Road map to going public: IPO line Going Public

IPO line Going Public The road map to going public

Get a clear idea of all the main steps in Going Public

An IPO offers a world of opportunities: an enhanced public profile, accelerated growth and a more favourable competitive position. However, the step of going public must be prepared thoroughly. The IPO process starts long before the first day of trading. From the decision to go public until the initial listing, issuers must undergo a number of processes. Among other steps, these include: recruiting appropriate partners, assessment whether the requirements for going public are met through due diligence, elaborating the issuing concept and the equity story as well as setting up an efficient corporate organization.

We support you in optimally laying the foundations for your IPO – step by step from the first price determination on the trading floor of FWB® the Frankfurt Stock Exchange.

Regulated Market

For admission to listing in the Regulated Market, statutory EU-uniform requirements and follow-up obligations have to be met. At Frankfurter Wertpapierbörse you may choose between the General Standard and the Prime Standard, the sub segment with higher transparency requirements.

Detailed information Regulated Market Listing process Regulated Market

Open Market

The Open Market (Regulated Unofficial Market) is the segment where only marginal formal inclusion requirements and no follow-up obligations have to be met. In Open Market, there are national and international companies whose securities are included in trading in a simple and speedy manner.

Detailed information Open Market Listing process Open Market

Detailed information Regulated Market


The Regulated Market is a EU-Regulated Market and an organized market in the meaning of Sect. 2 Paragraph 11 of the German Securities Trading Act (WpHG). The admission requirements and follow-up obligations applying here are governed by law and are based on European law and, therefore, correspond to EU-uniform requirements. Above all, they are regulated in the German Stock Exchange Act, German Stock Exchange Listing Act, in the Regulation (EU) 2017/1129 as well as in the Exchange Rules. In contrast to the Open Market organized under private law, the Regulated Market is a market segment regulated by public law.

Issuers in the Regulated Market comply with high requirements applicable throughout the entire EU. Thus, the Regulated Market is specifically meant for large and medium-sized companies who are willing and capable to comply with these requirements and who wish to address both national and international investors.

Various segments

Depending on the objectives the company strives for with their stock exchange listing, the investors the company mainly wishes to address and the extent of transparency the company wants to safeguard, companies may choose in the Regulated Market at Frankfurter Wertpapierbörse between the General Standard or the Prime Standard, which is a partial segment bearing increased transparency requirements.

Detailed information Prime Standard

The Prime Standard is a partial segment of the Regulated Market bearing additional admission follow-up obligations. The access requirements and particular follow-up obligations are set forth in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for FWB]. The Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Prime Standard. The application may be submitted jointly with the application for admission to the Regulated Market (General Standard). Insolvency proceedings must not have been applied for or opened in respect of the company's assets. This applies accordingly for companies based abroad. Unless the Management Board has, beyond that, knowledge of circumstances indicating that the company will not or not orderly perform the additional follow-up obligations, the stock or certificates representing stock have to be admitted to the Prime Standard. Such circumstances are regularly presumed when a company, which has already admitted securities, has not fulfilled or not properly fulfilled its obligations arising from the admission.

The follow-up obligations applying to the Prime Standard exceed the follow-up obligations of the General Standard and have to be performed in addition to these. Thus, the Prime Standard at Frankfurter Wertpapierbörse and even all throughout Europe is the segment bearing the highest requirements.
The additional admission follow-up obligations of the Prime Standard are not only characterised by their higher degree of transparency requirements, but, above all, by the demand to comply with these requirements also in the English language as a rule. So the Prime Standard is the right choice for issuers who specifically wish to present their company to international investors.

You can find detailed information on the course of the admission procedure under the station “Admission Procedure“. For further information about the particular follow-up obligations of the Prime Standard, please see the corresponding stations of the “Being Public-Line”.

Detailed information General Standard

Issuers in General Standard meet the high transparency requirements of the Regulated Market without being specifically focused on international investment. Thus the General Standard is primarily meant for medium- sized and large companies who focus on mainly domestic investors.

In General Standard the statutory requirements for the EC-Regulated Market apply. The particular access requirements as well as the follow-up obligations are set forth in the Börsengesetz [German Stock Exchange Act], the Börsenzulassungs-Verordnung [German Stock Exchange Admission Regulation] as well as in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for the FWB]. The Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Regulated Market (General Standard).
You will find detailed information about the course of admission proceedings under the station “Admission Proceedure“. For more detailed information on the individual follow-up obligations of the General Standard please visit the corresponding stations of the “Being Public-Line”.

Moreover, you may also find helpful explanations in the issuers guidelines of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) [German Federal Agency for Financial Market Supervision].


Detailed information Open Market


The Open Market is a market which is regulated by the stock exchange and no organized market in the meaning of the German Securities Trading Act, WpHG (Sect. 2 Paragraph 5 WpHG). In contrast to the Regulated Market organized under public law, the Open Market is a market segment under private law. The provisions for the inclusion of shares in the Open Market as well as the follow-up obligations are governed by the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (AGB DBAG). An admission to the Open Market is possible for shares which are neither admitted for, nor included into trading on the Regulated Market.

Issuers in Open Market comply with lesser formal requirements compared to the Regulated Market. Thus, the Open Market offers an attractive alternative especially for small and medium-sized companies.


Companies who strive for a new issue market listing and who are ready to comply with a certain transparency degree, may be admitted to Scale. Scale is the Open Market segment bearing certain transparency requirements.

Detailed information Scale

Scale is a segment of the Open Market approved by Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). The admission criteria and follow-up duties are to be found in the General Terms and Conditions of Deutsche Börse AG for participation in the Open Market for equity.

Admission is in response to an application by the issuer of the securities together with an Applying Deutsche Börse Capital Market Partner (bank or financial service institution). With its application, the co-applicant vouches for the completeness and accuracy of the statements made in the application and for the completeness of the documents submitted. The admission of securities to Scale constitutes a contractual legal relationship between Deutsche Börse AG and the issuer.

Certain obligations apply according to the Market Abuse Regulation and the German Securities Trading Act. The responsible authority for monitoring compliance with those follow-up obligations is the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority). In addition, issuers in Scale must fulfil the follow-up inclusion obligations set by Deutsche Börse AG.