Since 2010, the bourse has operated an ATS in a bid to provide access to trading to newly-set up companies, but results have not met expectations. Thus, the bourse is re-launching the system as a funding platform for startups.
“The alternative trading system was set up several years ago and several companies are present on this platform. However, we are not satisfied with the way this market functions. Companies present on the ATS have not used the bourse to raise capital,” stated BVB’s general manager Ludwik Sobolewski.
Four companies and a real estate investment vehicle registered in Cyprus are traded on the ATS. All the listings were technical ones, none of the companies carried out an IPO for investors. The re-launch of the ATS, renamed as AeRo, will take place by yearend after it is okayed by the financial watchdog ASF. At least five companies are about to make a decision about floatation, according to Sobolewski.
BVB representatives have had several meetings with companies of major cities in Romania in a bid to identify companies interested in a possible floatation on ATS. The market will offer companies visibility and the opportunity of getting listed on the regulated market as they develop, said Sobolewski.
To float on the AeRo platform, small entrepreneurs will need a consultant licensed by BVB. The consultant’s task will be to prepare necessary documents and then assist the company for a year after floatation in drawing up financial reports.
Licensed consultants will be legal entities that will have to prove their experience on the capital market and a certain level of professionalism, according to BVB general manager, who added licensed consultants can be brokerages, law firms or auditors.
Floatation on AeRo platform will involve simplified procedures and will be carried out through a stock IPO or private placement. Minimum costs for admission to trading will revolve around RON1,000.
Minimum criteria for floatation are a free-float of at least 10% or minimum 30 shareholders, as well as estimated market value of at least EUR250,000.
On the Warsaw stock exchange, which Sobolewski ran until the beginning of last year, NewConnect alternative system dedicated to small companies has been operational for seven years. At present, the Polish ATS has reached 436 companies with a bourse capitalization of EUR2.3 billion.
(English version by Catalina Apostoiu)