Why List on NSX?
NSX is an SME (Small & Medium Entreprise) focused listing stock exchange. NSX offers a unique set of rules, processes, prices and a network clearly suited to SME and growth companies. NSX advantages include:
Simple Rules – NSX’s Rules are not only simple but are also principle-based, which dramatically reduces the work required to become and stay listed. Equity Rules on other markets can be three times as long as NSX’s. Shorter and simpler rules and processes mean lower costs, less complexity and more management time spent actually running your business.
Appropriate listing criteria – NSX listing criteria is designed to suit the SME customer, such as a 50 shareholder minimum, $500,000 minimum market cap and no minimum listing price.
Low costs – NSX’s fee structure and listing process is designed to offer companies real value for money. Our fees are the lowest in Australia and our simple listing rules and multiple listing options could save companies hundreds of thousands of dollars or more off their cost of listing. Our listing fees are up to 80% cheaper and our annual fees average 50% less than the ASX.
Multiple listing options – NSX currently offers companies the choice of three main listing routes, so companies can choose the most appropriate solution to ensure the fastest, simplest and lowest cost listing.
Extensive adviser community – NSX’s Nominated Advisers cover a broad range of industries and specialties geographically spread throughout Australia. Advisers play the key role supporting companies throughout the listing process and thereafter. Click here to learn more about NSXs Advisers.
Customer focused – NSX staff pride themselves on being professional and approachable experts who are keen to help you every step of the way. We have built up an extensive network of firms eager to help you with ever aspect of your listing.
NSX is Best of Breed
Small can be beautiful. Even though NSX is an exchange perfectly suited to SME and growth companies, we offer the very best listing solution to companies in general, including:
- Australian Market Licence holder (AML) – NSX holds an AML issued by the Minister in accordance with Chapter 7 of the Corporations Act, exactly the same as the ASX.
- State of the art trading systems – NSX’s trading market is run on NASDAQ’s state of the art x-Stream system, which is used by many of the largest markets around the world. Trading occurs on a strict time/price priority basis and settlement occurs on a T+2 basis.
- CHESS DvP settlement – Settlement occurs securely via Delivery versus Payment (DvP) in CHESS.
- Fast listing processing – NSX’s range of simple listing solutions, shorter and simpler Rules and our ability to individually tailor a listing solution to your specific business model, means we can get you listed faster, cheaper and with a better solution than any other Australian listing market.
- State of the art website & company summaries – Each listed company’s information and data is displayed by NSX via the most comprehensive pages of any exchange in Australia. Check an example out here.
- Extensive real time price feeds & news alerts – NSX provides its price feeds and news in real time for free. No need to wait 20 minutes or pay huge monthly fees. Our list of data providers can be found here.
- FOFA recognised – NSX participants are fully recognised under FOFA.
- Host of the South Pacific Stock Exchange – The NSX hosts Fiji’s national stock exchange, the SPSE.
- Founded in 1937 – The National Stock Exchange of Australia was once called the Stock Exchange of Newcastle and its history dates all the way back to 1937.
Ways to List
NSX currently offers companies the choice of two main listing routes, so companies can choose the most appropriate solution for their needs.
1. Compliance Listing – Not raising Capital
A compliance listing does not permit a company to raise any capital three months either side of the listing application.
- If you are already listed you can take advantage of our Fast-Tracking service to transfer your listing to NSX.
- An Information Memorandum or a prospectus must be provided as the disclosure document.
2. Capital Raising Listing
- A prospectus must be lodged with ASIC and the document provides investors with detailed information they use to make an informed investment decision.
- It also offers a listing company the minimum number of restrictions as there are no capital raising limits, no number of investor limits and investors can be made up of both retail and wholesale investors.
General Listing Requirements
- 50 security holders or more in the primary class
- 25% of issued capital held in the hands of the public (non-director hands)
- two year adequate trading track record or offer is underwritten to the minimum subscription Market
- Market capitalisation of listed securities should be at least AUD $500,000
- Appointment of a Nominated Adviser from within your company or from our list of Nominated Advisers
- CHESS electronic settled securities and a CHESS capable share registry service (required) – More on Settlement and CHESS.
- NSX compatible constitution.
How large does my company need to be to list on the NSX?
To be listed on the NSX your company must meet the minimum listing criteria, which includes 50 shareholders and a market capitalisation of AU $500,000 or more.
What are the total costs of Listing?
The total cost of listing on NSX depends on the listing route you take and the size of the listing, amongst other variables. Total costs include listing fees, legal advice, capital raising document preparation costs (if applicable), expert report costs, audit costs and due diligence costs.
The total cost of listing can be fairly low for a compliance listing, while a more complex prospectus listing typically cost between 5% and 10% of the funds raised.
I am a pre-IPO investor. Are there any restrictions on selling my shares after listing?
NSX may place restrictions on the sale of pre-IPO shares on directors, early investors and promoters so as to ensure an orderly listing. The restriction (escrow) period is dependent upon the circumstances of the issue of the pre IPO shares and will vary from company to company. For more information, contact NSX.
At what stage should I approach NSX?
We recommend that you approach NSX when you are first thinking of becoming a listed company. We are happy to answer your questions, provide crucial introductions and generally help you avoid costly time wasting mistakes.
Do I need to have a Nominated Adviser to list?
Yes. They play a crucial role in the listing process and after you are listed. For more experienced companies, two authorised Executives can function as your Nominated Adviser, rather than a externaly Nominated Adviser.
Can I dual list on the NSX?
Yes. NSX welcomes dual listings (or quotations) whether you are listed on another exchange and want to list on NSX as well, or you are listed (or thinking of listing) on NSX and want to be listed on another overseas market as well. We are happy to discuss your plans and help with contacts to expedite the process.
Can I list on NSX and be quoted on a foreign market at the same time?
Yes. We understand the advantages of trading your company on multiple markets from around the world. Doing so gives you increased trading time zones coverage and access to multiple investor bases.