(Vienna) Today Wiener Börse (the Vienna Stock Exchange) announced it will be launching a mid market segment, designed specifically for smaller companies with lower financing requirements, as of mid June. The mid market will have two special features:
- Firstly, it will enable companies to decide between a listing on the regulated market or unregulated market
- Secondly, any company that wants to be listed on the mid market must appoint a Capital Market Coach (CMC). The CMC will evaluate if a company is fit for the mid market, support it through the going public process and also provide support services during its “life” as a listed company.
These measures are designed to ensure quality and boost liquidity on the mid market. The mid market will be launched with the switch of two companies, Binder + Co AG and der Hutter & Schrantz Stahlbau AG, from the segment “other listings” to the mid market.
Heinrich Schaller, Joint CEO of Wiener Börse AG commented: “There is a growing need for capital among smaller companies in Austria and therefore, a market for raising smaller volumes of funds. We firmly believe in the potential of the market and a number of companies have already expressed their interest. Even companies already listed on other segments could also find a new home on the mid market.
“The mid market will play a key role at Wiener Börse in the future. As a market for smaller companies it enables smaller companies from other segments to upgrade by switching to a listing on the mid market, and also acts as a stepping stone for the prime market, the premium segment of Wiener Börse. The medium-term goal for all companies listed on the mid market is the advancement to a listing on the prime market,” Mr. Schaller concluded.
Criteria for admission to the mid market
Michael Buhl, Joint CEO of Wiener Börse AG added: “The mid market is designed to meet the specific needs of diverse companies with smaller financing requirements and therefore not related to size.”
There are no minimum requirements regarding issuing volume or the minimum capitalisation of free float. The most important feature in the mid-market is the function of CMC, which supports the company before and during its initial public offering. The issuer is responsible for complying with the rules and regulations of the primary and secondary markets. The company must publish financial statements, bi-annual reports and a calendar of corporate events. If the company opts for a listing on the unregulated Third Market, it may continue preparing financial statements according to national accounting standards and does not need to change over to accounting according to IFRS and thus save time and money.
Wiener Börse has made a point of not setting up any barriers in the admission criteria. The legal requirements regarding the admission and ongoing obligations are defined in the Stock Exchange Act. The admission document to be submitted for a listing on the unregulated market is a listing prospectus approved by the Financial Market Authority. Below is a list of the most important criteria for the admission to the mid market and the ongoing obligations of a listing.
Criteria for admission to the mid market
| Regulated Market (Official Market, Semi-official Market) | Unregulated Market (Third Market) | |
|---|---|---|
| Minimum capitalization of free float | No minimum requirement | No minimum requirement |
| Type of share | Only ordinary shares | Only ordinary shares |
| Minimum existence of company | Official Market: three years Semi-official Market: one year | One year |
| Support for IPO | Capital Market Coach (CMC) | Capital Market Coach (CMC) |
Transparency criteria on the mid market
| Regulated Market (Official Market, Semi-official Market) | Unregulated Market (Third Market) | |
|---|---|---|
| Financial statement | Publication within four months after the end of the reporting period | Publication within five months after the end of the reporting period |
| Bi-annual reports | Publication within two months after the end of the first half-year | Publication within three months after the end of the first half-year |
| Interim statements (for 1Q and 3Q) | Yes | No |
| Calendar of corporate events | Publication of a calendar of corporate events | Publication of a calendar of corporate events |
| Accounting standards | IFRS | National accounting standards or IFRS |
| Language | German | German or English |
| Obligation to disclose price-sensitive informationen | Yes | Yes |
More information
Contact
Henriette Lininger
Head of Acquisition & Sales
Tel. +43 1 531 65-156
Barbara Dorfmeister
IPO-Acquisition
Tel. +43 1 531 65-269