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NSES Listing Process
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How to List on NSES

A comprehensive guide to the listing process, requirements, and best practices for companies seeking to go public on the National Securities Exchange Of Somalia

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The Path to Public Listing

Listing on NSES is a significant milestone that requires careful planning, preparation, and execution. The process involves multiple stages, from initial assessment and preparation to the final listing day and beyond.

Our step-by-step guide provides a roadmap for companies considering an NSES listing, with insights into requirements, timelines, and best practices to ensure a successful public offering.

How to Become a Listed Company

Companies seeking to list on NSES must meet specific requirements depending on the market segment they are targeting. Below are the key eligibility criteria for each segment.

Market Segments

Main Market

For larger, established companies with a proven track record.

Key Requirements:

  • Operating track record of at least 3 years, or evidence of a core investor with 3 years' operating track record with substantial equity and involvement in management
  • Must have declared profits after tax attributable to shareholders at least once in the last 3 financial years
  • Financial statements prepared in accordance with IFRS or applicable accounting standards in Somalia
  • Minimum free float of 15% of total shares in the hands of at least 500 public security holders
  • Submission of all applicable documents as prescribed by the Exchange

Growth Market

For growing companies seeking to access capital markets.

Key Requirements:

  • Operating track record of at least 2 years, or evidence of a core investor with 2 years' operating track record with substantial equity and involvement in management
  • Financial statements prepared in accordance with IFRS or applicable accounting standards in Somalia
  • Minimum free float of 10% of total shares in the hands of at least 50 public security holders
  • Submission of all applicable documents as prescribed by the Exchange

SME Board

For small and medium enterprises with growth ambitions.

Key Requirements:

  • Minimum operating history of 1 year
  • Minimum market capitalization of $1 million
  • Audited financial statements for 1 year
  • Minimum 15% public float or $500,000 in public hands
  • Basic corporate governance structure
  • Solid business model with growth prospects
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