Listing Process

Listing on SEM

Overview of the Listing Process

Preparation

  • The Issuer should have initial meetings with the SEM and the Financial Services Commission
  • The Issuer appoints and consults with its advisers (Underwriters, stockbrokers, Corporate Advisers, Accountants, Lawyers, other experts)
  • The Issuer should ensure that its advisors have the appropriate licences.
  • The Listing Particulars and other application documents are prepared by the Issuer and its advisors

Application for Listing

  • The initial application documents for listing, including Listing Particulars, are submitted to the SEM. (In the case of an offer to the public, a Prospectus must be lodged with the FSC)
  • Listing application is reviewed by the Listing Division of the SEM
    The Listing Division reverts to the Issuer with its comments within 10 business days
  • Following the comments made by the Listing Division, the Issuer makes the necessary changes and submits its updated documents to the SEM.
    The timeframe will depend on the time taken by the Issuer to update its application documents.
  • The Final application documents are sent to the Listing Executive Committee (LEC) at least 3 business days prior to the meeting where the application is to be considered.
  • Approval for listing is granted by the LEC.
  • The Issuer can be listed after a minimum of 10 business days following LEC approval.

Marketing and bookbuilding

  • Roadshows and one-on-one meetings with investors
  • Bookbuilding

Admission to listing

  • Subject to successful capital raising & other conditions precedent, the company is admitted to listing on the business day as agreed between the SEM and the Issuer.
  • The necessary arrangements are made for the deposit of share certificates in the Central Depository & Settlement Co. Ltd (CDS)
  • Start of trading

Post-listing : operating as a listed company

  • Compliance with the continuing obligations of the Listing Rules/DEM Rules