The Top 30 Exchanges to Go Public

Today’s capital markets offer an unparalleled opportunity for companies of every size to tap into global financial resources.

The potential to go public or transition from public to private is accessible across the world’s top exchanges, each bringing its own transaction volume, strategic advantages, and procedural nuances.

For a small to large-cap company or a closed-end to open-end fund, choosing the right exchange can be transformative. With each market offering unique characteristics in terms of market capitalization, transaction volume, and processing timelines, understanding these distinctions is critical for companies seeking the best pathway.

The World Federation of Exchanges (WFE) ranks the world’s top 30 exchanges, covering some of the most dynamic financial markets globally.

These exchanges are ranked based on their trading volume, liquidity, and market cap, with regional and sector-specific strengths that make each suitable for different types of public offerings, including IPOs, Direct Listings, SPACs, Reverse Mergers, and de-SPAC transactions. Here, we look at the opportunities and considerations across each.

Leading Global Exchanges for Public Offerings

1. New York Stock Exchange (NYSE) – The NYSE, with a market cap exceeding $25 trillion, handles the highest transaction volume globally, making it a top choice for large-cap companies looking to go public. Going public here can take 12-24 months, depending on complexity.

2. NASDAQ – Known for its tech listings, NASDAQ processes billions in transaction volume daily and offers streamlined processes for IPOs and SPACs. Smaller and mid-cap tech firms often find NASDAQ’s growth-focused ecosystem advantageous, with typical timelines ranging from 9-18 months.

3. Japan Exchange Group (JPX) – As Asia’s leading exchange, JPX is a powerhouse for firms in electronics, automobiles, and manufacturing. Companies may need around 12-18 months for a public offering, with thorough regulatory requirements.

4. Shanghai Stock Exchange (SSE) – SSE offers a robust pathway for domestic and international listings, especially in sectors like energy, finance, and manufacturing. Timelines average between 15-20 months.

5. Euronext – With hubs in Amsterdam, Paris, and Brussels, Euronext facilitates efficient cross-border listings within the EU. For mid-cap firms, the exchange is ideal, with timelines around 10-18 months.

6. Hong Kong Exchanges and Clearing (HKEX) – HKEX is a significant gateway for Chinese companies accessing Western capital. Timeframes are typically 12-24 months for IPOs, with streamlined de-SPAC options also available.

7. Shenzhen Stock Exchange (SZSE) – SZSE, a key player in China’s innovation sector, is known for high transaction volumes, especially in tech and industrials, with public listing timelines around 12-20 months.

8. London Stock Exchange (LSE) – The LSE serves as Europe’s financial nucleus, handling daily trading volumes in the billions. It provides numerous options for public listings, including a favorable route for foreign companies, with timelines around 12-18 months.

9. Saudi Exchange (Tadawul) – Tadawul is a leader in the Middle East for energy sector listings and has efficient paths for IPOs, typically taking 9-15 months.

10. TMX Group (Canada) – With the Toronto Stock Exchange as its primary market, TMX is strong in mining, energy, and tech. Public listings here are known for balanced timelines, around 12-18 months.

11. BSE India Limited – One of India’s oldest exchanges, BSE offers vibrant trading volumes and attracts mid to large-cap companies in sectors like IT and consumer goods. Timelines average around 9-15 months.

12. National Stock Exchange of India (NSE) – Known for high liquidity, NSE complements BSE by offering efficient listing services for tech and financial firms, with similar timelines to BSE.

13. Korea Exchange (KRX) – South Korea’s primary market for tech and manufacturing firms, KRX provides robust support for both IPOs and SPACs, with typical timelines of 12-16 months.

14. Deutsche Börse AG – Frankfurt's Deutsche Börse is prominent for international listings within Europe, offering unique solutions for biotech and industrial companies. Public transactions can take 12-20 months.

15. Swiss Exchange (SIX) – SIX serves as a premier market for financial services and pharmaceutical companies, with IPO timelines averaging 12-18 months.

16. Australian Securities Exchange (ASX) – Known for high transaction volumes in commodities and finance, ASX is an attractive choice for firms across the Asia-Pacific. Going public here may take between 10-16 months.

17. BME Spanish Exchanges – BME provides access to European capital, with an emphasis on small and mid-cap firms, averaging 9-15 months for public listings.

