Capital
Raise as you list.
A Capital Raising Listing puts the offer and the admission on one timetable, under a prospectus lodged with ASIC, open to retail investors as well as wholesale. There is no limit on the amount raised.
There is no profit test to pass, no minimum raise to hit, and market capitalisation can start at A$500,000. A company too small for the ASX tests can still fund itself on a licensed market.
You can also list without raising. Direct Entry suits a company that has already funded itself, on the condition that no capital is raised in the three months either side of the application. Compliance Listing brings an existing listing across from another exchange under the same condition.
The raise does not stop at admission. A quoted price gives every later round a reference point instead of a negotiation.
Liquidity
Your shareholders get
somewhere to sell.
Admission needs 50 holders in the class being listed, with 25 per cent of issued capital in public hands, outside director holdings. The pre-listing round is what gets you there, so we run it to bring in holders as well as money.
Once quoted, the people locked in since the start have a market. Staff, family, early backers, anyone holding scrip they cannot currently move. A CHESS connected registry settles those trades the same way an ASX trade settles.
Be clear about depth. The NSX is a small market, so liquidity comes from the register you build rather than from passing traffic. That is the argument for treating the raise and the listing as one job.
Simplicity
A shorter rule book.
Six tests. Fifty security holders. A quarter of the capital in public hands. Two years of audited consolidated accounts, with alternatives open to discussion if you do not have them. Half a million of market value. A registry connected to CHESS. A constitution that fits the NSX rules.
One adviser. A Nominated Adviser appointed from the NSX approved list, external and independent for a new issuer, retained for as long as the company stays listed. We coordinate the appointment. We are not the adviser.
Four stages. Readiness, where structure, accounts, board and register are tested against the requirements before you spend anything. The pre-listing round that funds the admission. The application, prepared with your legal advisers and accountants, with the adviser, the registry and the timetable coordinated. Then quotation, and the investor communications that keep the register engaged.
Straight from the NSX rule book. Checked 21 September 2026.
Value
What it costs.
NSX exchange fees sit below the ASX at the same size. An application runs into the tens of thousands, with an annual fee in the low tens of thousands after that. Lower, not transformationally lower, and the gap narrows as market capitalisation rises.
Moving an existing ASX listing across is the cheap case. The Fast Track application fee is a small fixed amount rather than a scaled one.
Exchange fees are not the whole cost. The Nominated Adviser, the registry, legal, audit and any expert reports sit on top, and they are often the larger part of the budget. We put the lot in one number before you start, so the decision is made on the full cost rather than the exchange invoice.
A listing without a funded raise is a cost. A raise without a market is a harder sell. We scope both together, with the fee structure agreed in writing before either starts.
Considering the NSX?
Send us the company outline. We will come back on whether admission is realistic, what has to change first, and what the raise alongside it should look like.
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