AIX hosts a diverse range of securities with wide geographical coverage, representing companies across multiple sectors of the economy. AIX provides businesses with a trusted platform to raise capital, expand visibility, and improve liquidity. With a streamlined and secure listing process, supported by dedicated expertise at every stage, we help issuers access opportunities for growth and long-term success.
Products
AIX enables 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:
| Requirements | IPO/SPO | REMS | JUNIOR MINING |
CROSS LISTING
|
|---|---|---|---|---|
| Residency | Any | Any | Any | Any |
| Prospectus | Full Prospectus compliant with AIFC Market Rules | Simplified Prospectus based on AIX template | 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 | 3 years | 3 years |
| Offering size at the date of listing | not less than $1mln | not less than $1mln, yet the Company may use direct listing option | not less than $1mln | N/A |
| Liquidity requirement | Market-maker requirement | |||
| Additional requirement | N/A | Inform AIX as soon as free-float capitalization has increased above $200 mln for a consecutive period of twelve (12) calendar months | Competent person's report no later than 6 (six) months before the date of the Prospectus | N/A |
List of required documentation for admission of securities to listing and trading
AIX offers companies the opportunity to issue various types of debt securities, enabling them to raise capital from a wider market while enhancing their visibility among investors. Use the comparison table below to determine the most suitable admission type for your company:
| Requirements | Public | Exempt | Wholesale | Commercial Papers | SME Bonds |
|---|---|---|---|---|---|
| Target Investors | Not limited | Accredited investors | Accredited investors | Accredited investors | 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 done 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.
On December 5, 2022, AIX introduced a new chapter to the AIX Business Rules on issuance and listing of ESG-Labelled Bonds using "open architecture" structure. This structure gives flexibility to issuers to attract responsible financing for their sustainability-linked projects through a wider range of instruments under internationally recognized standards. The ESG-Labelled Bonds may include social and sustainable and other ESG-labelled bonds such as blue bonds, transition bonds and sustainability-linked bonds on AIX.
| Requirement | ESG labelled bonds |
|---|---|
| Audited financial statements for the period | 2 years, no profitability requirements |
| Offer volume | minimum $500,000 |
| External Review | Required, expert review shall include: Independent second-party opinion Verification by qualified independent parties, such as auditors |
| Use of proceeds | Financing or refinancing of the Green/ESG-labeled Projects. |
| Post-issuance reporting | Inform the public about how funds are being allocated to projects and, where possible, the expected/achieved environmental impacts |
The Astana International Exchange is heavily involved in developing and promoting Islamic finance, which makes use of bonds (sukuks) and private placements to finance projects. Unlike conventional finance, Islamic finance prohibits certain practices, such as charging or earning interest (Riba), excessive uncertainty (Gharar), and investing in prohibited (haram) sectors like gambling, alcohol, or pork-related industries. Instead, it emphasizes risk-sharing, asset-backing, and ethical investing.
| Requirement | Islam 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 listing exchange's 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?
