London Stock Exchange AIM vs Mauritius DEM: listing requirements compared
London Stock Exchange AIM vs SEM DEM: listing requirements side by side
The same items, side by side. A dash means the item is not among that market's main admission criteria (or could not be confirmed in the official rules).
| Item | London Stock Exchange AIM | Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) |
|---|---|---|
| Free float / public shareholding | — | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) |
| Number of shareholders | — | 100 or more |
| Market capitalisation | — | Rs 20 million (MRU 20 million) or more |
| Profit / revenue | If the main business has not been independent and earning revenue for at least the last 2 financial years, related parties and applicable employees must be locked in for 12 months | — |
| Track record and audited accounts | — | At least 1 year of published financial statements prepared under IFRS and audited under ISA without qualification／Admission may be granted without a proven track record if a sound business plan covering at least 3 years, certified by an SEM-accredited independent financial adviser, is submitted |
| Accounting standards | UK/EEA companies: International Accounting Standards or local GAAP; others: IAS, US GAAP, Canadian GAAP, Australian IFRS or Japanese GAAP | IFRS (audit under ISA) |
| Adviser / sponsor | An applicant must appoint a nominated adviser, and an AIM company must retain one at all times | Under Rule 32 of the DEM Rules (amended July 2025), a DEM company shall, as far as reasonably practicable, retain a corporate adviser at all times. An applicant without a 1-year track record also needs its business plan certified by an SEM-accredited Independent Financial Adviser (IFA) |
| Investing companies | Investing companies must raise at least £6 million in cash via an independent equity fundraising on or immediately before admission | — |
Liberty Consulting (Tokyo) coordinates DEM listing projects with advisers in Mauritius. Ask for an initial eligibility review. This site, run by Mugen Kaitaku Inc., refers enquiries to Liberty Consulting.
Check eligibility →London Stock Exchange AIM requirements / SEM DEM requirements / All exchanges
Sources: official exchange and regulator pages and listing rules (checked 2026-10-27). Each row links to the official page it was taken from. This is a summary of the main quantitative admission criteria, not the full rulebook. Rules change; always confirm against the exchange's current rules before applying. Listing fees and costs vary widely by issuer and are not shown on this page.