To list a company with Australian Stock Exchange (ASX), the company must satisfy the minimum admission criteria concerning structure, size, free float and number of shareholders. These requirements ensure the quality of the market that ASX operates. The company must:
- have a minimum of 300 non-affiliated investors at $2000 each
- have a free float of 20%
- be of a particular size worked out using the profit test or the asset test.
- If seeking admission under the asset test, the company must also have working capital of $1.5 million
The company does not need to have the required shareholder spread or free float before the listing application is made. The approval for listing is granted subject to the company meeting the shareholder spread requirement through the offer of shares associated with the listing application.
