AIX hosts a diverse range of securities with wide geographical coverage, representing companies across multiple sectors of the economy. We enable the issuance of various types of instruments that can be structured according to the issuer’s preferences. "Admission" refers to the form of securities' access to AIX Official list and trading on AIX. Use the comparison table below to determine the most suitable admission type for your company:
Products
Equity instruments include common shares, preferred shares, depositary receipts, and other instruments representing equity capital.
| Requirements | IPO/SPO | REMS | JUNIOR MINING |
CROSS LISTING
|
|---|---|---|---|---|
| Residency | Any | |||
| Prospectus | Full Prospectus compliant with AIFC Market Rules | Prospectus without Summary | Full Prospectus compliant with AIFC Market Rules | Prospectus Summary compliant with AIFC Market Rules |
| Free float | 10% | 10%, but not more than $200 mln | 10% | N/A |
| Revenue | Required; at least one year is in net profit | N/A | N/A | N/A |
| Issue and settlement currency | Any, subject to AIX CSD settlement eligibility | |||
| Audited financial statements | 3 years | 1 year | 1 years | 3 years |
| Offering size at the date of listing | not less than $1 mln | not less than $1 mln, yet the Company may use direct listing option | not less than $1 mln | N/A |
| Liquidity requirement | Market-maker requirement | |||
| Additional requirement | N/A | Inform AIX once free-float capitalization has exceeded $200 mln for a consecutive period of twelve (12) calendar months | A Competent Person’s report no later than six (6) months before the date of the Prospectus | N/A |
List of required documentation for admission of securities to listing and trading
Debt instruments include bonds, notes, sukuk, and other instruments representing borrowed capital and an obligation to repay principal and/or interest.
| Requirements | Public | Exempt | Wholesale | Commercial Papers | SME Bonds |
|---|---|---|---|---|---|
| Target Investors | Not limited | Professional client | Professional client | Professional client | Not limited |
| Offering Document | Full Prospectus compliant with AIFC Market Rules | Terms and Conditions based on AIX template | Offer document based on AIX template | Terms and Conditions based on AIX template | Terms and Conditions based on AIX template |
| Credit rating or prudential requirements | Not required | Not required | Not required | Required as per AIX notice | Not required |
| Offering size | At least $500K | At least $500K | At least $500K | At least $500K | not less than $500K and not more than $5 mln* |
| Bond tenor | Not limited | Not limited | Not limited | Not more than 1 year | Up to 37 months |
| Face value | Not limited | Not limited | Not less than $100K | Not limited | Not limited |
*Any subsequent offer can be conducted in compliance with AIFC MAR Rules 1.2.2(1)(e): the total aggregate consideration for the SME Bonds offered by an Issuer should be less than USD 5,000,000, calculated over a period of 12 months.
Sustainable instruments include green, social, sustainability, and sustainability-linked bonds or other instruments where proceeds are used for, or terms are linked to, environmental and/or social objectives.
| Requirements | ESG labelled bonds |
|---|---|
| Instrument type | Debt instrument where proceeds are used to finance or refinance projects with environmental or social benefits provided that such projects or targets align with internationally recognised sustainability standards endorsed by AIX. |
| Expert report | Obtain an independent expert report confirming that:
|
| Post issuance reporting | After issuance, the issuer must provide market disclosure of how proceeds are allocated to eligible projects, at least annually until full allocation, and thereafter if there are material updates. The first report must be verified by an independent expert. |
Islamic instruments include sukuk and other Shariah-compliant instruments structured to comply with Islamic finance principles.
| Requirements | Islamic Finance Products |
|---|---|
| Shariah Compliance Certification | Instruments must undergo review and approval by a Shariah Supervisory Board or a certified Shariah advisor. The board ensures compliance with Islamic principles in the structure, documentation, and use of proceeds. |
| Structuring Through SPVs | Islamic finance products often use a Special Purpose Vehicle (SPV) to facilitate the transaction. The SPV owns the underlying asset and issues securities to investors. For Sukuk, the SPV typically leases or sells the asset back to the issuer in a pre-agreed manner to ensure compliance. |
| Underlying Asset Requirements | Sukuk must be backed by tangible assets (e.g., real estate, infrastructure, or trade receivables). Assets must be halal, and proceeds from the instruments must not be used in prohibited industries. |
| Profit Distribution Mechanism | Returns to investors must be based on the actual profit or lease income from the underlying assets, avoiding fixed interest-like payments. |
| Documentation | Clear legal agreements outlining the structure, risk-sharing, and obligations of all parties involved. |
| Ongoing Shariah Compliance | Regular audits or reviews by the Shariah board to ensure compliance throughout the lifecycle of the instrument. |
| Regulatory Compliance | Adherence to the exchange's listing rules and regulations, including disclosure requirements, risk assessments, and governance standards. |
Structured products and investment funds provide investors with unique and often customized solutions to diversify portfolios and manage risk. Listing these products on our platform offers a gateway to broader exposure, growth, and access to diversified investments.
Structured Products:
Structured products are pre-packaged investments that typically combine traditional securities, such as bonds or equities. They can be tailored to various risk-reward preferences, allowing investors to participate in market gains while managing downside exposure.
Investment Funds:
These include investment funds offering a range of investment options that cater to various objectives like capital growth, income generation, or diversification.
| Requirements | Structured products | Non-exempt funds | Exempt funds |
|---|---|---|---|
| Target Investors | Not limited, subject to the structure | Not limited | Professional investors |
| Offering Document | Full Prospectus compliant with AIFC Market Rules or Offer Document | Offering Material compliant with AIFC CIS Rules, AIFC MAR and AIX Business Rules | Offering Material compliant with AIFC CIS Rules, AIFC MAR and AIX Business Rules |
| Credit rating or prudential requirements | Not required | Not required | Not required |
| Offering size | At least $500K | At least $1M | At least $1M |
| Liquidity | N/A | Market-maker requirement | N/A |
List of required documentation for admission of securities to listing and trading
- What costs are associated with an IPO?
- How long does the IPO process typically take?
- What is a prospectus and why is it important?
- What are the typical regulatory requirements for listing on an exchange?
- What is the role of underwriters in an IPO?