[Last updated: 1 January 2024, unless otherwise noted]
Initial listing fees: The fees charged for a listing of securities are currently determined as follows:
The monetary value of securities for which application for listing is made is determined by the number of securities for which application for listing is made multiplied by the issue price per security. In respect of introductions of existing issued securities where no price is attributable to the securities, the securities are deemed to have a value calculated by multiplying the number of securities listed by the closing price on the first day of trading.
The fees are payable at the time of application except in the case of an introduction, where they are due on the day following the first day of trading after listing.
Annual listing fees: The annual fees are calculated by taking the average market capitalization of the securities over the previous year and finding the corresponding market capitalization tier for the securities. Once the tier has been determined, multiplying the residual amount of market capitalization that exceeds the lower limit of the tier by the variable charge (remember that the variable charge is per million), and adding the result of the above calculation to the minimum fee for the appropriate tier (see the table below). All new listings are subject to a new listing documentation fee of R120,265.85 (including VAT) (approx. US$6,579), with additional documentation fees being applicable to mining and real estate companies.
*As at 1 January 2022 ZAR 1 million = (approx.) US$54,700.
Notwithstanding the above, where more than one of the aforesaid classes of securities are listed, the issuer shall pay the higher annual listing fee only. If a listing is terminated on or before 30 June, 50% of the annual listing fee paid will be refunded to the issuer.
Where specific securities have only a secondary listing on the JSE, 70% of the annual listing fee, calculated as described above, is payable.
In respect of issuers with preference shares listed, an amount of R16,379.80 (US$896) (including VAT); and in respect of issuers with debentures or loan stock listed, an amount of R8,204.04 (US$449) (including VAT).
A listing of securities may be suspended and ultimately terminated unless fees that are due, but unpaid, are paid within one month after written notice of demand has been given to an applicant issuer by the JSE.
Documentation fees: Documentation inspection fees are payable to the JSE in addition to the listing fees payable in respect of the listing of securities.