TSX Venture Exchange IPO Listing Requirements & Cost

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CA · Americas · Venture

TSX Venture Exchange

TMX Group · Calgary · CAD

Early-stage venture board; the feeder system into the TSX main board.

Eligibility · Meridian Renewables (example)

Conditional

1 requirement(s) not yet met — see eligibility below.

Min market cap

$5.0M

admission floor

Min free float

20%

public hands

Est. all-in

7.8%

on $700M

Time to list

16–20w

from kickoff

Regulator

BCSC

oversight

Eligibility check

✓

Market capitalisation

Requirement: ≥ $5.0M

$4.8B

Free float

Requirement: ≥ 20%

~15%

✓

Operating history

Requirement: ≥ 0 yrs

11 yrs

✓

Profit / revenue test

Requirement: Stage-based (no profit test)

Profitable

Governance standard

Requirement: NI 58-101

Gaps

✓

Accounting

Requirement: IFRS

IFRS

Rules as of 2026-Q2 · source: TSXV Corporate Finance Manual (BCSC / CSA, CA). Compiled summary — validate against the primary source before filing.

Fees & cost

Est. all-in · $700M raise$55M 7.8%

Underwriting spread7.0% · $49M

Initial listing feeC$40k

Annual feeC$15k

Legal · audit · IR · other$5.9M

Total all-in$55M (7.8%)

Market quality & investors

Liquidity★★☆☆☆

Analyst coverage★☆☆☆☆

Retail participation★★★☆☆

Institutional depth★☆☆☆☆

Index inclusion

TSXV 50

Aftermarket: Highly variable

Process & sectors

Typical time-to-list16–20w

RegulatorBCSC

Dual / secondary listingNot standard

Min public shareholders200

Sector strength

MiningEnergyTech

Notable listings: Junior miners

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