To list on Nigerian Exchange (NGX), your company must meet minimum admission criteria, including structure, size, free float and number of shareholders. The NGX Rule Book sets out the requirements for listing on Nigerian Exchange. The table below provides a summary of the key requirements for listing equity on NGX. For details of the listing requirements, please refer to the Rulebook of Nigerian Exchange.
| Criteria | Growth Board | Main Board | Premium Board | Dual Listing | |||
|---|---|---|---|---|---|---|---|
| Entry | Standard | Standard A | Standard B | Standard C | |||
| Pre-tax profits | No requirement | No requirement | Cumulative pre-tax profits from continuing operations of not less than NGN300 million over the last 3 years, with at least NGN100 million pre-tax profit in 2 of these years | Cumulative pre-tax profits from continuing operations of not less than NGN600 million over the last 1 or 2 years | No requirement | Satisfy main board requirements | No specific requirement |
| Market capitalization | Not less than NGN50 million at the time of listing (based on the issue price and issued share capital) | Not less than NGN500 million at the time of listing (based on the issue price and issued share capital) | No requirement | Not less than NGN4 billion at the time of listing (based on the issue price and issued share capital) | Market cap equal to or greater than N200 billion, at the date of application. | At least N28 billion or equivalent at the time of listing, based on the issue price and issued share capital | |
| Operating track record | 2 years minimum operating track record OR; a new business that can provide evidence of investment in it by: A core investor or a strong technical partner that has a minimum of two (2) years’ operating track record, or A majority shareholder who is either a High Net Worth individual or is a director of a listed company | 2 years minimum operating track record OR; a new business that can provide evidence of investment in it by: A core investor or a strong technical partner who has a minimum of four (4) years’ operating track record, or A majority shareholder who is a High Net Worth individual | 3 years minimum operating track record | 3 years minimum operating track record; or evidence of 3 years minimum operating track record of a core investor | Score a minimum of 70% under the NGX’s Corporate Governance Ratings System (CGRS) | Company must have been in operation for at-least 2 years | |
| Financials | 2 years financials (date of last audited accounts must not be more than 9 months); or evidence of a strong technical partner with substantial equity holding and involvement in the Issuers’ management, who has a minimum of 2 years’ operating track record and financial statements | 2 years financials (date of last audited accounts must not be more than 9 months); or evidence of a strong technical partner with substantial equity holding and involvement in the Issuers’ management, who has a minimum of 4 years’ operating track record and financial statements | 3 years’ financial statements; with the most recent of which must not be more than 9 months old at the time of submission of the listing application | 3 years financials (date of last audited accounts must not be more than 9 months); or evidence of a strong technical partner with substantial equity holding and involvement in the Issuers’ management, who has a minimum of 3 years’ operating track record and financial statements | Satisfy other main board requirements | Minimum of 2 years financials (date of last audited accounts must not be more than 9 months) | |
| Public float | The public shall hold a minimum of 10% of each class of equity securities | The public shall hold a minimum of 15% of each class of equity securities | The public shall hold a minimum of 20% of each class of equity securities | Free float greater or equal to N40bn | The public shall hold a minimum of 10% of each class of equity securities | ||
| Shareholders’ equity | No specific requirement | No specific requirement | Not less than NGN3 billion. | No requirement | No specific requirement | No specific requirement | |
| IPO Lock Up Period | Promoters and Directors to retain 5O% of shares for 12 months from the date of listing | Promoters and Directors to retain 5O% of shares for 12 months from the date of listing | Promoters and Directors to retain 5O% of shares Pre-IPO for 12 months from the date of listing | Satisfy main board requirements | No specific requirement | ||
| Public shareholders | The number of the public shareholders shall not be less than 21 (for equity shares | The number of the public shareholders shall not be less than 51 (for equity shares | The number of the public shareholders shall not be less than 300 (for equity shares) | Satisfy main board requirements | The number of the public shareholders shall not be less than 51 (for equity shares | ||
| Annual listing fees | Fixed flat rates as prescribed by the NGX (currently set at a total fee of NGN450 thousand for a new listing (i.e. Application fee for a new or additional listing of NGN250,000(50% Discount on application fees for the first 24months from launch date of the board); and an Annual fee of NGN200,000) | Based on market capitalization; subject to a maximum amount as prescribed by the NGX fee schedule (Application fee for a new or additional listing is 0.1% of value (50% Discount on application fees for the first 24months from launch date of the board) | Based on market capitalization; subject to a maximum amount as prescribed by the NGX fee schedule (currently NGN4.2 million) | Based on market capitalization; subject to a maximum amount as prescribed by the NGX fee schedule (currently NGN4.2 million) | Subject to applicable listing Board fee schedule | ||
| Business operations | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act | No requirement for operations in Nigeria |
| Accounting standard | International Financial Reporting Standards (IFRS); in line with SEC regulations | ||||||
| Allotment | Securities to be fully paid up at time of allotment in line with SEC requirements for minimum threshold for a successful offer | ||||||
| Continuing obligation requirements of the NGX’s Listing, Disclosure & Transparency Rules | Submission of quarterly, semi-annual and annual statements. Annual certification on adherence to corporate governance required. Companies must retain a Designated Adviser for as long as they are listed | Submission of quarterly, semi-annual and annual statements. Annual certification on adherence to corporate governance required. Companies must retain a Designated Adviser for as long as they are listed | Submission of quarterly, semi— annual and annual statements. Annual certification on adherence to corporate governance required. | Submission of quarterly, semi— annual and annual statements. Annual certification on adherence to corporate governance required. | Waived from having to comply with continuing listing obligations if listed on another foreign stock exchange with WFE status. Companies require a resident nominated representative for as long as they are listed. | ||
Growth Board
Ideal for small-cap and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares
Main Board
Our founding board designed for well-established companies with a demonstrable record of accomplishment
Premium Board
The listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing
A customer centric focus
Maximising the benefits of an NGX listing through active relationship management is at the heart of our retention efforts.
Enjoy the full complement of our Value Added Services. NGX partners with local and international service providers to deliver solutions aimed at creating competitive edge for issuers, and improving investor interest in our market.
Be a part of the NGX Sectoral Dinner, a platform that ensures continuous dialogue with key stakeholders and provides strategic solutions to sectoral issues, for follow up implementation in our capital market advocacy role.
Celebrate your listing and key milestones with the NGX gong ceremony with adequate traditional and digital media coverage from both domestic and international media outlets on our floor.
Share your financial story with the highly engaged audience including, investors, brokers, analysts, fund managers, media, etc.
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Primary Market Department
Nigerian Exchange
- 2-4 Customs Street, Lagos
- primarymarkets@ngxgroup.com
- +234-1-4489363, +234-1-4489373
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