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The listing process

A stock market listing is a strategic decision for companies. The main reasons for going to the market include: raising financing, increasing visibility, providing shareholders with liquidity and obtaining an objective valuation of the company. The section "Advantages of being listed" contains a detailed explanation of the various benefits that being listed on the stock market can bring to your company.


The listing process

A stock market listing is an important decision for any company.

In this section we shall explain the procedures that a company must follow once it has taken the decision to list its shares on the stock market. To access the stock market a series of prior requirements must be met and subsequently the best procedure for the company´s needs and objectives must be chosen.


  • The Company: The main player in the process and the one that takes all the key decisions. The company is the main source of information for the documents that need to be prepared.
  • Global coordinator: Responsible for designing the transaction, coordinating all the entities involved, preparing the placement, among other tasks.
  • Placement entities and underwriters: Promote the sale of shares among investors. If they commit to buying or subscribing the shares that are not placed in the IPO/public offering, they become underwriters.
  • Agent: Manages share subscription or purchase applications, performs the settlement of the transaction and often acts as custodian for the securitites and payment manager.
  • Auditors: Perform the audit of the company, and, at the request of the coordinating entities, issue an opinion on the information contained in the IPO prospectus that is subject to audit. This opinion is named: "Comfort Letter".
  • Legal Advisers: Prepare the legal documents required by the Stock Market and CNMV (prospectus, etc.)
  • CNMV: The Spanish Securities Markets Commission (Comisión Nacional del Mercado de Valores) or CNMV is the entitiy responsible for supervising and inspecting the Spanish stock markets. It verifies that a company complies with all listing requirements, monitors advertising relating to the deal, approves the IPO prospectus and asks for periodic financial information and relevant facts.
  • Bolsas y Mercados Españoles (BME):
    • Spanish stock market: Admission and listing of the securities in the stock market trading system.
    • Central depository (Iberclear): Includes book-entries in the system and manages settlements.




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