The Initial Listings group at NYSE Regulation is responsible for reviewing and approving companies seeking to list securities on the Exchange. Companies are required to meet rule-based eligibility standards related to financial strength, governance practices, and market suitability. Links to the exchange listing rules and other reference materials to support prospective issuers can be found below.
Disclaimer: The information presented below provides an overview of the standards for reference purposes. For a complete description of the quantitative listing requirements, please refer to the NYSE Listed Company Manual.
| Financial Standards | Earnings Test Rule 102.01C(I) | Global Market Capitalization Test Rule 102.01C(II) | Closed-End Funds Rule 102.04(A) | Business Development Companies Rule 102.04(B) | REITs with ≤ 3 years of operating history Rule 102.05 |
|---|---|---|---|---|---|
| Adjusted Pre-Tax Income |
| ||||
| Global Market Capitalization | $200 million | $75 million | |||
| Shareholders’ Equity | $60 million | ||||
| Net Assets | $20 million* *Unless market value of publicly held shares standard below is met. |
| Distribution Standards | IPO or Spin-Off Rule 102.01A-B | Closed-End Funds Rules 102A-B, 102.04(A) | Business Development Companies Rules 102A-B, 102.04(B) | All Other Listings Rule 102.01A-B |
|---|---|---|---|---|
Shareholders in North America | 400 holders, each holding 100 shares of more (round lot holders) | 400 round lot holders | 400 round lot holders | 400 round lot holders |
Publicly Held Shares | 1.1 million | 1.1 million | 1.1 million | 1.1 million |
Market Value of Publicly Held Shares | $40 million | $20 million* *Unless net assets standard above is met. | $60 million | $100 million |
| Share Price | $4.00 | $4.00 | $4.00 | $4.00 |
The Exchange has broad discretion regarding the listing of a company. All listed companies must comply with the Exchange's corporate governance standards of Section 3 of the NYSE Listed Company Manual. In addition, companies must meet other qualitative criteria including but not limited to being suitable for auction market trading and maintaining a healthy level of financial liquidity.
The NYSE application process involves two steps: a confidential eligibility review and a formal application. To apply for listing, please contact the Exchange to request a confidential review of eligibility. If the company is deemed eligible for listing by NYSE Regulation, the company may proceed with the electronic submission of the application. For reference purposes only, the following links provide examples of the information submitted electronically in Listing Manager during the formal application. A company should not submit an original listing application until the Exchange has provided a letter advising the company that it has been cleared to apply.
| Document | Format | |
|---|---|---|
| Full Application | ||
| Checklist of Initial Listing Application | ||
| Original Listing Application Template | ||
| Domestic Listing Company Agreement | ||
| FPI Listing Agreement | ||
| Response to the Clearance Letter | ||
| Sample Letter Regarding Rule 315 | ||
| Sample Corporate Resolutions | ||
NYSE Section 303A Initial Corporate Governance Affirmation | ||
| Recovery Policy Affirmation | ||
| Domestic Company Form | ||
| Foreign Private Issuer Form | ||
| Closed End Fund Form | ||
| Special Entity Form |
NYSE's listing fees are detailed in Section 902 of the NYSE Listed Company Manual. For additional information about fees and the listing process (including ticker reservation and DMM selection), please contact us.
Disclaimer: The information presented below provides an overview of the standards for reference purposes. For a complete description of the quantitative listing requirements, please refer to the Company Guide.
| Standard 1 | Standard 2 | Standard 3 | Standard 4a | Standard 4b | |
|---|---|---|---|---|---|
| Pre-tax income | $750,000 | ||||
| Market cap | $50MM | $75MM | |||
| Total assets and total revenue | $75MM | ||||
| Market value of a public float | $3MM | $15MM | $15MM | $20MM | $20MM |
| Stockholders' equity | $4MM | $4MM | $4MM | ||
| Minimum price | $3 | $3 | $2 | $3 | $3 |
| Operating history | 2 years |
| Option 1 | Option 2 | Option 3 | |
|---|---|---|---|
| Public Shareholders | 800 holders | 400 holders | 400 holders |
| Public Floor | 500,00 | 1 million | 1 million |
| Daily Trading Volume (6 months prior) | 2,000 shares |
The Exchange has broad discretion regarding the listing of a company. All listed companies must comply with the Exchange's corporate governance standards of Part 8 of the Company Guide. In addition, companies must meet other qualitative criteria including but not limited to being suitable for auction market trading and maintaining a healthy level of financial liquidity.
The NYSE American application process involves two steps: a confidential eligibility review and a formal application. To apply for listing, please contact the Exchange to request a confidential review of eligibility. If the company is deemed eligible for listing by NYSE Regulation, the company may proceed with the electronic submission of the application. For reference purposes only, the following links provide examples of the information submitted electronically in Listing Manager during the formal application. A company should not submit an original listing application until the Exchange has provided a letter advising the company that it has been cleared to apply.
| Document | Format | |
|---|---|---|
| Checklist of Initial Listing Application | ||
| Sample Listing Application for Common Stock | ||
| Sample Listing Agreement for Initial Public Offering | ||
| Sample Listing Application for Debentures | ||
| Sample Listing Application for American Depositary Receipts (ADR) | ||
| NYSE American Listing Agreement | ||
| Response to Clearance Letter | ||
| Sample Underwriter Letter |
NYSE American's listing fees are detailed in Section 140 - 146 of the Company Guide. For additional information about fees and the listing process (including ticker reservation and DMM selection), please contact us.
Issuers seeking a dual listing on NYSE Texas can contact the NYSE to guide you through the review and application process, which includes submission of an Original Listing Application. An example of the application is provided for reference.
NYSE Texas Dually Listed Securities
Please visit the this page for more information on listing and trading on NYSE Texas.
Listing Manager is a fully integrated web application for prospective and listed issuers. It facilitates the electronic submission of initial and supplemental listing applications, corporate governance affirmations, material news disclosures, shareholder meeting information, and other compliance-related documents.
For questions about access or technical issues, please contact the Listing Manager team at [email protected] or +1 212-656-4651. Additional FAQs and tutorial videos can be found here.