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Listing process

1. Review The Listing Requirements

General: Incorporation

A Company must be duly incorporated or otherwise validly established according to the relevant laws of its place of establishment (MLR 3).

Corporate governance

Board of Directors/Supervisory Board:
A company must have an effective Board which is collectively accountable for ensuring sound and prudent management (MLR 2).
Corporate governance principles:
A company, depending on the type of admission, must comply with the corporate governance principles outlined in the AIFC Market Rules (MAR 2).

Management fit and propriety

A company must demonstrate to AIX's satisfaction that its Directors and Management are fit and proper.

Financial report

Financial report
A company must have published or filed audited financial statements covering a prior period of:

1 years for REM Companies and SME bonds Issuers
2 years for Debt Issuers
3 years for Equity Issuers (at least one year is in net profit)

The audited financial statements must either be not older than:

18 months as at the expected date of listing if the Issuer includes audited interim financial statements in the application; or
15 months as at the expected date of listing if the Issuer includes unaudited interim financial statements in the application;

The financial statements must be audited and reported on by independent, competent and qualified auditors
Auditor’s qualification guide

Market capitalization

Market capitalization
A Company must ensure that the Securities, which it seeks to list have an expected Aggregate Market Value (MLR 10) on AIX at the time of listing:

Equity issuers:

IPO/SPO: not less than $1.000.000
REM: A company may apply for direct listing subject to additional requirements and concessions (REM 6)
Debt issuers: not less than $500.000
Unit issuers: not less than $1.000.000

Prospectus

Type of security	Offer document	Supplementary document
Equity	Prospectus approved by Company's BoD and AIX regulator [see respective prospectus requirements checklist]	Completed Shareholder Statement Completed Pricing Statement For GDRs in addition Depositary Agreement
Debt	Public bonds: Prospectus approved by Company's BoD and AIX regulator [see respective prospectus requirements checklist]	For Green Bonds in addition External Review for Green Bonds For Sukuk Bonds in addition • Details of the members of the Sharia Supervisory Board undertaken the review of the relevant Securities • Opinion of the Sharia Supervisory Board in respect of whether the Securities are Sharia compliant
	Wholesale bonds: Offer document: • for bond programme • for standalone bond issuance
	Exempt bonds, commercial papers: Terms and conditions • for bond programme • for standalone bond issuance
Structured products/Units	Structured products Prospectus/Offer document approved by AIX regulator [See respective prospectus requirements checklist]	Completed Unit holder statement
Structured products/Units	Units: Offering Material approved by Fund Manager's BoD and AIX regulator [see respective CIS requirements checklist]	Completed Unit holder statement

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3. Create an account

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Online listing platform

4. Listing And Trading

AIX offers services that covers whole cycle for successful listing and allocation of securities

5. Post-Listing Reporting

A defining feature of life as a publicly listed company is the significant number of ongoing compliance and public disclosure requirements to which the company, its directors, and on occasion, its shareholders, are subject. The requirements for a company listed on AIX are set out in the AIX Business Rules and the AIFC Market Rules (MAR). Capitalised terms shall have the meaning assigned to them as in the AIX Business Rules Glossary, or if not defined there, the meaning given in the AIFC Glossary. Please refer to Guide to ongoing obligations of Companies admitted to the AIX official list for disclosure requirements and other ongoing obligations.

As soon as a company (hereinafter – Reporting Entity) is listed and admitted to the AIX Official List, it becomes subject to continuing obligations which require a company to:
1. publish information such as routine financial information and information that could affect the value of its Securities on a timely basis;
2. adhere to Corporate Governance Principles;
3. meet the eligibility requirements for admission of its Securities to the Official List at all times. Reporting Entity regulatory requirements and considerations may vary depending on admission type, segment and the type of admitted Securities.

All Reporting Entities must upload disclosures through the AIX Regulatory Announcement Service (MLR20.1.2(2)). Please refer to the Guide on how to use the AIX Regulatory Announcement Service (RAS).

AIX Regulatory Announcement

Guide to ongoing obligations

FAQs

What costs are associated with an IPO?: Costs include underwriting fees, legal and accounting fees, regulatory filing fees, and marketing expenses.

How long does the IPO process typically take?: The IPO process can take anywhere from several months to over a year, depending on various factors including regulatory approval and market conditions.

What is a prospectus and why is it important?: A prospectus is a detailed document that provides information about the company’s business model, financial condition, and risks. It is crucial for informing potential investors and meeting regulatory requirements.

What are the typical regulatory requirements for listing on an exchange?: Preparing audited financial statements, creating a prospectus, and obtaining approval from relevant regulatory bodies

What is the role of underwriters in an IPO?: Underwriters are typically investment banks that help the company prepare for the IPO, set the initial share price, market the shares to investors, and facilitate the actual sale of shares.

interested in Listings

1. Review The Listing Requirements

2. Consider consulting with professionals Advisors

3. Create an account

4. Listing And Trading

5. Post-Listing Reporting