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NZ · APAC · Main Board
New Zealand Exchange
NZX Ltd · Wellington · NZD
Small, clean, fast — a low-cost main board with an easy dual-listing path to the ASX.
Eligibility · Meridian Renewables (example)
Conditional
1 requirement(s) not yet met — see eligibility below.
Min market cap
$6.0M
admission floor
Min free float
20%
public hands
Est. all-in
5.1%
on $700M
Time to list
16–20w
from kickoff
Regulator
FMA
oversight
Eligibility check
✓
Market capitalisation
Requirement: ≥ $6.0M
$4.8B
✕
Free float
Requirement: ≥ 20%
~15%
✓
Operating history
Requirement: ≥ 2 yrs
11 yrs
✓
Profit / revenue test
Requirement: No profit test
Profitable
!
Governance standard
Requirement: NZX Corporate Governance Code
Gaps
✓
Accounting
Requirement: NZ IFRS
IFRS
Rules as of 2026-Q2 · source: NZX Listing Rules (FMA (NZ), NZ). Compiled summary — validate against the primary source before filing.
Fees & cost
Est. all-in · $700M raise$36M 5.1%
Underwriting spread4.5% · $32M
Initial listing feeNZ$0.1M
Annual feeNZ$0.05M
Legal · audit · IR · other$4.3M
Total all-in$36M (5.1%)
Market quality & investors
Liquidity★★☆☆☆
Analyst coverage★★☆☆☆
Retail participation★★★☆☆
Institutional depth★★★☆☆
Index inclusion
NZX 50
Aftermarket: +10% avg first-day
Process & sectors
Typical time-to-list16–20w
RegulatorFMA
Dual / secondary listingSupported
Min public shareholders300
Sector strength
AgribusinessUtilitiesHealthcareConsumer
Notable listings: Fisher & Paykel H., a2 Milk
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