The Procedure for the Public Company which makes Public Offering (IPO)
- Summit Public Offering Procedure to SECM. ( SECM Notification 2/2015 – Section 4(a) )
- Summit Prospectus with Supporting Documents to SECM. ( SECM Notification 2/2015 – Section 4(b) )
- If SECM is satisfy, they shall give approval of public offering. ( SECM Notification 2/2015 – Section 4(c) )
- After obtaining the approval of SECM, submit the prospectus to DICA. ( SECM Notification 2/2015 – Section 4(d) )
- After getting approval of the SECM, a public company together with documents mentioned in SECM Notification 2/2015 – Section 5 shall announce prospectus in either following methods:
- by insertion in newspapers
- in a printed form to be made available, free of charge, to the general public at the registered office of the issuer, at the offices of the companies which offer the securities, and initial public offering declaration ceremony; or
- in electromagnetic form on the issuer’s website. ( SECM Notification 2/2015 – Section 7 )
- After completing the public offering, the issuer shall submit to SECM the result of the public offering immediately ( SECM Notification 2/2015 – Section 4(e) )
Prospectus ( SECM Notification 2/2015 – Section 5(a) )
Prospectus shall consist of the following information based on a format prepared by SECM:
- (i) Procedures of the public offering
- (ii) Information of the public offering
- (iii)Information of the securities to be offered
- (iv) Information of the issuer
- (v) a summary of the company’s affairs including the information about the history and development of the company, its related companies, its employees, etc.;
- (vi)business overview including the performance of the company’s business, the principal activities and principal markets, the principal risks and uncertainties facing the company, material contracts, research and development, etc.;
- (vii) a statement of the company’s investment plan
- (viii) a statement of the company including the information about major shareholders, dividend policy, organizational structure, management system, etc.
Supporting Documents ( SECM Notification 2/2015 – Section 5(b) )
Together with the prospectus, the following documents shall be submitted;
a copy of its memorandum and articles of the association;
a copy of its audited balance-sheet and profit and loss account in each of the two financial years, 5 years business plan instead of documents mentioned in above clause if it is a start-up company before the issue of the prospectus;
a copy of the auditors’ report attached to the balance-sheet and profit and loss account (if available);
a copy of its directors’ report under the section 131 (A) of the Myanmar Companies Act and (if available);
a copy of the resolution of annual general meeting of shareholders (AGM), of extraordinary general meeting of shareholders (EGM), or of the board of directors or the decision of the directors in relation to the issue of securities concerned (if available); and
a copy of a document which shows the respective authority’s approval of a capital increase and/or a change in capital structure
The Procedure for the Public Company which want to make both IPO & Listing to YSX.
If you want to make IPO, you will need approval only from SECM.
But if you want to list your company in YSX too, you need to pass YSX listing examination. YSX Listing examination has ( 17 ) criteria.
If you want to see YSX Listing Criteria, Click here.
If you want to know YSX Listing Procedure, Click here.