18. Johannesburg Stock Exchange (JSE) – The JSE is Africa’s largest exchange, ideal for energy and mining sectors. IPOs and SPACs take around 10-16 months.

19. Taiwan Stock Exchange (TWSE) – TWSE supports vibrant trading in electronics and manufacturing, with timelines around 10-18 months for public offerings.

20. Singapore Exchange (SGX) – SGX offers strategic advantages for tech and real estate firms in Southeast Asia, typically taking 12-20 months to go public.

21. Moscow Exchange (MOEX) – MOEX facilitates listings in finance and energy, serving as a gateway to Russian capital, with timelines of around 10-18 months.

22. Mexican Stock Exchange (BMV) – BMV is strong in telecom and consumer goods, providing efficient IPO paths within 12-18 months.

23. Bursa Malaysia – With high liquidity in the commodities market, Bursa Malaysia is well-suited for mid-cap firms with timelines around 10-16 months.

24. Borsa Istanbul – Known for its accessible paths for IPOs, Istanbul's exchange attracts regional companies, with timelines around 10-15 months.

25. Tel Aviv Stock Exchange (TASE) – TASE supports Israel’s thriving tech industry with efficient SPAC pathways and timelines of 9-15 months.

26. Abu Dhabi Securities Exchange (ADX) – As a regional financial hub, ADX supports energy and infrastructure firms, with IPO timelines around 10-16 months.

27. Dubai Financial Market (DFM) – DFM complements ADX by offering strategic options for finance and real estate, with typical timelines of 10-16 months.

28. Philippine Stock Exchange (PSE) – PSE supports telecom and real estate listings, ideal for mid-cap firms with timelines around 10-16 months.

29. Stock Exchange of Thailand (SET) – SET is strong in healthcare and finance, typically taking 10-16 months to complete IPOs.

30. Nairobi Securities Exchange (NSE) – Serving East Africa, NSE supports listings in agriculture and energy, with streamlined 9-15 month processes.

Comprehensive Due Diligence: The Backbone of Successful Public Transactions

Transitioning to or from a public market demands in-depth quantitative and qualitative due diligence.

Essential components include DCF financial modeling, which determines the intrinsic value of future cash flows, guiding share pricing and investment projections.

Equally vital are financial statements and ratios, providing insights into profitability, liquidity, and risk tolerance.

Critical documents for successful listings include prospectuses, which offer transparency to investors, and teasers and executive summaries that provide concise overviews of the firm’s strategic goals.

Investment decks detail the company’s strengths and market position, while capitalization tables and business plans communicate equity structures and strategic growth.

Corporate responsibility reports demonstrate the firm’s commitment to ESG principles, an increasingly critical factor in attracting both institutional and individual investors.

Orgon Bank serves as a pivotal connection point within this ecosystem, linking companies to a network of advisors, underwriters, and legal experts who ensure each transaction aligns with strategic goals. Whether aiming for public status or a streamlined transition to private ownership, companies benefit from Orgon’s network and the expertise it facilitates.

These top 30 exchanges represent unparalleled opportunities in capital markets, each with its own strengths in transaction volume, sector expertise, and timing requirements for public transactions. By engaging with a well-prepared network and maintaining rigorous due diligence, companies can effectively navigate these markets to achieve transformative growth and long-term success.

Direct Listings and Initial Public Offerings: Foundational Pathways for Going Public

For companies with strong market traction and the requisite financial health, traditional Initial Public Offerings (IPOs) remain a powerful gateway.

By issuing new shares to raise capital, IPOs serve as both a capital-raising mechanism and a transformative branding event, signaling maturity and stability to potential shareholders. This pathway, though rigorous, has proven highly successful for businesses with strong growth metrics and a demonstrated ability to meet market demand.

Direct Listings offer an alternate, streamlined approach, particularly beneficial to companies with robust balance sheets that do not require immediate capital injection.

By allowing existing shareholders to sell their shares directly to the public, Direct Listings facilitate public market entry without dilution, making them an increasingly attractive option. This approach, although less common, is often chosen by companies seeking the public market’s liquidity benefits without incurring underwriting fees and extensive regulatory filings.

SPACs and Reverse Mergers: Accelerated Public Pathways for Growth-Oriented Firms

For businesses seeking rapid market entry, Special Purpose Acquisition Companies (SPACs) and Reverse Mergers offer a compelling alternative. SPACs—essentially shell companies that raise capital through IPOs to acquire a private company—allow firms to go public through a merger, bypassing the traditional IPO.

