Going public on NewConnect – process and costs

Why list on NewConnect?

  • Raising capital for growth
    NewConnect provides access to capital from public market investors at relatively lower costs and with fewer regulatory requirements compared to the WSE regulated market.

  • Building market credibility
    Public company status enhances credibility with investors, business partners, and clients.

  • Exit opportunities for early-stage investors
    A public market listing provides a liquidity mechanism for private investors.

  • Facilitating ESOP implementation
    Listing company shares on a public market enables the effective implementation and execution of incentive programs for key employees through stock options. 

Step-by-step: How to list on NewConnect?

  1. Company Readiness Assessment
    Verification of the company's legal, financial, and organizational standing 

  2. Conversion into a Joint-Stock Company (if necessary)

    NewConnect requires the legal form of a joint-stock company (S.A.)

  3. Preparation of Information Documentation (Information Document)
    A document less formal than a prospectus, describing the company, its business operations, and the shares being introduced. Essential insight for investors prior to the market debut

  4. Cooperation with an Authorised Adviser (AA)
    Mandatory engagement throughout the listing process. Drafting internal procedures and conducting reporting and compliance training. 

  5. Registration of Shares with KDPW
    Registration of securities within the central depository system (National Depository for Securities).

  6. NewConnect Debut
    Trading commencement on the alternative trading system operated by the Warsaw Stock Exchange (WSE).

What are the costs of listing on NewConnect?

Costs depend on the company's profile, the size of the offering, and the level of organizational readiness. As a general indication, for a typical company making its debut on NewConnect, the costs can be broken down into the following components:

  • Authorised Adviser and preparation of the Information Document:
    from approx. PLN 60,000 to PLN 100,000 (approx. €14,000 – €23,000)

  • Exchange fees (Warsaw Stock Exchange / WSE):
    annual fee: from PLN 3,000 to PLN 8,000 (approx. €700 – €1,900)
    share introduction fee: PLN 6,000 (approx. €1,400)

  • Registration with KDPW (National Depository for Securities):
    from PLN 5,000 (approx. €1,150)  

  • Registration intermediary fee (brokerage firm registering shares in investment accounts): 
    approx. PLN 10,000 – 25,000 (approx. €2,300 – €5,800)

  • Marketing and PR expenses (optional):
    depending on the scope of activities – from several thousand to several tens of thousands of PLN (approx. €1,000 – €10,000+)

The estimated total cost of a NewConnect debut typically ranges from PLN 100,000 to PLN 150,000 (approx. €23,000 – €35,000).

Contact Us

If you are considering listing on NewConnect, schedule a consultation.

E-mail: kontakt@eq1.pl 
Address: Marszałkowska 126/134, 00-008 Warszawa

FAQ

1. Can a Simple Joint-Stock Company (PSA) be listed on NewConnect?

No. This process takes approximately 5–6 months; however, listing preparations can already be carried out in parallel, accelerating the subsequent market debut.  

2. What are the annual costs of maintaining listed company status on NewConnect?  

Following their debut on NewConnect, companies are required to work with an Authorised Adviser and a market maker. Additional expenses include the annual fee payable to the Warsaw Stock Exchange (WSE) and the supervision fee payable to the Polish Financial Supervision Authority (KNF). Total annual maintenance costs typically range from approx. PLN 75,000 to PLN 150,000 (approx. €17,500 – €35,000)

3. What is an Authorised Adviser?

An Authorised Adviser is an advisory firm that supports companies during their debut and ongoing listing on NewConnect. It is responsible for preparing and verifying the Information Document, as well as advising on corporate conversions, corporate governance regulations, and reporting standards to ensure the accuracy and reliability of disclosures provided to investors. The adviser monitors publication deadlines for current and periodic reports, conducts training for the management board and key personnel, and supports ongoing liaison with supervisory authorities. The presence of an Authorised Adviser mitigates legal and operational risks, enhances company credibility, and facilitates subsequent share issues as well as capital restructurings.

4, What are the requirements for listing on NewConnect? 

To make its debut on NewConnect, a company must meet several key requirements set out in the Alternative Trading System (ATS) Rules. First and foremost, it must prepare an Information Document and ensure that its shares are fully transferable and are not subject to bankruptcy or restructuring proceedings. The minimum nominal value per share is PLN 0.10.

At the time of the debut, at least 15% of the shares should be held by at least 25 investors, none of whom may hold more than 5% of the voting rights. The company's equity must amount to at least PLN 2 million. In addition, the company must have its financial statements for the most recent financial year audited by an independent auditor.

We guide companies through the entire process, step by step, and assess their readiness for their first trading session. Contact us to develop the optimal strategy for entering the NewConnect market.

5. What is an Information Document? 

The Information Document is a key component of the process of listing a company on NewConnect. It is an official document in which the company provides investors with detailed information about its business, financial position, shareholder structure, risks and development plans.

Its purpose is to ensure transparency and enable investors to make informed investment decisions. Unlike a prospectus, an Information Document does not require approval by the Polish Financial Supervision Authority (KNF). It covers, among other things, the company's management and supervisory boards, shareholder structure, market and competitive environment, risk factors, financial information and details of the shares.

Investors use this document to familiarise themselves with the company before its NewConnect debut. Preparing an Information Document requires considerable care and precision. We will be happy to guide you through the process to ensure that the document meets the Warsaw Stock Exchange's requirements and helps build investor confidence.

6. What is a market maker on NewConnect? 

A market maker is an entity responsible for supporting liquidity in the trading of a company's shares listed on NewConnect. In simple terms, its role is to ensure that buy and sell orders are regularly available on the market, making it easier for investors to execute transactions and helping the company maintain a more stable and credible market profile.

Working with a market maker is particularly important for a company during the first few months after its debut, when liquidity in its shares is still being established. Every company seeking admission to trading on NewConnect is required to enter into an agreement with a market maker. Choosing the right partner can have a significant impact on how investors perceive the company.

We support companies in selecting a market maker and negotiating the terms of the agreement, helping ensure that your company is visible and active in the market from the outset.