Main Market Listing

The Main Market is the principal market for the trading of securities, according to international practice ("Regulated Market"). It is entirely conformed to EU standards and is supervised by the Hellenic Capital Market Commission (HCMC). 

The Main Market mainly addresses medium and big capitalization companies with growth prospects, while providing accessibility to cross-border capital raising and shares' participation in European indices.

The listing procedure, as well as, the obligations of the companies listed on the Main Market, is equivalent to respective practices of other European Exchanges.


Listing Requirements

A company must satisfy the listing requirements prior to filing a listing application. Apart from meeting the quantitative criteria listed below, a company's suitability for the floatation of its shares in the Regulated Market depends also on the evaluation of specific characteristics such as industry sector, investment plan, management team, revenue growth and prospects.

The listing requirements for the Main Market, are as follows:


Shareholder's Equity

min € 3.000.000

Corporate Governance


Financial Statements

3 fiscal years



EBITDA 3 years aggregate

min € 3.000.000

EBITDA  per annum

Positive EBITDA for last 2 fiscal years



Pre tax profit 3 years aggregate

min € 2.000.000

Pre tax profit per annum

Profitability for last 2 fiscal years

Free Float


minimum %

where due to the large number of shares
the smooth operation of the market is

number of persons holding <5%

min 300

(< 300 in case that the free float has been achieved through a private placement,
that took place before the approval of the relevant listing prospectus.

Tax Audit

For all fiscal years for which annual financial statements have been published
In case of tax unaudited fiscal years the underwriter must certify the adequacy of the provisions recognized in the last published financial statements

Shares lock-up

For companies with estimated capitalization < 100 m €, during the first year following listing, major shareholders (>5%) are allowed to transfer shares that represent a maximum of 25% of their holdings.

Minimum value of shares offered

min € 2.000.000

Listing Procedure

1. Selection of Underwriter

The first step for a company to go public is the selection of an Underwriter, who will coordinate and manage the listing procedure.

2. Preparation of the listing application

The preparation of the listing application is the task of the Underwriter who works closely together with the issuer.

3. Listing application

The Underwriter, jointly with the company,will submit the listing application to ATHEX, along with the necessary supporting documents.

4. Approval by ATHEX

ATHEX approves the listing application. All the listing requirements are fulfilled at this stage, except for the free float adequacy, which will be achieved upon the completion of the IPO.

5. HCMC's approval

  • HCMC approves the listing Prospectus & grants permission for the IPO.
  • Publication of the Prospectus on the website of ATHEX and the issuer.

6. IPO procedure  

During the IPO the company raises the funds and achieves an adequate free float.

7. Approval by ATHEX - Admission to trading

  • The Underwriter submits to ATHEX the relevant documents  concerning the admission to trading and the free float adequacy.
  • ATHEX approves admission to trading.

8. Start of trading

The issuer sets the trading date.


In the ATHEX Rulebook, section 3.1.8, you can find more details regarding  the listing procedure on the Main Market.


Regulatory Framework

The regulatory framework includes the following:

A. Athex Exchange Rulebook

     See the ATHEX Rulebook.

B1. Resolutions for listing on the Main Market

  • Resolution 28 - Documents required for the primary listing of transfee securities in the ATHEX.

B2. Resolutions regarding listed companies

  • Resolution 27 - Documents for corporate actions of Issuers
  • Resolution 25 - Additional information submitted by the companies listed in ATHEX

Listing Fees

ATHEX charges for a company that wishes its shares to be listed to the Main Market include:

1. Application fee

A.Payment of € 5,000 on submission of the application

This amount will be paid regardless of whether the company's shares will be listed to the Main Market

2. Registration fee

Α. The companies whose shares atr admitted to trading on ATHEX for the first time pay a lump sum as listing right, which is calculated according to the following scale:

 VALUE OF LISTED SHARES % on the share value
Up 1,000,000,000    0.04%
1,000,000,001  - 3,000,000,000 0.02%
Over 3,000,000,000 0.00%


Β. The value of the stocks to be admitted to trading results as the product of the number of listed securities times the admission price.

C. The minimum threshold of the ump sum admittion fee is € 5,000. In case of admittion to trading, the lump sum relating to the listing rights paid by the company shall be reduced by the above amounts.

3. Annual subscription fee

The companies whose shares are listed in the 'Main Market' and 'Under Surveillance' Market  Segments are obliged to pay to ATHEX quarterly subscriptions in advance.

1.The quarterly subscriptions are calculated based on the category in which the listed company's shares were traded prior to the end of the quarter.

2. The calculation of the subscription owed, is made according to the followig scale:

 Capitalization (in €)  % on the share value
Up to 100,000,000    0.0025%
100,000,001 - 250,000,000   0.0020%  
250,000,001 and above   0.0005%


3. The annual minimum amount of subscription can not be less than € 1,000.

4. Issuers whose transerable securities are traded 'Under Surveiliance', the quarterly contribution will be increased by 120%, the threshold being € 5,000.

5. Such quarterly subscriptions are fully prepaid in the beginning of each calendar quarter regardless of the days of trading of the company securities in the quarter.The value of the company's listed securities results from the formula:                        

(of the last month of the previous quarter of reference)

As an exception and only for the first quarterly subscription, the price of admission is considered as the average price of the share.

6. For companies with an average quarterly capitalizationless than 100 million euros,

i.the maximum amount of annual subscriptions cannot be above € 7,000

ii. a discount will apply on the subscription amount paid in advance based on the liquidity of their shares during the previous quarter, as follows:

  • 15% discount on the subscription amount paid in advance, if the quarterly Time Spread is less than or equal to 2%
  • such discount does not apply if the company is billed the minimum limit of € 1,000 or the maximumlimit of € 7,000.

See Resolution 24 of ATHEX, regarding new listing fees & quarterly subscriptions.

4. Registration Fee

Α. Examination of the application file for the provision of the Initial Recording Service: € 1,000.

a. A rate of 0.20% on the issue value, as this is specified below, up to a value of € 3,000,000
b. A rate of 0.15% on the issue value, for a value between € 3,000,000.01 and € 9,000,000
c. A rate of 0.10% on the issue value, for a value between € 9,000,000.01 and € 15,000,000 and
d. A rate of 0.05% on the issue value, for a value exceeding € 15,000,000.01

Minimum: € 3,000 per Initial Recording.
The issue value to which the scale is applied is equal to the product of the subscription price or the listing price of each stock multiplied by the number of stocks.

B. Maintainance of issuer data and securities
€ 600 per year and per issuer and in addition:
An annual scale shall be applied as a percentage to the value of the recorded securities:

a. A rate of 0.0015%, up to a value of € 40,000,000
b. A rate of 0.0010%, for a value between € 40,000,000.01 and € 100,000,000
c. A rate of 0.0005%, for a value between € 100,000,000.01 and € 200,000,000 and
d. A rate of 0.0001%, for a value exceeding € 200,000,000.01

Maximum: € 2,500 per year and per issuer

See Resolution 18 of ATHEX CSD for all charges relating to the registration of the securities in the DSS.


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