Starting January 1, 2025, Sparks issuers will exclusively benefit from the following advantages: Listing Fees: 50% discount on listing fees. Companies will benefit from this discount upon initial listing on Sparks and subsequently for each capital raise in the public market. Maintenance Fees: No additional variable fees apply for issuers on the Sparks regulatory standard. Research Support: Two years of special pricing for the Stage Program and the newly established Research Hub. [Link] This can link to the new Sparks Research Hub microsite when available. Exclusive Events: Specific "Sparks SME Community" events organized by SIX. Legal Advisory: Access to a partner law firm for specialized free legal advice. Special Discounts and Support: Discounts on educational offers co-developed by SIX and services from partners. Corporate Access Support: Special assistance for corporate access events. Tailored SME Community: Join a community tailored to the unique needs of SMEs. Sparks issuers – like all listed companies – are subject to Swiss takeover rules, which means that (minority) shareholders benefit from special protection. Sparks allows companies to have their shares listed and not just admitted to trading on a multilateral trading facility as is the case on EU growth markets. The listing status provides access to new investors, and increases flexibility for institutional investors which, according to their BVV2 investment guideline, can invest exclusively in listed companies.

Condensed trading window with continuous trading every day Opening auction at 09:00 (CET) Continuous trading until 17:20 (CET) Closing auction and "Trading at Last (TAL)" until 17:40 (CET)

The following listing requirements must be fulfilled on the day of listing: Market capitalization of less than CHF 500 million Track record > 2 years Shareholder base > 50 investors Equity capital > CHF 12.0 million Capital increase > CHF 8.0 million as part of the IPO (unless equity capital > CHF 25.0 million) Freely tradable shares > 15% (of outstanding shares) Market capitalization of freely tradable shares > CHF 15 million

Sparks issuers can request a transfer to the SIX main market after a certain period Sparks issuers must transfer to the SIX main market if their average market capitalization exceeds CHF 1 bn over a period of 12 months

Sparks: the SME Stock Exchange

Q: Main Ongoing Requirements

Annual (audited) and semi-annual (unaudited) financial reporting Corporate governance reporting in the annual report or via a special corporate governance template Disclosure of shareholdings, management transactions and events that could affect the share price (ad hoc publicity)

Fire Up Your Growth Ambitions.

Sparks. The SME Stock Market

Are you looking to offer shares to investors outside family members, friends, venture capitalists, and private equity funds? Perhaps your longstanding investors seek to exit to reinvest in new ventures. Maybe you want to raise fresh capital for expansion and growth on a larger scale and prefer to avoid another time-consuming private funding round. Or perhaps you wish to enhance your visibility and credibility as an employer and supplier. Whatever your reasons, we are here to support you.

We understand the importance of meeting the liquidity and transparency expectations of investors. That is why we have created Sparks. Our SME Stock Exchange not only helps SMEs to maximize the liquidity of their shares, it also allows them to instill confidence in investors by subjecting themselves to higher transparency requirements.

A Sparks listing ensures that SMEs raise capital at the best conditions from investors with a strong liquidity and transparency preference,
by providing your company with:

SIX IPO Academy

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Deepest Liquidity

Sparks issuers are automatically connected to the same trading participants and infrastructure as on the Main Market and benefit from a state-of-the-art trading platform operated by SIX Swiss Exchange. By listing on Sparks, issuers gain direct access to the deep capital pools of the Swiss capital market and provide their shareholders with liquidity in their shares.

Regulated Transparency

A Sparks listing is a fully-fledged listing. It is not an “IPO light”, as is the case with some foreign SME growth markets. A Sparks listing therefore means that your company becomes subject to the same extensive reporting requirements and regulatory oversight as on the Main Market. Besides annual audited financial statements, ad hoc publicity rules ensure that investors are immediately informed of any information that materially impacts the share price.

Sparks At-a-Glance

What are the main cornerstones of Sparks?

Listing Requirements

The following listing requirements must be fulfilled on the day of listing:

Market capitalization of less than CHF 500 million
Track record > 2 years
Shareholder base > 50 investors
Equity capital > CHF 12.0 million
Capital increase > CHF 8.0 million as part of the IPO (unless equity capital > CHF 25.0 million)
Freely tradable shares > 15% (of outstanding shares)
Market capitalization of freely tradable shares > CHF 15 million

Main Ongoing Requirements Trading Model Segment Transfer Differences between Sparks and the Main Market Sparks Benefits

Starting January 1, 2025, Sparks issuers will exclusively benefit from the following advantages:
Listing Fees: 50% discount on listing fees. Companies will benefit from this discount upon initial listing on Sparks and subsequently for each capital raise in the public market.
Maintenance Fees: No additional variable fees apply for issuers on the Sparks regulatory standard.
Research Support: Two years of special pricing for the Stage Program and the newly established Research Hub. [Link] This can link to the new Sparks Research Hub microsite when available.
Exclusive Events: Specific "Sparks SME Community" events organized by SIX.
Legal Advisory: Access to a partner law firm for specialized free legal advice.
Special Discounts and Support: Discounts on educational offers co-developed by SIX and services from partners.
Corporate Access Support: Special assistance for corporate access events.
Tailored SME Community: Join a community tailored to the unique needs of SMEs.
Sparks issuers – like all listed companies – are subject to Swiss takeover rules, which means that (minority) shareholders benefit from special protection.
Sparks allows companies to have their shares listed and not just admitted to trading on a multilateral trading facility as is the case on EU growth markets. The listing status provides access to new investors, and increases flexibility for institutional investors which, according to their BVV2 investment guideline, can invest exclusively in listed companies.

You can find the listing rules and all other applicable regulations on the SER website. Our experts are here to help you if you have any questions.

The public capital market is a supporting pillar of our economic resilience. The new stock market segment Sparks offers fast-growing companies a new and efficient financing channel and ensures that such companies receive sufficient capital to achieve their ambitions in Switzerland.

Daniela Stoffel, State Secretary for International Finance

Do You Have Any Questions?

Our Primary Markets Team will be happy to advise you on all topics related to a listing on the Swiss stock exchange.

Get In Touch

Resources and Downloads

Quick Links

- Jan 19, 2024
IPO Guide: Setting off for the Summit

SIX-Articles in Third Party Publications