The Irish Stock Exchange is to launch a new market for small to mid-sized companies on April 12.
The move is a response to recent moves by many smaller Irish companies to bypass Dublin in favour of a listing on London's AIM market.
The ISE says it has invited all companies currently quoted on the Exploration Securities Market (ESM) and Developing Companies Market (DCM) to transfer to the new Irish Enterprise Exchange (IEX) from the opening of trading on April 12. All IEX companies will be included in the ISEQ index.
On this basis, IEX will have an initial base of eight companies, while the ESM and DCM will cease to exist. The exchange hopes the new market will attract Irish companies who are seeking a listing on the AIM and in Dublin.
The exchange says the IEX rules have been designed specifically for smaller companies and will allow firms the option of coordinating admission to IEX and the AIM using 'essentially the same admission document'.
The admission rules for markets such as the IEX and AIM are looser than those for the main markets. No trading record is required, no minimum number of shares must be in public hands, and in most cases prior shareholder approval is not needed for acquisitions or disposals. Companies applying for an IEX listing must have a market capitalisation of more than €5m.
