When comparing to an IPO, an SPO process represents less workload for all those involved in the operation and the Company incurs in less costs.
The same type of costs that arise in an IPO also may arise in an SPO. Nonetheless, usually those costs are smaller in an SPO given the efforts required for the planning, preparation and marketing will be typically less.
Based on financial information available from Portuguese listed companies, the average total cost of an SPO tends to be within the interval of 1% – 5% of the total amount of funds raised during the offer.
Typically, the larger the offering, the higher the costs in absolute terms. Nevertheless, in relative terms, usually they represent a much smaller proportion of the value of the offer proceeds compared with small-sized offerings.
For further information regarding the main costs of SPO process please refer to chapter ‘4.1.5. IPO Costs’ (except Euronext fees that are described below).
The Issuer that applies for admission to trading of its shares shall promptly pay any fees charged by Euronext according to the conditions established and communicated to the Issuers. The stock exchange, Euronext, charges the following subsequent admission fees for equity securities:
|All Markets||► Following variable fees for each tranche of amount admitted:|
[0 – 10]€m – 0.10%
[10 – 100]€m – 0.040%
[100 – 250]€m – 0.035%
[250 – 500]€m – 0.030%
[500 – 1,000]€m – 0.025%
[1,000 and above]€m – 0.020%
► Minimum fee: €500
► Maximum fee: €1,500k
To check more detailed fees charged by Euronext: https://www.euronext.com/en/raise-capital/how-go-public/rules-fees-and-forms.
The fees charged for the processing of exercise of rights giving rise to distribution of securities is fixed in €500. To check more detailed fees charged by Euronext Securities: https://www.interbolsa.pt/informacao-e-documentacao/dados-da-atividade/lista-de-precos/.