This route, particularly popular among high-growth sectors like technology and biotech, enables companies to access public markets at speed and without the lengthy regulatory requirements of a traditional IPO.

Reverse Mergers offer another strategic route to public status by merging with an already-listed company. Although Reverse Mergers come with certain risks, including potential regulatory scrutiny and heightened market expectations, they allow companies to achieve public listings quickly, making them suitable for firms that prioritize speed and are prepared for the public-market rigor.

SPACs, Reverse Mergers, and de-SPAC processes each offer distinct advantages in flexibility and timing. But they demand rigorous due diligence, including a careful examination of the target company’s financials, market position, and growth potential. For investors, the transparency of SPACs, which must disclose their acquisition targets to shareholders for approval, provides an added layer of confidence.

Meanwhile, de-SPAC transactions, where the SPAC target company becomes a public entity, require particular attention to post-merger financial integration, market fit, and scalability potential.

Public-to-Private and Private-to-Public Transitions: Dual Strategies in Capital Market Access

Companies today are not limited to one-way transitions between private and public markets. Public-to-private transactions offer firms a route to streamline operations, reduce regulatory burdens, and focus on long-term strategy without quarterly earnings pressure.

By going private, companies gain operational flexibility, which can be particularly valuable for firms undergoing restructuring or repositioning.

Conversely, the private-to-public transition allows a company to access public capital and broaden its ownership structure, thus aligning with growth strategies and expansion goals. The Orgon Bank, while not a financial services provider, serves as a crucial connector in this ecosystem.

By linking companies with specialized advisors and providers, Orgon facilitates seamless transitions, whether public-to-private or private-to-public, and supports companies in aligning their financial structures with their long-term goals.

The Necessity of Comprehensive Due Diligence in Public Market Entry

Regardless of the pathway to going public, meticulous due diligence remains a non-negotiable requirement. An effective public listing demands not only an understanding of quantitative metrics but also a comprehensive qualitative assessment of the company’s value proposition, growth trajectory, and competitive landscape.

1. Quantitative Modeling and Financial Projections

   
   Key to any public transition is a robust financial modeling process, such as a Discounted Cash Flow (DCF) analysis. This technique projects future cash flows to determine intrinsic value, offering insights into potential return on investment and guiding pricing decisions for public shares. Financial statements, including profit and loss accounts, balance sheets, and cash flow statements, offer a clear picture of the company's financial health, profitability, and risk.

2. Prospectus, Teasers, and Executive Summaries

   
   As a regulatory requirement, the prospectus is a document that outlines the company’s financials, business model, risks, and growth potential, providing transparency to potential investors. Teasers and executive summaries, while less formal, are equally valuable in offering stakeholders a condensed overview of the company’s strategic direction, market opportunity, and financial outlook.

3. Investment Decks and Capitalization Tables

   
   A professionally prepared investment deck conveys a company’s strengths, vision, and market position, arming potential investors with information to make informed decisions. Capitalization tables, on the other hand, offer a breakdown of equity ownership, helping investors understand share distribution, potential dilution, and the rights associated with each share class.

4. Business Plans and Corporate Responsibility

   
   For long-term success in the public sphere, companies must present a coherent business plan that details their strategic initiatives, operational goals, and anticipated market challenges. Additionally, modern investors place growing importance on corporate responsibility, particularly in terms of environmental, social, and governance (ESG) standards. Public companies are increasingly held accountable for their ESG practices, with transparent reporting of these factors seen as an essential element of sustainable growth.

The Role of Orgon Bank as a Catalyst for Market Access

In this complex landscape, Orgon Bank stands out as a trusted facilitator.

Acting as a bridge between companies and service providers, Orgon offers tailored support for companies navigating both public and private markets. For firms seeking to go public, Orgon can connect them with financial advisors, underwriters, and legal experts who ensure smooth, compliant, and strategically aligned transactions.

Likewise, for companies opting for public-to-private transitions, Orgon’s network offers access to capital partners and consultants skilled in executing buyouts and restructuring initiatives.

Going public has never been more accessible, nor the strategic choices more diverse. With options spanning IPOs, Direct Listings, SPACs, and more, and the support of institutions like Orgon, firms of all sizes can explore the capital markets with confidence.