Appointment of internal teams

• An applicant company establishes internal teams to manage listing preparation.

Appointment of experts

• Underwriter : To coordinate whole IPO process and underwrite offering shares

• Accounting consultant : To support preparing financial disclosure documents

• Independent auditor : To audit financial disclosure documents

• Public and Investor relation advisor : To build a strategy and guide communications with stakeholders

Fundamental preparation

• To develop robust financial and business plan

• To adopt leading practice of corporate governance and reporting process

• To establish financial reporting procedure and to begin preparation of historical financial information

• To review and implementcompliance control system

• To consider and restructure the ownership structure

Documentation

• To finalize summing up historical financial information

• To commence due diligence by a lead underwriter

• To prepare prospectus for public offering or disclosure document for listing (DDL)

Company restructuring

• To start to commence planned financial and business plan

• To make necessary restructuring of management structure

• To implement financial reporting procedure

Preparation for Listing examination

• To start financial and legal due diligence

• To complete drafting the prospectus or DDL and listing application documents

Preparation for offering shares

To prepare road show presentations for targeted potential investors

Listing application

• Applicant company prepares all listing application documents and submits to YSX.

Application document

Listing examination

• The examination takes at least 7 weeks, in general but the schedule may be extended depending on the company’s situation.

• Listing examination is conducted through reviewing applied documents, interviewing with staff, Auditor and company’s management and field examination as necessary.

• YSX judges listing eligibility of a company in terms of meeting the listing criteria such as business and financial soundness, corporate governance and internal management system.

Listing criteria (English)
(Myanmar)

Model schedule of the examination (at earliest)

Listing approval

• YSX makes an announcement of listing approval and a listing date of the applicant on YSX’s website.

Procedure of offering shares

• To lodge prospectus with SECM and to receive an approval of offering shares.

• To offer shares to existing shareholders (rights offering) and general public (public offering) with providing prospectus through underwriter securities companies*.
  * Multiple securities companies make up a syndicate group for offering as usual.

Procedure preparation

• An applicant company and securities company make necessary arrangements of confirming procedure of dematerialization of the company’s shares.

Opening securities account

• Existing shareholders of an applicant company make registration of shares into a securities account in a securities company having trading qualification.

• An applicant company, through securities companies, collects share certificates of existing shareholders who make registration of his/her owning shares into a securities account.

Data verification

An applicant company and securities companies conduct data verification between the company’s the latest shareholders list and shareholders data registered in ICT system of securities companies.

Making a special account shareholders list

• An applicant company makes a special account shareholders list for shareholders who haven’t opened a securities account made registration of owning shares by closing date set by the company.

• An applicant company gets list on YSX on the listing date.