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Listing requirements and procedure

Companies wishing to join BME Scaleup must meet certain transparency and reporting commitments as well as appointing a registered advisor to guide them throughout the process.

Companies seeking admission to BME Scaleup must be public limited companies which meet the following requirements:

Can my scale-up be listed?

1. Transparency:

Both core shareholders and the company's governing bodies must change their mindset and procedures to meet the level of transparency demanded. The regulations are adapted to their needs and introduce three new figures, the Registered Advisor, BME Scaleup itself and Spanish securities market supervisor – CNMV - in matters relating to market abuse.

The correct level of transparency shall always be maintained throughout all procedures.

2. Information reporting:

Assume the commitment to provide duly audited annual financial information, as well as significant shareholdings, required by BME Scaleup.

3. Registered advisor:

Appointing a Registered Advisor helps companies when they join the market and once listed.

4. Shareholder diffusion:

Unlike BME Growth, it is not necessary to have a shareholder base to join BME Scaleup Growth. Companies decide when and how to open their capital to investors.  


1. Decision/Planning Stage

The company must be aware of the obligations that a market listing entails. With the help of its Registered Advisor, the company must ascertain how to leverage the opportunities offered by the securities market.  It must also plan how to comply with legal requirements and factor in possible organizational and mindset changes and  when listing,  which investors assess in the share price.

Depending on a company's situation and objectives, the design of its BME Scale listing transaction will vary. Obviously, admission to the market via a listing, i.e. without a prior share sale, is different to a capital increase or an IPO (initial public offering) or through a significant private placement  of shares.

2. Preparation/Request Stage

When submitting the admission request, a company must include all documentation confirming it meets the listing requirements. It must also submit the Initial Market Access Document (DIAM) or, if applicable, the Prospectus filed with the CNMV. Here BME Scale can step in and make it much easier, as drafts can be submitted to the market and communication with the company and its Registered Advisor is fluid and ongoing.

3. Processing stage

Once the request and definitive documentation have been received, BME Scale shall assess the requisites and publish, if applicable, authorization to be admitted. At that moment, if a capital increase or an IPO/private placement is planned, the marketing process  aimed at investors can begin.

4. Admission

Once the capital increase or IPO/Private placement has concluded and, if applicable, the necessary documentation has been submitted, BME Scale will announce the listing on its Listing Bulletin and  a security trading code  will be allocated, which  will be included in the Book Entry Register.

On the day of the listing, there will be a bell ringing to mark the company’s start of trading on BME Scale.


1. Decision and planning

2. Preparation/Request

3. Processing

4. Admission

Appointment of Registered Advisor

Company status review: valuation

Deal design

Fulfill incorporation requirements


 Initial Market Access Document (DIAM) including audited financial information

BME Scale's evaluation of the application and, if it is applicable, DIAM's publication agreement

If applicable, initiation of capital increase or sale of shares

Closing of the share increase or sale

Incorporation agreement and publication in the BME Scale Bulletin

Inclusion, Registration, book-entry

Bell ringing and listing