Nasdaq Stock Market Nasdaq Capital Market vs Mauritius DEM: listing requirements compared
Nasdaq Stock Market Nasdaq Capital Market 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 | Nasdaq Stock Market Nasdaq Capital Market | Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) |
|---|---|---|
| Free float / public shareholding | USD 15 million (all standards)／1 million shares | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) |
| Number of shareholders | USD 5 million (Equity Standard) / USD 4 million (other two standards)／300 unrestricted round lot shareholders | 100 or more |
| Market capitalisation | USD 50 million (Market Value of Listed Securities Standard) | Rs 20 million (MRU 20 million) or more |
| Profit / revenue | USD 750,000 net income from continuing operations in the latest fiscal year or two of the last three (Net Income Standard) | — |
| Track record and audited accounts | 2 years (Equity Standard only) | 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 | — | IFRS (audit under ISA) |
| Adviser / sponsor | No nominated-adviser system (3 market makers required) | 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) |
| How to qualify | Meet all criteria of at least one of three standards (Equity, Market Value of Listed Securities, Net Income) | — |
| Bid / closing price | Bid price USD 4 (or closing price USD 3; USD 2 under the Market Value Standard) | — |
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 →Nasdaq Stock Market Nasdaq Capital Market 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.