ADX · Gulf

Abu Dhabi Securities Exchange

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026

Location: Abu Dhabi, United Arab Emirates
Regulator: Capital Market Authority (CMA), formerly Securities and Commodities Authority (SCA)
Trading currency: AED
Indicative timeline: Not specified

Listing segments

Main Market (First Market)

Minimum market capitalisation: Not specified
Minimum free float: 20%
Track record: 2 years
Profit required: Not specified
Minimum shareholders: 100
Lock-up: Not specified

ADX Operational Rules Booklet, Listing and Disclosure Regulations, Art. 4: local PJSCs list in the First or Second Category. First Category requires, at the end of the prior financial year, net equity at least 100% of paid-up capital, at least 100 shareholders, free float at least 20% of capital and profits in at least 2 of the 3 years before listing. ADX may accept free float below 20% if capital is at least AED 500 million (about USD 136 million) and trading volume would be sufficient; no fixed lower floor is stated. Government PJSCs with a public subscription may be placed in the First Category regardless. The Second Category only requires no transfer restrictions. Free float excludes government holdings, directors, group companies, holders of 5%+, treasury shares and founders' shares during the blackout period. Foreign companies (Art. 11): supervised and listed abroad, equity at least 100% of capital, 2 years with audited accounts, net profits in the last 2 years, fully paid capital at least AED 40 million (about USD 10.9 million), local representative, Listing Advisor for 1 year. Free zone companies (Art. 13): 2 years of audited accounts (government 25%+ exempt), equity 100%, Listing Advisor for 1 year. No mandatory lock-up in ADX rules. Note: a newer edition of the ADX Listing and Disclosure Regulations exists but could not be opened in this run.

Growth Market (Second Market)

Minimum market capitalisation: Not specified
Minimum free float: 5%
Track record: 2 years
Profit required: No
Minimum shareholders: Not specified
Lock-up: Not specified

For private joint stock companies, direct listing without an IPO (rebranded Growth Market, April 2022). ADX rules Art. 5: net equity at least 100% of paid-up capital and at least 2 years since incorporation with audited accounts for each year (or 2 years of activity through subsidiaries). No profit test for initial listing. The 5% minimum listed share capital comes from ADX's 2022 Growth Market announcement as reported in the press, not from the rule text read. Moving to the Main Market requires 3 years on the Growth Market, equity 100% for 2 years, at least 300 shareholders, free float at least 10%, profits in 2 of the last 3 years and ADX liquidity standards.

Foreign issuers

Foreign companies may list (Art. 11) if supervised by a regulator similar to CMA, already listed on a foreign market, a joint stock company or equivalent, with 2 years of audited accounts, net profits in the last 2 years, fully paid capital of at least AED 40 million (about USD 10.9 million), a local representative and a CMA-licensed Listing Advisor for 1 year. Onshore IPO size: the Commercial Companies Law (Federal Decree-Law 32 of 2021, in force 2 January 2022) removed the old fixed 30-70% founders range; the offering percentage on conversion is set by the regulator (now CMA). Free zone companies offering publicly: 25-70% of capital under SCA Decision 25/RM of 2020. Government IPOs have floated as little as 5% (ADNOC Gas, ADX, 2023).

Cost drivers

ADX Fee Schedule (2025): initial listing fee for public and private joint stock companies AED 18,000 (paid-up capital up to AED 500 million), AED 30,000 (AED 500 million to 2 billion), AED 60,000 (above AED 2 billion); annual renewal AED 21,000 / 35,000 / 70,000 (about USD 4,900-19,100). Advisers, bank and CMA prospectus costs are extra.

Recent changes

The ADX Second Market was rebranded as the Growth Market in April 2022 to allow direct listings of private joint stock companies. From 1 January 2026 the SCA was replaced by the Capital Market Authority (CMA) under Federal Decree-Law No. 32 of 2025 (issued 1 October 2025, in force 1 January 2026; CMA is the legal successor of SCA) and Federal Decree-Law No. 33 of 2025 on capital markets, which repealed Federal Law No. 4 of 2000. Existing SCA decisions stay in force until replaced; market participants have a one-year transition period.

Strengths

Home market of Abu Dhabi government-related IPOs, deep pool of local institutional investors
Growth Market allows a private joint stock company to list without an IPO
Free float below 20% possible for companies with capital of AED 500 million or more
Low exchange fees

Watch-outs

First Category needs profits in 2 of the last 3 years and 100 shareholders, otherwise the company trades in the Second Category
Growth Market liquidity is limited, and transfer to the Main Market takes at least 3 years
Rules are being re-issued under the new CMA framework (2026), check the current edition before filing

Sources

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer