Non-U.S. Listing Standards

NYSE offers two sets of standards – worldwide and domestic – under which non-U.S. companies may qualify to list. Both include distribution and financial criteria. A company must meet both the distribution and financial criteria within that particular standard.

This chart is to be used for an initial evaluation only. NYSE will work with each company to determine which standards best suit it. For a more complete discussion of the minimum numerical standards applicable to non-U.S. companies, please see Section 103.01 of the Listed Company Manual.

CRITERIA REQUIREMENTS WORLDWIDE DOMESTIC
Distribution Round-Lots Holders
Total Shareholders
5,000

May Satisfy A, B, or C

A. 400 U.S. round lot shareholders
B. 2,200 total shareholders and 100,000 shares monthly trading volume (most recent 6 months)
C. 500 total shareholders and 1,000,000 shares monthly trading volume (most recent 12 months)
  Public Shares 2.5MM 1.1MM
  Public Market Value $100MM  
  IPO's, Carve-outs & Spin-offs N/A $40MM
  All other listings N/A $100MM
Financials Earnings
  Aggregate Pre-tax Income for last 3 years $100MM $10MM
  Minimum Pre-Tax Income in each of 2 preceding years $25MM $2MM
(all 3 years must be positive)
  OR    
  Aggregate Pre-tax Income for last 3 years N/A $12MM
  Minimum in the most recent year N/A $5MM
  Minimum in the next most recent year N/A $2MM
  Valuation/Revenue Test
May satisfy either A or B
   
  A. Valuation with Cash Flow Test    
  Global Market Capitalization $500MM $500MM
  Revenues (most recent 12-month period) $100MM $100MM
  Aggregate Cash Flow  $100MM $25MM
  for last 3 years   (all 3 years must be positive)
  Minimum Cash Flow in each of 2 preceding years $25MM N/A
  B. Pure Valuation Test
  Global Market Capitalization $750MM $750MM
  Revenues (most recent fiscal year) $75MM $75MM
  Affiliated Company
For new entities with a parent or affiliated company listed on NYSE
   
  Global Market Capitalization $500MM $500MM
 
  • At least 12 months of operating history
  • Affiliated listed company is in good standing
  • Affiliated listed company retains control of the entity

Yes

Yes

Yes

Yes

Yes

Yes

* For Emerging Growth Companies presenting two fiscal years and qualifying under the Earnings Test, pre-tax income must total at least $100 million in the aggregate in the last two fiscal years together with a minimum of $25 million in both years. For Emerging Growth Companies presenting two fiscal years and qualifying under the Valuation with Cash Flow Test, aggregate cash flow must total $100 million for the last two fiscal years, with a minimum of $25 million in both years.