Listing Requirements of the Toronto Stock Exchange - TSX

tsx exchangeThe Toronto Stock Exchange has different listing requirements for natural resource, finance, and industrial and technology companies.  The attached chart addresses the requirements of industrial & technology companies only.  The listing staff at the Toronto Stock Exchange are always open to talk to corporate executives who are considering listing on the TSX.
 
TSX - Industrial & Technology Companies Listing Requirements

Requirements

Senior Companies

Profitable Companies

Companies Forecasting Profitability

Pre-Tax Income Last Year

C$300,000

C$200,000

C$200,000 (Evidence for current or next fiscal year)

Pre-Tax Cash Flow Last Year

C$700,000

C$500,000

C$500,000 (Evidence for current or next fiscal year)

Pre-Tax Cash Flow Average in Last Two Years

C$500,000

N/A

N/A

Net Tangible Assets

C$7,500,000

C$2,000,000

C$7,500,000

# of Public Board Lot Holders

300

300

300

Public Float (Shares)

1,000,000

1,000,000

1,000,000

Price

No Minimum

No Minimum

No Minimum

Market value public float

a. C$4,000,000 (All but technology)

b. C$10,000,000 (technology companies)

a. C$4,000,000 (All but technology)

b. C$10,000,000 (technology companies)

a. C$4,000,000 (All but technology)

b. C$10,000,000 (technology companies)

The Toronto Stock Exchange imposes additional requirements on technology, research and development and foreign companies.

The additional requirements for technology companies include:

  • C$10 million in treasury;
  • funds to cover all planned development, capital expenditures, general and administrative expenses for one year;
  • C$ 50,000,000 market value of the listed issued securities; and
  • evidence of advanced stage development or commercialization of product/services.

    • The additional requirements for research and development companies include:

  • C$12 million in treasury;
  • funds to cover all planned research and development expenditures, general, administrative and capital expenses for one year;
  • C$ 50,000,000 market value of the listed issued securities;
  • minimum 2 year operating history that includes research and development expenditures; and
  • evidence the company has the technical expertise and resources to advance its research and development programs

    • The listing staff of the Toronto Stock Exchange will also look at the suitability of all officers, directors and stockholders holding 10% or more of the company's stock. Companies must have at least two Canadian resident directors unless listing as a foreign company. They must also have a TSE participating organization sponsor their listing unless they meet the senior company listing criteria.

    All companies listed on the Toronto Stock Exchange must agree to abide by the corporate governance requirements of the exchange.

    For the listing criteria of mining companies click here to go to the TSX website.  TSX - Mining.