The AeRO market was designed from the need of providing a financing alternative for entrepreneurs, and is the equity segment of the alternative trading system managed by the Bucharest Stock Exchange (BVB).
It is a market segment designed for listing of early stage companies, start-ups and SMEs, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment. Based on the BVB alternative trading system existing since 2010, the AeRO market, under its redesigned and reconstructed concept, was launched on February 25, 2015.
The alternative trading system is not a regulated market in the sense of the European Directives as well as European and the Romanian capital market law, but it is regulated by BVB’s rules and obligations. The alternative system was established by BVB in order to provide a market with less reporting obligations from issuers, but at the same time with sufficient transparency for investors to motivate them to trade.
The AeRO market is dedicated to financing the companies that do not meet the size or history criteria for being listed on the regulated market.
AeRO is the right choice for the entrepreneurs in at least one of the following situations:
- have an excellent idea that might be a breakthrough if put into practice;
- the lack of capital is the highest impediment to the company growth;
- the company develops, but wishes to make its business model known (the products and services offered should benefit from better upgrading);
- aim for an assessment at an objective price for the company, established by meeting supply and demand.
- It is a new alternative solution to financing, mainly of SMEs but also of start-ups;
- It offers new opportunities to investors to discover companies with high growth potential, with promising projects, at their early stages of development;
- It distinguishes itself by competitive tariffs and simple and efficient procedures, harmonized to the principles of the European Union with regard to financial markets;
- The admission to trade is made on the basis of a company presentation document;
- It is a market managed by the Bucharest Stock Exchange, which promotes the principle of partnership between BVB and traded companies;
- It introduces the notion of Authorized Advisor, who offers support to companies on listing and meeting the subsequent reporting obligations. The Authorized Advisor facilitates the granting of financing by public offers of private investments. This notion is used by the similar developed stock markets and contributes to the success of companies within the capital market.