Exchange options
The four venues below suit different stages. AIM and the growth segments in Dubai and Astana accept younger companies, while the LSE Main Market is for issuers that can reach a meaningful market value. Requirements are taken from the exchange profiles on this site.
| Exchange | Where | Segment to start | What is required |
|---|---|---|---|
| AIM | London (rules of the London Stock Exchange) | AIM | No minimum market value, free float, track record or profit in the rules. A Nominated Adviser (Nomad) is required at all times. If the business has not been independent and revenue-earning for 2 years, related parties and key staff are locked in for 12 months. |
| Nasdaq Dubai | Dubai, DIFC (regulator DFSA) | Growth Market | Expected value below USD 250 million, 1 year of audited accounts, free float 25%, working capital for 12 months, 12-month lock-in for all pre-listing shareholders, usually a compliance adviser. No profit test. |
| AIX | Astana, AIFC (regulator AFSA) | Regional Equity Market Segment (REMS) or Main Market | REMS below USD 200 million: 1 year of audited accounts, no profit test, free float 10%. Main: market value from USD 1 million, 3 years of accounts with at least one profitable year (waivable). Rules apply equally to issuers from any jurisdiction. |
| LSE Main Market | London (regulator FCA) | ESCC category | Expected market value from GBP 30 million, free float 10%, an FCA-approved sponsor, prospectus with 3 years of audited accounts. A third-country company generally needs a listing at home or where most of its shares trade. |
Typical structures
Technology companies with Armenian teams often already have a holding company abroad, set up for venture investors. In that case the listing vehicle exists, and the work is to bring its governance, accounts and share capital up to public company standards. AIM, in practice, expects a structure similar to a UK plc.
Groups without a foreign holding consider either a listing of the Armenian company itself on the Armenia Securities Exchange or a new holding in the DIFC, ADGM or AIFC. A holding in a financial centre is easier to explain to international investors, but it requires transferring shares of the Armenian company and recording that transfer correctly under Armenian law.
- Existing venture holding listed on AIM: the most common path for technology companies with foreign investors.
- DIFC holding on the Nasdaq Dubai Growth Market: USD listing with one year of audits.
- AIFC holding or direct issuer on AIX REMS: low entry thresholds and a regional investor base.
- Armenian JSC on AMX: a domestic first step before a foreign offering.
The home market: Armenia Securities Exchange
The Armenia Securities Exchange (AMX) is the national venue, supervised by the Central Bank of Armenia. The market is small and dominated by bonds, with few listed shares. AMX rules are not covered in this site's exchange database, so a domestic listing needs to be assessed with local counsel against the current rules.
For a company that plans a foreign offering later, an AMX listing can still help: it creates a public price, a disclosure record and governance practices that foreign advisers will examine during due diligence.
What to verify in Armenia
- Whether a public offering of shares or depositary receipts abroad needs registration, notification or a prospectus approval in Armenia.
- Currency and banking rules for receiving proceeds abroad and paying dividends to a foreign holding.
- Tax treatment of transferring shares of an Armenian company to a foreign holding, and the IT sector tax regimes if they apply.
- Employee share option plans: how existing options in the operating company are converted into the listed vehicle.
- Sector licences, for example in finance or telecommunications, where a change of control may require approval.
A practical order of steps
- Check whether the current holding structure can serve as the listing vehicle.
- Start IFRS audits: one year is the minimum on growth segments, three years for the LSE Main Market.
- Shortlist venues by size and investor base: AIM, Nasdaq Dubai Growth or AIX REMS.
- Obtain a local opinion on share transfers, currency rules and tax.
- Appoint the Nomad, sponsor or listing adviser required by the chosen venue.