[Last updated: 1 January 2024, unless otherwise noted]
To qualify for listing at the Mexican Stock Exchange (Bolsa Mexicana de Valores or BMV) and the Institutional Stock Exchange (Bolsa Institucional de Valores or BIVA), the following financial requirements must be met:
- Shareholders' equity of at least 20 million UDIs (approx. US$9.41 million) or its equivalent.
- Positive dividends for the last three years.
- At least 10 million shares must be offered, representing at least 15% of the paid-up equity stock.
[Last updated: 1 January 2024, unless otherwise noted]
Distribution. The free float and minimum number of shareholders requirements are as follows:
- Free-float: 12% at the time of listing and at all times thereafter.
- The minimum number of shareholders should be at least 200 at the time of listing and 100 at all times thereafter.
Share price. There is no requirement to maintain a minimum trading price, but all shares must be denominated and traded in Mexican pesos.
Lock-up/escrow. Unless otherwise agreed with the broker dealers, there are no requirements to place shares into escrow (or otherwise restrain them from being traded, such as "lock-up" arrangements) in connection with a listing.
Operating history. The BMV and BIVA requires at least a three year operating history for any company applying to list its shares.
Language. All information provided to the BMV and BIVA must be provided in Spanish.
Accounting standards. Audited financial statements must be prepared in compliance with IFRS.
Financial statements. The company must submit last three years of annual audited financial statements.
[Last updated: 1 January 2024, unless otherwise noted]
The following is a fairly typical process and timetable for a listing of a company on the BMV.
[Last updated: 1 January 2024, unless otherwise noted]
Once listed, a company must comply with several continuing obligations, including:
- A board of directors composed of between three and 21 members with at least 25% of the members being independent.
- Committees created for a specific purpose as a result of special circumstances within the company. These committees will be in charge of oversight of company audit procedures, financial, legal, internal control and dealings with related parties matters.
- Disclosure of any changes to the company's management, contact details and/or share capital.
- Annual disclosure of insider lists.
- Provision of annual and quarterly financial statements.
- Provision of information pertaining to any shareholder meetings held and to be held.
- Provision of up-to-date copies of the company's bylaws.
[Last updated: 1 January 2024, unless otherwise noted]
The BMV charges an initial listing fee equal to 0.00672% of the total equity regarding shares to be listed, subject to a minimum of MXN$46,000 (approximately US$2,709) and a maximum of MXN$1.36 million (approximately US$80,104). The BIVA charges an initial listing fee equal to 0.0045% of the total equity regarding shares to be listed, subject to a minimum of MXN$40,000 (approximately US$2,356) and a maximum of MXN$1 million (approximately US$58,900).
The BMV charges an annual fee equal to 0.0048% of the total equity regarding shares to be listed, subject to a minimum of MXN$76,000 (approximately US$4,476) and a maximum of MXN$1.99 million (approximately US$117,211). The BIVA charges an annual fee equal to 0.0032% of the total equity regarding shares to be listed, subject to a minimum of MXN$65,000 (approximately US$3,829) and a maximum of MXN$1.2 million (approximately US$70,680).