The New York Stock Exchange has two sets of listing standards for international companies: domestic standards and worldwide standards. Regardless of which standard is used, an international company must have a minimum share price of $4 at time of listing.
The domestic standards are typically – but not necessarily – used by companies seeking to list on the NYSE in conjunction with an IPO, spin-off or carve-out, or a transfer from another U.S. exchange. The worldwide standards are typically used by companies seeking to list on the NYSE without a simultaneous IPO. Each of the standards contains share distribution criteria and financial criteria.
When deciding which to follow, first look at the share distribution criteria. This will determine whether a company is eligible to use the financial criteria in one of the domestic standards or the financial criteria in one of the worldwide standards.
At time of listing, will you meet the following three share distribution criteria?
- 400 or more round lot shareholders in the U.S (for companies incorporated in North America, NYSE counts round lot holders and shares held in the U.S., Canada and Mexico)
- 1.1 million or more (include IPO shares) of publicly-held shares in the U.S
- $40 million or more in value of publicly held shares in the U.S. in the case of an IPO or spin-off, or $100 million in the case of all other companies
If a company meets all three criteria, then it may use the domestic standards.
It is easier to become eligible for the domestic standards if the company issues shares in the U.S. at time of listing. If the company does not plan to issue shares in the U.S. at time of listing, we offer an alternative set of share distribution criteria--used to determine a company's eligibility for worldwide standards.
- 5,000 shareholders worldwide,
- 2.5 million publicly-held shares, and
- $100 million or more in value of publicly held shares
If a company meets these three criteria, then it may use the worldwide standards.