Main Market Listing

The Main Market is the principal market for the trading of securities, according to international practice ("Regulated Market"). It is entirely conformed to EU standards and is supervised by the Hellenic Capital Market Commission (HCMC). 

The Main Market mainly addresses medium and big capitalization companies with growth prospects, while providing accessibility to cross-border capital raising and shares' participation in European indices.

The listing procedure, as well as, the obligations of the companies listed on the Main Market, is equivalent to respective practices of other European Exchanges.


Listing Requirements

Shareholder's Equity

min €3,000,000

Corporate Governance


Financial Statements

3 fiscal years



EBITDA 3 years aggregate

min €3,000,000

EBITDA  per annum

Positive EBITDA for last 2 fiscal years



Pre tax profit 3 years aggregate

min €2,000,000

Pre tax profit per annum

Profitability for last 2 fiscal years

Free Float


minimum %

where due to the large number of shares
the smooth operation of the market is

number of persons holding <5%

min 300

(< 300 in case that the free float has been achieved through a private placement,
that took place before the approval of the relevant listing prospectus.

Tax Audit

For all fiscal years for which annual financial statements have been published
In case of tax unaudited fiscal years the underwriter must certify the adequacy of the provisions recognized in the last published financial statements

Shares lock-up

For companies with estimated capitalization < 100 m €, during the first year following listing, major shareholders (>5%) are allowed to transfer shares that represent a maximum of 25% of their holdings.

Minimum value of shares offered

min €2,000,000

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 Procedure
  • Selection of Underwriter

The first step for a company to go public is the selection of an Underwriter, who will coordinate and manage the listing procedure.

  • Preparation of the listing application

The preparation of the listing application is the task of the Underwriter who works closely together with the issuer.

  • Listing application

The Underwriter, jointly with the company,will submit the listing application to ATHEX, along with the necessary supporting documents.

  • Approval by ATHEX

ATHEX approves the listing application. All the listing requirements are fulfilled at this stage, except for the free float adequacy, which will be achieved upon the completion of the IPO.

  • HCMC's approval

HCMC approves the listing Prospectus.

Publication of the Prospectus on the website of ATHEX and the issuer.

  • IPO  

During the IPO the company raises the funds and achieves an adequate free float.

  • Approval by ATHEX - Admission to trading

The Underwriter submits to ATHEX the relevant documents concerning the admission to trading and the free float adequacy.

ATHEX approves admission to trading.

This step is not required in case of using the EBB service for the fund-raising process.

  • Start of trading

The issuer sets the trading date.


In the ATHEX Rulebook, section 3.1.8, you can find more details regarding  the listing procedure on the Main Market.

Regulatory Framework

The regulatory framework includes:

A. Athex Exchange Rulebook

     See the ATHEX Rulebook.

B1. Resolutions for listing on the Main Market

  • Resolution 28 - Documents required for the primary listing of transfee securities in the ATHEX.

B2. Resolutions regarding listed companies

  • Resolution 27 - Documents for corporate actions of Issuers
  • Resolution 25 - Additional information submitted by the companies listed in ATHEX

Listing Fees

ATHEX charges for a company that wishes its shares to be listed to the Main Market include:

1. Application & Registration fees
Α. Payment of €5,000 on submission of the application


This amount will be paid regardless of whether the company's shares will be listed to the Main Market

B. 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.

The minimum threshold of the lump sum admission fee is €5,000. In case of admission to trading, the lump sum relating to the listing rights paid by the company shall be reduced by the above amounts.

2. Annual subscription fee

The calculation of the subscription owed, is made according to the followig scale:

 Capitalization (in €)  % on the share value
Up to  €100,000,000    0.0025%
€100,000,001 - €250,000,000 0.0020%
€250,000,001 and above 0.0005%


The annual minimum amount of subscription can not be less than €1,000.

See Resolution 24 of ATHEX, regarding new listing fees & quarterly subscriptions.

3. Registration Fee

A. Initial Registration of securities

  • Application's assessment: €1,000.
  • Additional fees based on the issue value of securites:

a. 0.20% for a value up to  €3,000,000
b. 0.15% for a value between €3,000,000.01 and €9,000,000
c. 0.10% for a value between €9,000,000.01 and €15,000,000 and
d. 0.05% for a value exceeding €15,000,000.01

Minimum: €3,000

The issue value to which the scale is applied is equal to the product of the subscription price or the listing price of each stock multiplied by the number of stocks.

Β. Maintainance of issuer data and securities:

  • Minimum €600 per year and per issuer and,
  • An annual scale shall be applied as a percentage to the value of the registered securities:

              a. 0.0015%, for a value up to €40,000,000
              b. 0.0010%, for a value between €40,000,000.01 and €100,000,000 
              c. 0.0005%, for a value between €100,000,000.01 and €200,000,000 and
             d. 0.0001%, for a value exceeding €200,000,000.01 

Maximum: €2,500 per year and per issuer


See Resolution 18 of ATHEXCSD for all charges relating to the registration of the securities




The fund-raising process is supported by the Electonic Book Builiding (EBB) of ATHEX.

To contact a member of the ATHEX New Listings Team, please click here




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