In a landmark step to promote innovation and facilitate the growth of high-performing businesses, the Stock Exchange of Mauritius (SEM) launched SEMX, a new segment dedicated to high-growth companies, in December 2024.

The SEMX is part of SEM’s Official Market and operates under a specialised chapter of its listing rules designed to cater to the needs of such entities. Its framework emphasises flexibility while maintaining robust standards. 

Eligible companies must demonstrate rapid revenue growth, profitability and adherence to specified financial metrics. The listing rules require adequate market capitalisation and equity structure to ensure investor confidence and market stability:

At least 25% of the equity securities of an issuer listed on SEMX must be held by 200 members of the public at the start of trading. A lower threshold of 10% held by 100 public members may be accepted initially, provided the issuer commits to increasing public shareholding to 20% held by 150 public members by the end of the third year of listing and achieving 25% held by 200 public members by the end of the fifth year of listing.

A company applying as a new listing must primarily engage in an independent, revenue-generating business, either directly or through one or more subsidiaries and must have been operating this business for at least the duration accepted by the SEM. 

A minimum market capitalisation requirement of MRU 20-million is mandatory and cannot be waived. 

Issuers must demonstrate growth in audited consolidated revenue or through a SEM-approved indicator of at least 25% compound annual growth rate (CAGR) over the prior three financial years; or at least 100% growth, reasonably distributed over the previous five years. 

To remain listed on SEMX, companies must maintain a revenue growth of at least 10% CAGR over the prior three years. Failure to meet growth or other segment-specific requirements may result in transfer to another segment of the Official Market or delisting.

Bowmans (Mauritius) has recently assisted in the successful listing of three dynamic global business companies, being Africa Eats Ltd, Elite Meat Processors Ltd, and Ziweto Holdings Ltd, on the SEMEX.  

Written by Rajiv Gujadhur, Partner, and Nafiisah Jeehoo, Senior Associate, Bowmans Mauritius