The Bucharest Stock Exchange announced on Monday, November 9, that a new structure of the Multilateral Trading System (SMT) will become operational starting on November 20.
The Exchange will have three distinct markets: the SME Growth Market (PC), the Main Market (PB), and the International SMT (SMTI).
The change was presented as a modernization of the BVB’s trading system and an alignment to other European models.
The first segment, the Growth Market, is dedicated to small and medium-sized companies and startups seeking financing for development. The project was announced in recent months by representatives of the BVB and the Financial Supervisory Authority (ASF) and aims to provide growing companies with an additional route to access capital, at a time when bank financing can be difficult, especially for companies with few assets that can be used as collateral.
In this segment, companies will gradually familiarize themselves with stock market mechanisms and improve their governance and reporting standards, including with a view to a possible subsequent transfer to the BVB Regulated Market.
For investors, expanding the stock market offering to include SMEs and startups could mean access to companies at earlier stages of development and with higher growth potential, but also with a higher risk profile than that generally associated with mature companies listed on the main market.
The SME Growth Market will include the shares of 23 companies, including Agroland Agribusiness, Ascendia, iHunt, Norofert, 2Performant, and Softbinator, as well as 14 bond issues. Five of these issues belong to companies whose shares are also listed on the SME Growth Market.
The Main Market will comprise 217 shares, 27 in the Premium category, including DN Agrar, Holde Agri Invest, and Bucur Obor, among others, and 190 in the Standard category, alongside 12 bond issues and one fund. The International SMT will have 16 instruments, comprising 15 shares and one bond.
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