Company GEVORKYAN is moving from the unregulated START market to the regulated Prime Market, which is the most prestigious market of the Prague Stock Exchange. The company’s shares (name GEVORKYAN, ISIN SK1000025322) will start trading on the Prague Stock Exchange’s main market from 21st December 2023.
The Slovak company GEVORKYAN, becomes the first issue from the START market to move to the regulated market after successful subscription and operation on this market. In order to make such a move, the company must meet a number of conditions and obligations that distinguish the unregulated market from the regulated market. One of these conditions is the publication of financial statements in accordance with International Accounting Standards (IFRS), whereas on the START market companies can prepare their reporting in accordance with Czech or Slovak accounting standards.
Furthermore, companies must prepare for a higher frequency of reporting results. On the Prime market, reporting is usually quarterly, while on the START market, reporting is only once a year and then twice more during the so-called START Days, always in spring and autumn.
“I am very pleased that this fulfils one of the main reasons for the creation of the START market. Our intention was, among other things, to make this market a route to the stock exchange for smaller companies for which entry to the regulated market would be too complicated and, at this stage of their development, premature. START gives companies the opportunity to learn the benefits of the capital market while getting used to the status of a publicly traded company. By moving to the regulated market, thanks to international reporting, companies open up to foreign investors, which is another big challenge for them”, says Petr Koblic, CEO of the Prague Stock Exchange.
“On behalf of our company, I would like to first of all thank the entire team of the Prague Stock Exchange and especially Pavla Fischerová for the cooperation and support we have felt from the moment we met until today. Cooperation with the stock exchange is a completely different experience than standard bank financing and I am sure that many companies are worthy of being on the stock exchange, they just need to do the first step. I will add that we are on schedule and the move to the Prime Market is a logical continuation of the gradual steps of the company’s development. I believe that it will give us another boost and will bring positives for all shareholders,” says Artur Gevorkyan, founder and Chairman of the Board of GEVORKYAN.
Four members of the Exchange, namely BH Securities, Fio banka, J&T BANKA and Patria Finance have so far expressed interest in acting as market maker after the launch of the issue on the Prime Market.
A total of 14 issues are now traded on the START market, having entered the market over a period of 5 years. The total market capitalization (value) of the shares of these companies amounts to CZK 13 billion and they have raised more than CZK 2 billion from investors. GEVORKYAN with its size (currently CZK 4.5 billion), is ranked on the Prime Market among the issues of Tatra Mountain Resorts and Kofola ČeskoSlovensko
21.12.2023