Prime Standard

Prime StandardThe premium segment for raising equity

The follow-up duties required in the Prime Standard exceed those of the General Standard and have to be fulfilled in addition to the latter. In other words, the Prime Standard sets the very highest transparency requirements of all segments at FWB® the Frankfurt Stock Exchange and, indeed, in all of Europe. The additional admission follow-up duties for the Prime Standard stand out not only for the higher transparency yardstick but above all by the fact that the requirements have always to be met in English, too. The Prime Standard is therefore the right choice for issuers who in particular want to appeal to international investors.

Moreover, inclusion in the DAX®, MDAX®, TecDAX® and SDAX® selection indices is reserved for issuers who have been admitted to the Prime Standard.

The Prime Standard is a segment of the Regulated Market with additional admission follow-up duties. The admission conditions and the individual follow-up duties are set out in the Exchange Rules for FWB® the Frankfurt Stock Exchange. On receipt of an application, the management of FWB® the Frankfurt Stock Exchange decides on approval for admission to the Prime Standard. The application can be submitted together with the application for admission to the Regulated Market (General Standard).

The step-by-step route to an exchange listing

The IPO Line gives you a clear impression of all the important steps when going public through to first price determination. They include the selection of the issue partners, structuring the IPO content, compiling all the necessary documents, placement, and admission to / commencement of trading.

Overview of content

Key participation conditions

  • valid and approved securities  prospectus
  • reporting history dating back at least three years
  • probable total value of the shares floated of at least EUR 1.25 million
  • a total of at least 10,000 shares to be admitted to trading
  • free-float of at least 25% of the total issue

The admission procedure is triggered by a written application for admission to be submitted by the company together with a so-called “IPO underwriter”, a bank or financial services institute that is authorised to participate in trading on an exchange inside Germany. Admissible securities are shares and certificates representing shares. The securities must be eligible for clearing through Clearstream.

Alongside the approved prospectus, the following documents must be submitted together with the application:

  • copy of filing with the Commercial Register
  • Articles of incorporation or company agreement
  • resolutions of the Executive and Supervisory Boards
  • Certificate of Incorporation
  • copy of the global certificate
  • audited annual financial statements for the last three years