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CA · Americas · Main
Toronto Stock Exchange
TMX Group · Toronto · CAD
Global home of mining, energy and infrastructure capital; high clean-admission rate.
Eligibility · Meridian Renewables (example)
Conditional
1 requirement(s) not yet met — see eligibility below.
Min market cap
$40M
admission floor
Min free float
20%
public hands
Est. all-in
5.6%
on $700M
Time to list
18–22w
from kickoff
Regulator
OSC
oversight
Eligibility check
✓
Market capitalisation
Requirement: ≥ $40M
$4.8B
✕
Free float
Requirement: ≥ 20%
~15%
✓
Operating history
Requirement: ≥ 2 yrs
11 yrs
✓
Profit / revenue test
Requirement: Earnings, asset or market-value test
Profitable
!
Governance standard
Requirement: NI 58-101
Gaps
✓
Accounting
Requirement: IFRS
IFRS
Rules as of 2026-Q2 · source: TSX Company Manual (OSC / CSA, CA). Compiled summary — validate against the primary source before filing.
Fees & cost
Est. all-in · $700M raise$39M 5.6%
Underwriting spread4.5% · $32M
Initial listing feeC$200k
Annual feeC$120k
Legal · audit · IR · other$7.8M
Total all-in$39M (5.6%)
Market quality & investors
Liquidity★★★☆☆
Analyst coverage★★★☆☆
Retail participation★★☆☆☆
Institutional depth★★★★☆
Index inclusion
S&P/TSX 60
Aftermarket: +11% avg first-day
Process & sectors
Typical time-to-list18–22w
RegulatorOSC
Dual / secondary listingSupported
Min public shareholders300
Sector strength
MiningEnergyRenewablesFinancials
Notable listings: Northland Power, Brookfield Renewable
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