment of the fulfilment, in principle, of the listing requirements | Download PDF  |
| TABLE 2: Application Form for Listing Shares on the Main Market of ATHEX – Declarations by the Issuer and the Sponsor | Download PDF |
| TABLE 3: Share Blocking Form for Principal Shareholders | Download PDF |
| TABLE 4: Supporting documents for approval of listing and commencement of trading of shares | Download PDF |
Listing Requirements
| GENERAL LISTING REQUIREMENTS | |
| Shareholder's Equity | Min €1,000,000 |
| Capitalization | Min €40,000,000 |
| Corporate Governance | YES |
| Financial Statements | 3 Fiscal years |
| Free Float | |
| Free Float | At least 25% or exceptionally at least 15% for companies with market capitalization > €200mil. |
| Number of Persons Holding <5% | At least 500 persons or exceptionally at least 300 persons with the simultaneous appointment of at least 2 Market Makers |
| Shares Lock-Up | For companies with losses during the last financial year before the submission of the application and with estimated capitalization < €200mil., during the 1st semester following listing, major shareholders are not allowed to transfer shares that represent > 25% of their holdings |
Apart from the above quantitative listing criteria, in the context of a company's suitability assessment, ATHEX takes also into account other qualitative characteristics, such as industry sector, investment plan, management team, revenue growth and prospects.
Listing Fees
ATHEX charges for a company that wishes its shares to be listed to the Regulated Market include:
Application & Registration fees
- Payment of €10,000 on submission of the application. This amount will be paid regardless of whether the company's shares will be listed to the Regulated Market.
The companies whose shares are admitted to trading on ATHEX for the first time pay a lump sum as listing right, which is calculated according to the following scale:
Value of listed shares % on the share value Up to €1,000,000,000 0.04% €1,000,000,001 - €3,000,000,000 0.02% Over €3,000,000,000 0.00%
The value of the stocks to be admitted to trading results as the product of the number of listed securities times the admission price.
Quarterly subscription fee
The calculation of the subscription owed, is made according to the following scale:
Capitalization (in €) % on the share value Up to €100,000,000 0.0030% €100,000,001 - €250,000,000 0.0025% €250,000,001 and above 0.0005% - The annual minimum amount of subscription can not be less than €5,000.
- See Resolution 24 of ATHEX, regarding new listing fees & quarterly subscriptions.
Regulatory Framework
The regulatory framework includes:
A. Athens Stock Exchange Rulebook
- See the ATHEX Rulebook.
B1. Resolutions for listing on the Regulated Market
- Resolution 28 - Documents required for the primary listing of transfer securities on ATHEX
- Resolution 24 - Fee schedule for ATHEX markets
B2. Resolutions regarding listed companies
- Resolution 27 - Documents for corporate actions of Issuers
- Resolution 25 - Additional information submitted by the companies listed on ATHEX
Procedure for Admission
The EN.A. Growth Market is suited to small and mid-sized companies, with prior operating and business history and growth prospects, aiming to finance their business plans. Admission criteria are simplified and reporting requirements are lighter compared to the Regulated Market, offering the opportunity for smaller companies to take advantage of the stock market.
