How to List a Company on a Stock Exchange: SEM Explained
Key takeaways
- SEM offers two boards: the DEM (one year of audited IFRS accounts) and the Official Market (three years).
- A DEM company needs a corporate adviser at all times; an Official Market company needs a registered sponsor and, if foreign, a local agent.
- At end-2025, SEM had 57 Official Market companies and 33 DEM companies, per the SEM Factbook 2026.
How to List a Company on a Stock Exchange
Listing a company on a stock exchange means preparing audited financial statements, meeting the exchange's minimum size and shareholder-spread rules, appointing the required advisers, and submitting a formal application to the exchange and its regulator. On the Stock Exchange of Mauritius (SEM), the exact path depends on which of its two boards a company applies to, and the sequence below is a practical starting point for comparing it with a home-market listing.
This article uses SEM's published rules as a concrete worked example. It does not cover every exchange's detailed numbers — for NSE, BSE, JSE or SGX, always check the current official rulebook of that exchange, since thresholds and documentation requirements differ and change over time.
The two SEM boards, in brief
SEM runs two markets, each regulated by the Financial Services Commission (FSC):
- Development & Enterprise Market (DEM) — built for smaller and growth-stage companies, including those without a long trading history.
- Official Market — built for larger, more established companies with a longer reporting history.
At the end of 2025, SEM had 57 companies on the Official Market and 33 on the DEM, according to the SEM Factbook 2026. Since 2010, 255 new securities (shares, bonds and other instruments, not a count of companies) have listed on SEM, of which 124 came from international issuers. More detail on the exchange's structure is on SEM at a glance.
Step 1: Decide which market fits your company's stage
The DEM and Official Market have different financial history and shareholder-spread requirements. This article describes both; it does not recommend one over the other, since the right choice depends on a company's size, ownership structure and reporting history. A founder or CFO should confirm current figures directly with the exchange or with an adviser before planning around them.
DEM admission conditions (see the DEM requirements page):
- One year of audited IFRS financial statements.
- Minimum market capitalisation of MUR 20 million (about USD 420,000, approximate).
- At least 100 shareholders — a separate condition from the public-float requirement.
- At least 10% of shares in public hands — a separate condition from the shareholder-count requirement.
- A company without a trading track record may instead apply with a business plan covering at least three years, certified by an independent financial adviser.
- SEM may admit a company that commits to reach the shareholder and public-float conditions by the end of its first year of listing.
Official Market admission conditions (see the Official Market requirements page):
- Three years of financial statements.
- Minimum market capitalisation of MUR 20 million.
- At least 200 shareholders.
- At least 25% of shares in public hands, which may be phased: 15% at listing, 20% within three years, 25% by year five.
Step 2: Appoint the right advisers
The two boards use different adviser models, and the terms are not interchangeable.
- DEM: Rule 32 of the DEM Rules (amended November 2019) requires a company to retain a corporate adviser "as far as reasonably practicable" at all times. The corporate adviser guides directors on their compliance obligations and liaises with SEM on the company's behalf. The DEM Rules do not use the word "sponsor."
- Official Market: Rule 4.2 of the Official Market Listing Rules requires a sponsor registered with SEM to be appointed both during the application process and throughout the period of listing. International issuers must also appoint a local agent under Rule 15.4.
A company should also expect to need a reporting accountant or auditor for its financial statements, legal counsel for the listing documents, and — on the DEM, where there is no track record — an independent financial adviser to certify the business plan.
Step 3: Prepare the core documents
Whichever board a company targets, the paperwork typically includes:
| Document | Purpose |
|---|---|
| Audited financial statements (IFRS) | Evidence of financial history and condition |
| Listing particulars or prospectus | Disclosure document for investors and the exchange |
| Constitutional documents | Company's memorandum/articles, confirming legal structure |
| Adviser appointment letters | Confirms corporate adviser (DEM) or sponsor (Official Market) |
| Business plan (DEM, no track record only) | Three-year forward plan, certified by an independent financial adviser |
| Shareholder and share-capital records | Used to verify shareholder count and public float |
Step 4: Submit the application and work with the regulator
SEM listings sit within Mauritius's regulatory framework overseen by the FSC. Applicants and their advisers typically work through documentation review, responses to exchange queries, and confirmation that shareholder-spread and capitalisation conditions are met (or will be met within the permitted period, for DEM applicants). Because requirements and review practice can change, companies should confirm the current process directly with SEM or the FSC — see the Financial Services Commission Mauritius for regulatory guidance.
No stage of this process is guaranteed to conclude within a fixed timeframe, and admission is never assured simply because a company meets the minimum published criteria — the exchange retains discretion in reviewing each application.
Other platforms at SEM
SEM also operates SEMX, a growth platform for African businesses launched in December 2024, and an Africa Board that launched in October 2018 for companies with at least half of their assets or revenue in Africa outside Mauritius. Readers interested in either should confirm current eligibility criteria directly with the exchange, as this article does not cover their detailed rules.
Currency and settlement
SEM supports trading and settlement in USD, EUR, GBP, ZAR and MUR, which is relevant for companies and investors based outside Mauritius. Details are on SEM at a glance.
Comparing with a home-market listing
Founders and CFOs in India, Southern and East Africa, and Asia often compare SEM's DEM or Official Market against a listing on their home exchange. Home-exchange rules on minimum capital, track record, shareholder spread and sponsor obligations vary and change, so this article does not restate NSE, BSE, JSE or SGX figures as fact — check each exchange's current official rulebook directly.
For questions on how SEM's requirements might apply to a specific company's structure and stage, enquiries can be directed to Liberty Consulting.
FAQ
- Q. What is the minimum number of shareholders required to list on the SEM?
- A. The DEM requires at least 100 shareholders and separately at least 10% of shares in public hands. The Official Market requires at least 200 shareholders and at least 25% in public hands, which may be phased in over several years. See the [DEM requirements](https://stockexchangeofmauritius.com/listing-issuer-services/listing-on-sem/admission-requirements/dem) and [Official Market requirements](https://stockexchangeofmauritius.com/listing-issuer-services/listing-on-sem/admission-requirements/official-market).
- Q. Can a company with no trading history list on the SEM?
- A. On the DEM, a company without a track record may apply using a business plan covering at least three years, certified by an independent financial adviser, instead of showing historical results.
- Q. Does a company need a sponsor to list on the DEM?
- A. No. The DEM Rules require a corporate adviser retained at all times (Rule 32), not a sponsor. The sponsor requirement applies to the Official Market under Rule 4.2 of the Official Market Listing Rules.
