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The benefits of being a listed company (easiest financing in the future, better visibility and corporate improvements, etc – 5.1 Leverage the opportunities created) implies also subsequent costs to the IPO/bond offering (e.g. fees due to Euronext, supervision fees due to CMVM, costs related to disclosure requirements.
Particularly for an IPO, the respective expenses may be offset by the reduction or elimination of the illiquidity discount. Subsequently, it should be noted that the costs of secondary offerings are much lower than the costs of primary offerings, given the absence of costs related restructuring and the reduced effort necessary to make the public know the company.
It is estimated that the value of an unlisted company may be lower than that of an identical company listed on an efficient market.
CMVM supervision fees
Services for the continuous supervision of the information provided by issuers to the market.
A quarterly fee is due to CMVM, for each issuer of securities admitted to trading on a regulated market, for the continuous supervision of the provision of information to the market, in an amount depending on market capitalisation:
Each Issuer of securities admitted to trading on a multilateral or organised trading system is charged a quarterly fee of €250, due to CMVM, for the continuous supervision of the provision of information to the market.
Euronext fees
Subsequently to the listing process, listed companies must pay an annual fee. Annual Fees cover one calendar year, are payable at the beginning of the relevant year, are not refundable if the securities cease to be traded and/or are delisted during the year. Euronext charges the following ongoing annual fees:
EQUITY
Euronext Access
Euronext and Euronext Growth
Both fees, for Euronext and Euronext Growth, can reach a maximum of €78,000.
DEBT
EQUITY + DEBT
A material corporate event is any extraordinary corporate action or a specific combination of corporate actions for securities admitted to trading on any Euronext Market, and for each of these events a fee of €15,000 is charged to the issuer.
Check more detailed fees charged by Euronext here.
Euronext Securities fees
The monthly maintenance fees for issues registered in the centralized securities systems are based on the monthly average value of the issues registered in issue accounts of a same issuer, calculated from their daily value.
The fees to be applied regarding the issues’ maintenance are calculated by applying the annual percentages, as follows:
EQUITY
DEBT
Valuation of the holdings
The valuation of the holdings is based on:
Check more detailed fees charged by Euronext Securities here.
Other costs
Having securities admitted to trading on the capital markets may entail other additional ongoing expenses besides the costs referred above.
Estimates on post-offering costs can vary depending on pre-existing resources of the company, the type of securities and the markets where they are admitted to trading.
