Equity Capital Market (ECM) provides a medium for companies to raise capital through activities such as initial public offerings (IPOs), rights issue placements, private placements, etc. When companies raise funds by selling shares to the public (typically for the first time) and being listed on the stock exchange, this process is known as initial public offering or simply IPO. By going IPO, companies can raise additional funds to invest in their new projects and expand their business.
Benefits of going IPO include:

  • Having access to capital
  • Ability to enhance company’s brand image, public profile and credibility
  • Ability to employ share remuneration plans for staffs
  • Becoming a benchmark in the industry
  • Having high liquidity
  • Ability to conduct strategic acquisitions

AYA Trust is committed to offer most effective and efficient financial solutions to our clients in all areas of equity fund raising exercise.
Our areas of expertise include:

  • Underwriting for IPOs
  • Rights Issue Placement
  • Private Fund Raising
  • Public Share Placement
  • Mergers and Acquisitions (M&As)
  • Other Financial Advisory Services

Formal Listing Requirements

    • Minimum number of floating shares: 5,000
    • Minimum market capitalization of floating shares: 500 million kyat
    • Profitable for the last two years or market capitalization of issuer > 10 billion kyat
    • Minimum paid-up capital amount of 500 million kyat
    • Minimum number of shareholders of at date of listing: 100
    • Public company
    • More than 2 years of business continuity prior to application of listing day
    • No restriction of stock transfer
    • Compliance with Myanmar Financial Reporting Standards

Substantial Listing Requirements

  • Corporate continuity and profitability
  • Soundness of corporate management
  • Effectiveness of corporate governance and internal management system
  • Appropriate disclosure of corporate information

To ensure a successful listing, AYA Trust conducts public listing exercise in four phases: evaluation and planning, preparation for listing application, execution, including brand management and market positioning, and realization. Indicative timeline of a public offering process goes as below.

A company must obtain approval from the stock exchange for listing, and obtain approval from SECM for its public offering. Approval from YSX takes about 3 months from application, and approval from SECM takes about 2 months from application.

  • MTSH & FMI Research Report