The Irish Stock Exchange (ISE) officially launched the new Irish Enterprise Exchange (IEX) this morning in Dublin, Ireland. The exchange is aimed at smaller firms seeking to raise capital without the hindrances and additional costs associated with a full listing on the main exchange.
At the moment eight companies are listed on the exchange - all having been previously quoted on the Exploration Securities Market (ESM) and the Developing Companies Market (DCM). However it is hoped that many small Irish firms listed on the Alternative Investment Market (AIM) in London will eventually pursue a dual listing with the IEX.
The rules for listing on the IEX are significantly looser than for a full listing - no trading record is required; no minimum number of shares must be in public hands; and in most cases prior shareholder approval is not needed for acquisitions or disposals. The main requirement for listing is that prospective firms must have a market capitalisation of more than €5 million.
The IEX has long been a major ambition for Irish Stock Exchange CEO Tom Healy and indeed the exchange as a whole.
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Irish Enterprise Exchange Launched in Dublin