REVISED BSE LISTING NORMS FOR IPOs & FPOs
Revised eligibility criteria for listing of
companies on the BSE, through Initial
Public Offerings (IPOs) & Follow-on
Public Offerings (FPOs), has come into
effect from August 1, 2006. This would
be in addition to the conditions prescribed
under SEBI (Disclosure and Investor
Protection) Guidelines, 2000.
. In respect of Large Cap Companies
. In respect of Large Cap Companies
- Minimum post-issue paid-up capital of the applicant company shall be Rs. 3 crores;
- Minimum issue size shall be Rs. 10 crores; and
- Minimum Market Cap (M-Cap) of the Company shall be Rs. 25 crores
In respect of Small Cap Companies
- Minimum post-issue paid-up capital of the Company shall be Rs. 3 crores;
- Minimum issue size shall be Rs. 3 crores;
- Minimum Market Cap of the Company shall be Rs. 5 crores;
- Minimum income/turnover of the Company should be Rs. 3 crores in each of the preceding three 12-months period; and
- Minimum number of public shareholders after the issue shall be 1000.
- A due diligence study may be conducted by an independent team of Chartered Accountants or Merchant Bankers appointed by the Exchange, the cost of which will be borne by the company. This requirement may be waived if a financial institution or a scheduled commercial bank has appraised the project in the preceding 12 months.
For all companies :
- The applicant, promoters and/or group companies, should not be in default in compliance of the listing agreement.
- In respect of the requirement of paid-up capital and M-cap, the issuers shall be required to include in the disclaimer clause forming a part of the offer document that in the event of the M-cap (product of issue price and the post issue number of shares) requirement of the Exchange not being met, the securities of the issuer would not be listed on the Exchange.
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