Why List on the Madrid Stock Exchange?
The Madrid Stock Exchange (Bolsa de Madrid) is Spain’s main securities market, attracting domestic and international companies. Listing here offers:
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💶 Access to capital from institutional and retail investors
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🌍 Visibility in the European financial markets
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✅ Enhanced corporate reputation and governance
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🔄 Liquidity for shareholders and expansion opportunities
🧾 Market Options: Main vs. Alternative Markets
Spain offers two primary platforms for listing:
1. 📊 Main Market (BME – Bolsa de Madrid)
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For large, mature companies
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Subject to full regulation under CNMV and EU securities law
2. 🚀 BME Growth (formerly MAB)
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Tailored for SMEs and startups
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Streamlined listing and reporting requirements
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Designed to promote innovation and scale-up financing
📋 Key Requirements for Listing
While requirements vary between markets, common criteria include:
| Requirement | Main Market | BME Growth |
|---|---|---|
| 🔹 Minimum Share Capital | €1M+ | €1M (flexible) |
| 📈 Financial Statements | 3 years audited | 2 years preferred |
| 🧑⚖️ Corporate Governance | Full compliance | Simplified rules |
| 🧾 Prospectus | Mandatory (CNMV) | Info document |
| 📑 Listing Advisor | Recommended | Mandatory |
📌 All issuers must appoint a Spanish legal representative or fiscal agent.
📎 Steps to List on the Madrid Stock Exchange
Step 1: 📂 Prepare Legal & Financial Documentation
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Audited accounts
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Corporate structure & governance documents
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Internal control systems
Step 2: 🧑💼 Appoint Advisors
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Investment bank (underwriter)
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Legal counsel
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Auditor & listing sponsor (for BME Growth)
Step 3: ✍️ Draft & Submit Prospectus
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Approved by the CNMV (Spain’s securities regulator)
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Must include risk factors, use of proceeds, and business overview
Step 4: 📢 Marketing & Investor Roadshow
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Engage with potential investors
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Finalize offer price and share allotment
Step 5: ✅ Admission & Trading
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Shares admitted to trading on Bolsa de Madrid
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Ongoing obligations (disclosure, corporate governance, etc.)
⚖️ Regulatory Oversight
🏛️ CNMV (Comisión Nacional del Mercado de Valores)
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Supervises all listings and disclosures
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Enforces EU directives on transparency and market abuse
🧩 Other Frameworks
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EU Prospectus Regulation
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MiFID II (Market in Financial Instruments Directive)
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MAR (Market Abuse Regulation)
💼 Real Example: International SME Listing
A Scandinavian tech startup approached Borderless Lawyers for a listing on BME Growth. We:
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Structured the IPO to meet Spanish and EU law
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Prepared legal disclosures, governance framework, and liaison with CNMV
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Completed successful listing in under 6 months
✅ Result: Efficient access to growth capital with minimal regulatory friction
🤝 How Borderless Lawyers Helps You List in Spain
Our services include:
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✅ Legal due diligence & IPO structuring
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✅ Drafting prospectuses & compliance documents
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✅ Liaison with CNMV and stock exchange officials
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✅ Post-listing governance & disclosure compliance
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✅ Cross-border tax and investment support
📌 We work with businesses from Europe, LATAM, North America, and Asia seeking capital market access in Spain.
📲 Take Your Company Public in Spain
Thinking of listing on the Madrid Stock Exchange or BME Growth? Get expert legal help from a team that understands global business, Spanish regulation, and investor strategy.