General Listing Requirements
A company seeking a listing on the Official List of the Stock Exchange of Mauritius Ltd (SEM) should:
- Demonstrate an adequate trading record with published or filed accounts for the three years preceding the application for listing;
- Have an expected market capitalisation of not less than Rs 20 million; and
- Issue at least 25% of the shares to the public, with a minimum of 200 shareholders, though this threshold may be phased in, with companies issuing 15% of their shares initially, increasing this proportion to 20% within three years and 25% by the end of five years.
Other listing requirements comprise the submission of various documentation, which provide detailed information on the company, an undertaking to conform to the Rules and Guidelines of the SEM, and Listing Particulars to be prepared prior to listing. The Listing Particulars must contain all information that are required in the Listing Rules to enable investors to be reasonably well informed about the securities likely to be listed and the issuer, including the following:
- The assets and liabilities of the issuer
- The financial position of the issuer
- The stated capital of the issuer
- The profits and losses of the issuer
- The directorships of the issuer
- The rights attached to the securities
- The prospects of the issuer
The SEM may, at its discretion and with the approval of the FSC, accept a minimum percentage in public hands of 10 per cent in the case of an issuer with an expected market capitalization which, at the time of listing, is either greater than the average weighted market capitalization of the second ten companies on the Official Market or is over MRU 2 billion.
However, the issuer will need to undertake to increase the shareholding in public hands to 20 per cent within the first three years of listing and to 25 per cent by the end of the fifth year of listing.