Listing requirements and fees in Baku Stock Exchange

Every year, dozens of companies (issuers) in Azerbaijan get the opportunity to raise additional millions in their businesses by placing shares and bonds in the capital markets. Before issuing securities on the stock exchange, the issuer first applies for listing on the Baku Stock Exchange (BSE). Securities traded on the Baku Stock Exchange are listed in 2 (two) market segments based on financial, accountability, transparency and corporate governance indicators of the issuers, and each segment reflects the company's level of development. After listing on the BSE, the securities are presented to the investor base and placement is executed.

Premium Segment

Here, issuers are expected to meet requirement such as advanced organizational, financial, disclosure and management standards, profitability, and free market turnover on shares.
In the premium market segment, government securities are traded, as well as securities of international organizations of which the Republic of Azerbaijan is a member, including issuers that demonstrate high operational and financial performance, applying advanced organizational, financial, disclosure and management standards.

Standard Segment

The requirements for listing here are a bit lenient. The total amount of the issuer's authorized capital must be at least 200,000 manat. There is no requirement for the volume of free circulation.

List of documents required for Listing application

The issuer must submit the documents required by the Exchange for the listing of securities in electronic form or on paper in accordance with the legislation of the Republic of Azerbaijan.

  1. Form-1 (application form for listing) (Application 1)
  2. Statement of the issuer on compliance with the requirements of these Rules and the accuracy of the information provided
  3. Copy of the document on state registration of securities
  4. Certificate of state registration of legal entities
  5. Notarized copy of the issuer's charter
  6. If the issuer is engaged in a type of activity requiring a license, copies of those licenses
  7. If there is an agreement between the exchange member and the issuer on the placement of securities and any agreement on turnover, a copy of such agreements (underwriter agreement)
  8. Issuance prospectus or information memorandum approved in accordance with the legislation
  9. Document confirming these rights of the person represented on behalf of the issuer by the legislation or its notarized copy
  10. Speed of the agreement on security of securities and maintenance of the register of holders of securities and appendices to the agreement (agreement with NDC)
  11. Copies of audited financial statements and auditor's report
  12. Extract from the register of securities owners or statement of approval of the volume of free circulation

The Listing Committee may request the issuer to substantiate other information and documents necessary for the approval of the information submitted by the issuer.