If you want your company to be listed in the NSE, below are the requirements:

There are three investment market Segments at the Nairobi Securities Exchange namely:

  • Main Investment Market Segment (MIMS);
  • Alternative Investment Market Segment (AIMS); and
  • Fixed Income Securities Market Segment (FISMS).

To list securities on any of these boards, the following eligibility criteria must be satisfied:

Requirement Main Investment Market Segment (MIMS) Alternative Investment Market Segment (AIMS) Fixed Income Market Segment (FISMS)
Incorporation status The issuer must be a public company limited by shares and registered under the Companies Act (Cap 486) The issuer must be a public company limited by shares and registered under the Companies Act (Cap 486) The issuer must be a public company limited by shares and registered under the Companies Act (Cap 486) or any other corporate body.
Share Capital The minimum authorized, issued and fully paid up capital must be Kshs. 50 Million. The minimum authorized, issued and fully paid capital should be Kshs.20 Million The minimum authorized, issued and fully paid up capital must be Kshs. 50 Million
Net Assets The net assets should not be less than Kshs. 100 Million immediately before the public offer. Net assets immediately before the public offer should not be less than Kshs.20 Million The net assets should not be less than Kshs. 100 Million immediately before the offer.
Transferability of shares The shares to be listed shall be freely transferable. The shares to be listed shall be freely transferable. May or may not be transferable.
Financial records. The audited financial statements of the issuer for five preceding years be availed. The audited financial statements of the issuer for three preceding years be availed. The audited financial statements of the issuer for three preceding years be availed (except for the government)
Directors and Management The directors of the issuer must be competent persons without any legal encumbrances. The directors of the issuer must be competent persons without any legal encumbrances. The directors of the issuer must be competent persons without any legal encumbrances
Track record The issuer must have declared positive profits after tax attributable to shareholders in at least three years within five years prior to application. The issuer must have been operating on the same line of business for at least two years one of which it must have made profit with good growth potential. Not a requirement.
Solvency The issuer should be solvent and have adequate working capital. The issuer should be solvent and have adequate working capital. Not a requirement
Share ownership structure At least 25% of the shares must be held by not less than 1000 shareholders excluding employees of the issuer. At least 20% of the shares must be held by not less than 100 shareholders excluding employees of the issuer or family members of the controlling shareholders. Not a requirement
Certificate of comfort May be required from the primary regulator of the issuer if there is one. May be required from the primary regulator of the issuer if there is one. May be required from the primary regulator of the issuer if there is one.
Dividend policy The issuer must have a clear future dividend policy The issuer must have a clear future dividend policy Not a requirement
Debt ratios Not a requirement Not a requirement Major ratios: Total indebtedness including the new issue not to exceed 400% of the company’s net worth as at the latest balance sheet. The funds from operations to total debt for the three trading periods preceding the issue to be kept at a weighted average of at least 40%. A range of other ratios to be certified by the issuer’s external auditors.
Issue lots Not a requirement Not a requirement Minimum issue lot size shall be: Kshs. 100,000 for corporate bonds or preference shares Kshs. 1,000,000 for commercial paper programme.
Renewal date Not a requirement Not a requirement Every issuer of commercial paper to apply for renewal at least three months before the expiry of the approved period of twelve months from the date of approval.





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February 29, 2024

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