Listing requirements

To list on ASX, your company must meet minimum admission criteria, including structure, size, free float and number of shareholders. Requirements are underpinned by principles that ensure market quality.

Admission criteria

Admission criteria	General requirement
Number of shareholders	Minimum 300 non-affiliated investors @ A$2,000 each
Free float	20%
Company size
Profit test	A$1 million aggregated profit from continuing operations over past 3 years + A$500,000 consolidated profit from continuing operations over the last 12 months
OR
Asset test	A$4 million net tangible assets OR A$15 million market capitalisation

Spread of shareholders

Your company must have at least 300 non-affiliated shareholders with holdings valued at a minimum of $2,000 each.

You do not need to have the required spread or free float before the listing application is made. The approval for listing is subject to the company meeting the shareholder spread requirement through the offer of shares associated with the listing application.

Working capital

If you are seeking admission under the profit test, there is no working capital requirement.

If you are seeking admission under the assets test, your company must have at least A$1.5 million of working capital.

This amount must be available after allowing for the first full year’s budgeted administration costs and taking into account the costs of acquiring any assets referred to in its prospectus.

The prospectus, PDS or information memorandum for the offer must also include a statement that your company has sufficient working capital to carry out its stated objectives

Ongoing reporting

Financial reporting is required on a half-yearly and annual basis in Australia.

Certain companies that are listed without a track record of revenue or profit are required to also file quarterly cash flow statements.

In addition, mining and oil and gas exploration companies are required to file quarterly reports on cash flow and activities including changes in tenement interests, issued and quoted securities.

Dual listing

A company that is already listed on a foreign exchange can also list on ASX as an ASX Listing or ASX Foreign Exempt Listing.

A company that dual lists on ASX as an ASX listing must generally comply with all of the ASX Listing Rules.

An ASX Foreign Exempt Listing must comply primarily with the rules of its home exchange and is exempt from most of ASX's Listing Rules. Other than for New Zealand companies, high financial thresholds apply for a company to be admitted as an ASX Foreign Exempt Listing.

There are currently 57 New Zealand Based companies listed on ASX.