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Sunday, February 19, 2017 
Market Status: CLOSE
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Frequently asked questions



Why should a company list on the Bucharest Stock Exchange?

Bucharest Stock Exchange is building a competitive capital market in CEE, providing an opportunity for companies looking to raise funds on the Romanian capital market in a dynamic and transparent environment. BVB has recently witnessed an increasing flow of capital coming from retail and institutional investors, both national and international.

The most important advantage of getting listed is attracting financing. Other benefits of coming to the stock exchange are:

  • building reputation and credibility
  • establishing the market value of a company
  • easing the exit for the existing shareholders
  • access to cheaper capital on an ongoing basis.
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What is the difference between the Regulated Market (RM) and the Alternative Trading System (AeRO)?

The two markets mainly differ in the requirements for the listing process and post-listing obligations.

For the Regulated market, a company has to:

  • be a joint stock company,
  • have an anticipated market capitalization of at least 1 million euro (or, if this is not available, it is taken into consideration the company’s shareholders’ equity, [capital and reserves, including profit or loss, from the last financial year] which must be at least 1 million euro,
  • have a free-float of at least 25% (shares not owned by the company, nor by strategic investors)
  • have a history from at least the past 3 years.

For more information about the RM, please consult our specific guide.

For younger companies, which do not fulfill the criteria to be listed on the regulated market, AeRO was created. In order to be listed on AeRO, the company will need to have an estimated capitalization of at least EUR 250,000, estimated either through a previous private placement, an Initial Public Offer (IPO) or based on the trading history on another trading platform. In the absence thereto, the early capitalization will be estimated on the basis of an assessment made by the Authorized Advisor. Other criteria that will be taken into account are: a free float, shares available for trading, of at least 10% or have 30 or more shareholders.

For more information about AeRO, please consult our specific guide.

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What are the steps to list a company on AeRO?

The steps prior to the first trade can be identified as following:

  1. The company owners' decision regarding the financing from capital market / listing on AeRO
  2. Selection of an Authorized Advisor from the list published on BVB website
  3. Transformation into joint-stock company (if needed)
  4. Formal resolution of the statutory body regarding the admission of shares on AeRO
  5. Preparation of documentation (the company's presentation, financial information)
  6. Optional - preparing and conducting a financing operation through capital increase (private placement or initial public offer)
  7. Registration of shares with the Central Depository, sign the contract
  8. Registration of shares with the Financial Supervisory Authority
  9. Complete documentation filed with BVB for the approval of the admission to trading
  10. Admission of the company on AeRO, sign the contract with BVB
  11. First day of trading.
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Whom should I contact for additional information?

If you are interested in listing your company on the Bucharest Stock Exchange, please send us an e-mail at aero@bvb.ro. You may also contact one of the authorized intermediaries for further details. You can see their list here.

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How do I know if my business fits within the scope of AeRO?

AeRO is the perfect place to look for alternative finance if you have a relatively young and small business. The minimum requirements for the companies willing to be listed on AeRO are: at least 250.000 euro anticipated market value, at least 10% free-float or 30 stakeholders. AeRO is the right choice for the entrepreneurs in at least one of the following situations:

  • have an excellent idea that might be a breakthrough if put into practice;
  • lipsa capitalului este cel mai mare obstacol in calea cresterii companiei;
  • the lack of capital is the highest impediment to the company growth;
  • aim for an assessment at an objective price for the company, established by meeting supply and demand.
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What companies do the investors have a chance to buy on AeRO?

AeRO does not target companies from a particular sector, therefore we expect to see companies listing from the IT, services and many more. By attracting entrepreneurs from different domains, investors will be able to diversify their portfolios, with more risky assets classes, but from sectors with high potential, that were not available until now on the Romanian stock market.

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How do I buy shares of companies listed on AeRO?

Through the intermediaries authorized to trade on BVB markets. Trading on AeRO is no way different than trading on the regulated market. You can find the list of intermediaries that you can contact directly here.

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AeRO Contact

aero@bvb.ro

Issuers Department

e-mail: ats@bvb.ro
phone: +4 0213 179.922