Alternative Market Listing

ENA PLUS is suited to small and med-sized companies, with prior operating and business history, which appears dynamism and growth prospects, aiming to finance their business plans.

Listing criteria are simplified and reporting requirements are lighter compared to the Regulated Market, offering the opportunity for smaller companies to take advantage of the stock market.

Admission Requirements

Legal Form

Greek ‘Societe Anonyme'
when submitting the application
(or equivalent legal form for foreign entities)

Financial Statements

2 fiscal years

Financial statements must comply with IAS/IFRS standards and have been audited by a Certified Auditor.

(In cases of fewer fiscal years, admission may be approved subject to submission of specific documentation by the Nominated Adviser.)
Business Plan It is drawn up if the company does not have at least two years of previous activity in the sector of economy and the area of business in which it will operate after admission of its shares in ENA

Free Float *

              % distribution to investment public


Number of persons < 5% at least 50
Tax audit Statement submitted by the Nominated Adviser regarding the adequacy of provisions recognized in the financial statements and any tax liabilities for the unaudited fiscal years. (for the company and its subsidiaries included in the latest consolidated financial statements)
Lock-up period


If a Business Plan is submitted Shareholders holding >/ 5% each may transfer a maximum of 25% of the shares they held on the date of admission, during the period of implementation of the Business Plan.
If losses have been reported in the two
fiscal years prior to admission
Shareholders holding >/ 5% each may not transfer their shares for a period of one year after admission.
Nominated Adviser Mandatory appointment of a Nominated Adviser at the admission approval stage and retention of the Nominated Adviser for two years after admission.
Corporate Governance Corporate governance practices applied or reference to the Corporate Governance Code adopted.
* holdings of BoD members, senior executives, key shareholders (>/ 5%) and first degree associates of the above are not taken into account.

Procedure for admission to ENA PLUS
  • Appointment of Nominated Adviser

For the asmission to ENA PLUS a company shares must first appoint an Adviser, selected from the list of ENA Nominated Advisers, which will coordinate and manage the admission process.

  • Preparation of admission file

The admission file is prepared by the Nominated Adviser in cooperation with the company.

  • Application for admission to ΕΝΑ PLUS

The Nominated Adviser and the company jointly submit the application for admission to the Athens Stock Exchange, accompanied by the necessary documentation (Resolution 2).

  • Presentation of the company to the ENA Evaluation Committee

The Nominated Adviser and the company present the company to the ENA Evaluation Committee.

If a company has been admitted to an ATHEX Acceleration Programme, evaluation by the Committee is deemed to be the company's evaluation by the relevant Selection Committee after completion of the final stage of the Acceleration Programme.   

  • Approval of admission requirements by ATHEX

ATHEX accepts the application for admission to ΕΝΑ PLUS upon the completion of the offering (if any).

At this stage, all admission requirements are met except the achievement of a sufficient free float.

  • Conducting of a Private Placement / Public Offering

In order to achieve sufficient free float, the issuing company conducts a Private Placement of shares to a limited number of investors, or a Public Offering to the investing public.

  • Approval of admission by ATHEX and commencement of trading of shares on ENA PLUS

The Nominated Adviser submits to ATHEX the necessary documentation relating to admission and sufficient free float.

ATHEX approves the admission (fulfilment of the free float criterion) and the start of trading of the company's shares.

This step is not required in case of using the EBB service for the fund-raising process.

  • Start of shares' trading on ΕΝΑ PLUS

The company sets the date for the commencement of trading of its shares on ENA PLUS.


ENA Resolution 2 details the procedure for admission to ENA PLUS.

Fund-raising on admission to ENA PLUS

At the stage of admission of shares to ENA PLUS, the issuing company invites interest from investors in order to raise the required capital.

Shares are offered to investors through:

  •  a Private Placement to a limited number of investors
  • a Public Offering of shares to the investing public
  • a combination of Private Placement and Public Offering

In all cases, use may be made of the Electronic Book Building service and the network of ATHEX Members.

Regulatory Framework

The regulatory framework consists of the following:

A. ENA Opetating Rules
    See the Alternative Market Operating Rules

B1. Resolutions on admission to ENA PLUS

  1. Resolution 2 - Procedure and documentation for admission to trading of transferable securities on ENA PLUS
  2. Resolution 3 - Content of Information Document
  3. Resolution 34 -  Electronic Book Building (EBB) Service

B2. Resolutions on matters following admission on ENA PLUS

  1. Resolution 4 - Procedure and documentation for corporate actions of companies admitted to the Alternative Market
  2. Resolution 7 - Additional information provided by companies admitted to the Alternative Market

Β3. Decisions of the Hellenic Capital Market Commission

If the company chooses to raise capital through a Public Offering of shares, of total value less than €5,000,000, it must publish an Information Document in accordance with the provisions of Decision 1/893/16.10.2020 of the Hellenic Capital Market Commission (HCMC) and submit to Athens Exchange the documentation set out in HCMC Decision 2/892/13.10.2020.


HCMC Decision 1/893/16.10.2020: Information Document that must be published in cases of an offer of transferable securities of instance h), par. 3, article 1 of Law 3401/2005.

HCMC Decision 2/892/13.10.2020: Procedure and documentation required for approval of the Prospectus.


Admission charges
ATHEX charges for a company seeking admission to ENA PLUS include:


1. Application & Single registration fees

A. Payment of €4,500 on submission of the application

This amount will be paid regardless of whether the company's shares will be admitted to ENA PLUS.

B. The companies whose shares atr admitted to trading on ATHEX for the first time pay a lump sum as listing right of €7,500 on admission of shares to ENA PLUS.

The above application fee is offset against the registration fee.

2. Annual subscription fee

Companies whose shares have been admitted to trading on ENA PLUS pay an annual subscription fee, charged quarterly, according to the following scale:

 Capitalization Quarterly charge Annual charge
Up to €20.000.000    €750 €3.000
From €20.000.001 - €40.000.000 €1.250 €5.000
Over €40.000.000 €1.750 €7.000

Minimum fee: €3,000
Maximum fee: €7,000.

See Resolution 5 of the Alternative Market for details of all charges.

3. Fees for registration of securities on ATHEXCSD

Α. Initial Registration of securities

  • Application's assessment: €1,000.
  • Additional fees based on the issue value of securities:

a. 0.20% for a value up to €3,000,000
b. 0.15% for a value between €3,000,000.01 and €9,000,000
c. 0.10% for a value between €9,000,000.01 and €15,000,000 and
d. 0.05% for a value exceeding €15,000,000.01

Minimum: €3,000

The issue value to which the scale is applied is equal to the product of the offer price or the listing price of each stock multiplied by the number of stocks.

Β. Annual registration fees

  • Minimum €600 per year and per issuer and,
  • An annual scale shall be applied as a percentage to the value of the registered securities:

              a. 0.0015% for a value up to €40,000,000
              b. 0.0010%, for a value between €40,000,000.01 and €100,000,000
              c. 0.0005%, for a value between €100,000,000.01 and €200,000,000 and
              d. 0.0001%, for a value exceeding €200,000,000.01

Maximum: €2,500 per year and per issuer

See Resolution 18 of ATHEXCSD for all charges relating to the registration of the securities





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