NYSE Alternext

NYSE Alternext offers a market access with fewer obligations intended primarily for small- and mid-cap companies making them available to a wide range of investors. The market is not a regulated market within the meaning of E.U. directives. It is a multilateral trading facility (MTF) operated under the NYSE Alternext name by the relevant market operator in Amsterdam, Brussels, Lisbon and Paris. Companies looking to be listed on NYSE Alternext have to choose a listing sponsor to assist them during the admissions procedure and guide them throughout their time of listing on NYSE Alternext.

NYSE Alternext is based on the same pan-European trading platform as the NYSE Euronext main cash market, enhancing liquidity. For smaller companies, NYSE Euronext can also assign brokers who act as liquidity providers to ensure sufficient liquidity for investors. The NYSE Alternext® All-Share Index improves investors' ability to benchmark NYSE Alternext-listed companies, which also helps to promote trading.

NYSE Alternext-listed companies benefit from a market with less stringent listing requirements and innovative operating rules, guaranteeing protection and transparency for investors. NYSE Alternext is structured and operated in a centralized trading environment for all listed companies, enhancing financial transparency. It also provides exit opportunities for private equity and venture capital investors.  

Listing Process

The NYSE Alternext listing process is nearly similar to that of the NYSE Euronext European Regulated Markets but can be quicker and more straightforward. Shares may be offered for sale to institutional investors, qualified investors and retail investors, or to certain classes of such investors, such as management, employees, 'friends and family' and customers.

There are three ways to be admitted to listing and trading on NYSE Alternext:

  • A public offer – The traditional IPO, raising capital at the time of the listing with the publication of a prospectus. Retail investors may participate.
  • A private placement – A placement of shares prior to the request for admission to listing of new securities of at least €2.5 million made in the preceedng year. For institutional investors and qualified investors only.
  • A direct listing – Admission to trading for issuers already admitted to trading on an eligible market, with no capital raised.

The Listing Sponsor chosen to advise a company on its listing will need to consider whether the company meets all applicable criteria for listing. It will do this in consultation with the company and its legal advisers and auditors.

The Listing Sponsor is usually an investment bank, but can also be an advisory firm, such as an accountant or corporate finance boutique, which will work alongside an investment bank for the capital raising (if any).

Prior to any listing, there will be a certain amount of legal ‘housekeeping' and preparation to be undertaken in order to ensure suitability for listing, compliance by the company with relevant legal requirements and that existing and future investor needs are met. Our team is available to answer any question you may have.