- Selection of Nominated Advisor
2. Preparing the admission dossier
3. Application for admission on EN.A. Growth
4. Presentation of the company to the Evaluation Committee of EN.A. Growth
5. ATHEX approval of admission requirements
6. Publication of the Admission Document or Information/Prospectus by the Company
7. Conduct of Private Placement / Public Offer
8. Start of trading
Submit an Application
| Supportive Documents & Application Forms | |
| Annex A: Application form for Admission to Trading on the EN.A. Growth and Declaration of the Company and Nominated Advisοr [Available in Greek] | Download PDF |
| Annex B: Declarations of the Nominated Advisοr regarding the applicant company [Available in Greek] | Download PDF |
| Annex C: Form for declaration by members of the applicant company's board of directors [Available in Greek] | Download PDF |
| Annex D: Form for declaration by shareholders of the applicant company holding ≥ 5% of share capital [Available in Greek] | Download PDF |
Admission Requirements
| GENERAL LISTING REQUIREMENTS | |
| Legal Form | Limited company at the time of application (or foreign equivalent) |
| Financial Statements | 2 fiscal years Financial statements must comply with IAS/IFRS standards and have been audited by a Certified Auditor. (In cases of fewer fiscal years, admission may be approved subject to submission of specific documentation by the Nominated Advisοr). |
| Audited Business Plan | It is submitted if the company does not have at least two years of prior activity in the sector and the area of business in which it will operate after admission of its shares in EN.A. Growth |
| Tax Audit | Statement submitted by the Nominated Advisοr regarding the adequacy of provisions recognized in the financial statements and any tax liabilities for the unaudited fiscal years (for the company and its subsidiaries included in the latest consolidated financial statements). |
| Corporate Governance | The applicant company must have at a minimum:
|
| Free Float * | |
| Free Float | 10% |
| Number of Shareholders With < 5% | at least 70 |
| Lock-up period | |
| If a Business Plan is Submitted | Shareholders with ≥ 5% each may transfer a maximum of 25% of the shares they held on the date of admission, during the period of implementation of the Business Plan. |
| If Losses Have Been Reported in the Year Prior to Admission | Shareholders with ≥ 5% each may transfer a maximum of 25% their shares for a period of 6 months after admission. |
| Nominated Advisοr | Mandatory appointment of a Nominated Advisοr at the admission approval stage and retention for two years after admission. |
*In the calculation of free float, the holdings of members of the Board of Directors, their first-degree relatives and spouses or partners in a civil partnership are not taken into account. Also excluded are the first-degree relatives and spouses or partners in a civil partnership of the Company’s Principal Shareholders, as well as persons who have entered into share lock-up agreements concerning the Company’s shares.
If the Company’s shares are listed or traded on other regulated markets or MTFs (Multilateral Trading Facilities), the free float achieved in those respective markets or MTFs shall also be taken into account in the calculation of the free float.
Fund-raising on Admission
At the stage of admission of shares to ΕΝ.Α. Growth, the issuing company invites interest from investors in order to raise the required capital.
Shares are offered to investors through:
- a Private Placement to a limited number of investors
- a Public Offering of shares to the investing public
- a combination of Private Placement and Public Offering
In all cases, the Electronic Book Building service and the network of ATHEX Members may be used.
Admission Charges
ATHEX charges for a company seeking admission to the EN.A. Growth include:
Application & single registration fees
- Payment of €4,500 on submission of the application
- This amount will be paid regardless of whether the company's shares will be admitted to EN.A. Growth
- The companies whose shares are admitted to trading on ATHEX for the first time pay a lump sum as listing right of €7,500 on admission of shares to EN.A. Growth
Regulatory Framework
The regulatory framework consists of the following:
A. ΕΝ.Α. Growth Operating Rules
See the ΕΝ.Α. Growth Operating Rules here [Available in Greek]
B1. Resolutions on admission to ΕΝ.Α. Growth
Resolution 2 - Procedure and documentation for admission to trading of transferable securities on ΕΝ.Α. Growth
Resolution 3 - Content of Information Document
Resolution 5 - Schedule of fees
Resolution 18 - Price List
Resolution 34 - Electronic Book Building (EBB) Service
B2. Resolutions on matters following admission on EN.A. Growth
Resolution 4 - Procedure and documentation for corporate actions of companies admitted to the EN.A. Growth
Resolution 7 - Additional information provided by companies admitted to the EN.A. Growth
Β3. Decisions of the Hellenic Capital Market Commission
If the company chooses to raise capital through a Public Offering of transerable securities, of total value less than €8,000,000, it must publish an Information Document in accordance with the provisions of Decision 2/1706/22.12.2025of the Hellenic Capital Market Commission (HCMC).
DECISION 2_1076_22.12.2025 of the BoD_Information Document to be published in cases of an offer of transferable securities under par. 2 of Article 58 of Law 4706/2020.
Our Electronic Book Building facilitates capital raising procedures by effectively leveraging the network of the Athens Stock Exchange members and their clients.
Contact Us
Submit your questions through our contact form. Our dedicated team is always ready to assist you promptly and ensure that you receive the information you need.