The listing process involves several key steps to successfully bring a company's securities to the public market.
Choose Your Segment
Our mission is to develop trusted and liquid capital markets in Central Asia and beyond by providing innovative products and services for businesses and investors. All securities on AIX are listed on the Main Market and publicly traded AIX trading platform. There are different segments within the Main Market, each fulfilling different issuer requirements, which allows exemptions from standard listing requirements. Select the segment that aligns with your goals.
Programme
For state-owned enterprises
transitioning to private ownership.
Eligibility: State entities in privatization phases.
Benefits: Attraction of private capital and diversification of ownership structure.
Learn moreFor mining companies in Kazakhstan and the region to raise capital on AIX.
Eligibility: Companies must have a qualified report on geological performance and mineral reserves.
Benefits: Exemption from net income and minimum market capitalization listing requirements.
Learn moreSharia-compliant listing options for Islamic investors.
Eligibility: Compliance with Islamic financial principles.
Benefits: Access to ethical finance and Islamic capital markets.
Learn moreCorporate financing options for businesses across industries.
Eligibility: Companies meeting basic listing standards.
Benefits: Broad access to institutional investors.
Learn moreFor sustainable projects and environmentally friendly financing.
Eligibility: Must meet green project criteria and demonstrate impact.
Benefits: Access to green-focused capital and sustainable investor base.
Learn moreIdeal for companies in the Belt and Road Initiative network
Eligibility: Projects aligned with Belt and Road objectives.
Benefits: Access to regional investors and strategic partnerships.
Learn more- EQUITY
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Standard Listing
Raising capital by issuing new securities or selling existing securities to new investors.
This process allows a company to raise capital from a wide range of investors and meets standard listing requirements, such as financial disclosures and corporate governance.
Ideal for: Companies seeking to raise capital and increase brand visibility.
Process: Conduct an IPO with an underwriter, fulfill disclosure requirements, and meet regulatory standards.
Benefits: Access to a broad investor base, increased liquidity, and enhanced company profile.
Dual ListingListing the same class of securities on two or more exchanges simultaneously.
Unlike cross-listing, which uses the primary exchange’s regulatory framework, dual listing requires meeting all the regulatory requirements of both exchanges independently.
Ideal for: Large companies seeking full participation in two different markets.
Process: Complete two separate listing applications, fulfilling the regulatory requirements and disclosures for each.
Benefits: Full exposure in two markets, increased share liquidity, and access to investors from multiple regions.
Cross ListingListing securities that are already traded on another exchange.
This approach can broaden investor reach and enhance liquidity while giving the company exposure to international markets.
Ideal for: Companies seeking to attract international investors or boost visibility in new markets.
Process: List shares on another exchange outside of the company’s primary market, fulfilling local regulatory requirements.
Benefits: Increased liquidity, international recognition, and access to a diverse investor base.
Direct ListingListing a company’s securities without raising capital.
This path has been developed to provide flexibility for REM companies with unique structures and capital needs. This type of listing is ideal for companies that want to go public without underwriting fees.
Ideal for: REM companies with substantial brand equity or those able to attract public market interest without the need for IPO marketing efforts.
Process: The company registers its existing shares with the exchange, meets required listing standards, and begins public trading directly.
Benefits: Lower costs, avoids share dilution, and allows market-driven share pricing.
- DEBT & STRUCTURED PRODUCTS
To list on AIX, companies must meet baseline requirements related to financial health, governance standards, and business operations. Specific eligibility varies by listing type and sector, ensuring a solid foundation for investors. Each listing type—Standard, Direct, Cross, or Dual—has additional criteria to ensure alignment with the exchange's standards and the chosen segment’s demands
Documentation
All applicants must provide core documentation such as audited financial statements, corporate governance disclosures, and prospectus or offering circulars. Documents verify company health, transparency, and alignment with AIX’s regulatory framework. Structured listings, bonds, or other instruments may need additional certifications and detailed product documentation to support investor decision-making.
The listing process involves several key phases:
Application1 business week
- Initial application/first meeting with AIX representatives
- Compilation of listing pack
- Prospectus/offering material drafting
- Pre-listing sign-off and pre-payment
Due diligence4-6 business weeks
- Submission of pack via OLP
- Customer risk assessment
- Assessment of listing eligibility
- Prospectus/offering material review (~3 rounds)
- Opening of Issuer’s account at AIX Registrar + ISIN (if applicable)
Approval1 business week
- AIX listing decision
- Submission of assessment report to AFSA
- AFSA’s silent consent or stop order
Marketing1 business day
- Prospectus/offering material approval
- Prospectus/offering material publication
- Solicitation/Book building
- Pricing
- Publication of pricing supplement
Admission1-2 business day
- Listing agreement sign-off
- Admission to AIX official list
- Admission to trading
Timelines differ based on listing type but typically range from several weeks to a few months, depending on the segment's complexity and issuer responsiveness. Milestones ensure each step meets compliance standards, streamlining the listing journey.