Your firm may issue shares or bonds which may be listed on one of the stock market’s three equity markets or the bond market. EQUITY MARKETS Your firm is eligible to be floated on one of the three equity markets (the Main Market, the Development Market and the Growth Market) if it meets the main criteria as follows :  Preliminary requirements   Main Market Development Market Growth Market Company profile   Large companies   Medium-sized companies   High-growth companies Minimum shareholders’ equity (in MAD millions) MAD50m No fixed limit No fixed limit Minimum sales (in MAD millions)   No fixed limit   More than MAD50m   No fixed limit Number of certified financial periods 3 2 1 Consolidated financial statements   Yes, for companies with subsidiaries   Optional   Optional   Additional requirements   Main Market Development Market Growth Market Minimum number of shares issued   250 000 shares   100 000 shares   30 000 shares Minimum amount issued (in MAD millions)* MAD 75m MAD 25m MAD 10m Liquidity provision contract   Optional   1 year   3 years (*) :The minimum amount issued corresponds to the amount that your firm wishes to raise on the stock market. It concerns the number of securities offered to the public multiplied by the initial public offering price. For example : Company A decides to offer to the public 100,000 shares at a price of MAD 200 per share. The amount issued will therefore be MAD 20,000,000 (100,000 x 200). The security will therefore be listed on the Growth Market. BOND MARKET For this market, the criteria are as follows :   Issuing entity Number of certified financial periods 2 Consolidated financial statements Yes, for companies with subsidiaries Minimum amount issued MAD20m Minimum maturity* 2 years (*) : corresponds to the minimum life of the bond