How to get listed
Public Offering – the most common way to attract a broad investor’s base is through a public offering, dedicated to all investors, both retail and institutional. Public offering refers to the first sale of bonds to the public and listing of these bonds on a stock exchange, upon meeting the above criteria. Only a memorandum* is required for the public offering of bonds on AeRO.
Private Placement – is an offering of bonds to a limited number of investors, which may be used to distribute newly-issued bonds prior to listing. A set of conditions must be met in order to perform a private placement, one of which is the maximum number of investors targeted by the offering, 149 or less. Only a memorandum* is required for the private placement of bonds on AeRO.
* Memorandum is a short presentation document that includes information regarding the destination of funds obtained, the selection procedure of potential buyers, the number of shares issued and the price obtained, the method of allocation and any other relevant information. After admission to trading, the Memorandum is published on the website of the Bucharest Stock Exchange, in the section dedicated to the issuer.
Memorandum is a far shorter and more concise document than the Prospectus, which is required for any type of listing on the Bucharest Stock Exchange’s Main Market.