From one year of audited accounts
to an international market.
Mauritius links Africa, Asia and Europe. As your listing project coordinator, we organise your path to the Development & Enterprise Market (DEM) of the Stock Exchange of Mauritius, working with licensed local advisers.
(approx. USD 420,000)
Why Mauritius, and why now.
For a growing company, the DEM offers a way to present the business to international investors without waiting for a long track record.
- 01
A market for growing companies
The DEM is designed for companies still on their growth path. One year of audited accounts can be enough to apply.
- 02
International issuers are welcome
Of 255 new securities listed since 2010 (shares, bonds and others), 124 were from international issuers.
- 03
A gateway to Africa
The Africa Board serves companies with at least half of their assets or revenue in Africa outside Mauritius.
- 04
Multi-currency trading
Trading and settlement in five currencies make the market easier to explain to foreign investors.
Two markets, key requirements
The Stock Exchange of Mauritius (SEM) operates the Official Market and the Development & Enterprise Market (DEM). It is regulated by the Financial Services Commission (FSC).
| DEM | Official Market | |
|---|---|---|
| Typical issuer | Growing small and mid-sized companies | Established companies |
| Financial statements | One year, prepared under IFRS and audited under ISA without qualification; or a three-year business plan reviewed by an independent financial adviser | Three years |
| Market capitalisation | MUR 20 million or more (approx. USD 420,000) | MUR 20 million or more (approx. USD 420,000) |
| Shareholders | At least 100 shareholders and at least 10% in public hands | At least 200 shareholders and at least 25% in public hands (may be phased: 15%, then 20% within three years, 25% by year five) |
| Adviser | DEM Rules (Rule 32): a DEM company shall, as far as reasonably practicable, retain a corporate adviser at all times | Listing Rules (Rule 4.2): a sponsor registered with the SEM must be appointed while applying and while listed |
| Other segments | SEMX, a growth platform for African businesses (since December 2024), and the Africa Board (since October 2018) for companies with at least half of assets or revenue in Africa outside Mauritius | |
Sources: Stock Exchange of Mauritius (admission requirements, SEM at a Glance, Factbook 2026). Summary based on published materials as of October 2026. Rules change; eligibility is confirmed against the current rules and by licensed local advisers. Listed companies at end-2025: 57 on the Official Market, 33 on the DEM.
A model roadmap to listing
A general model for a company with three or more years of accounts that has not yet been audited.
Assessment & plan
Business and financial review, listing structure, adviser selection.
Audit & accounts
Audit of past years and IFRS-ready financial statements.
Documentation
Admission document, business plan, legal and governance work.
Application & review
Consultation with the exchange and regulator, responses to queries.
Investor preparation
Investor materials and offering preparation, handled by licensed dealers.
Listing
Final approval, first day of trading and ongoing disclosure.
Four to six months is a target, not a commitment. The scope of the first audit, the review process and the capital structure can extend the timeline significantly. Approval and timing are decided by the exchange and the regulator.
One coordinator, one local team.
We act as your International Listing Project Coordinator: we build the Mauritius adviser team and manage the whole project.
Liberty Consulting
- Listing strategy and structure (cap table, public float, valuation, funding route)
- Gap analysis against DEM admission requirements
- Selecting and engaging Mauritius advisers, defining roles
- Support on the admission document, business plan and financial model
- Project management with regular online meetings
- Post-listing disclosure, investor relations and value-up support
Licensed local advisers
- Listing adviser and sponsor
- Investment dealer, broker, underwriter (offerings)
- Mauritius counsel
- Auditor and reporting accountant
- Independent financial adviser
- Formal filings with the exchange and regulator
We do not carry out regulated securities business such as offering, solicitation or underwriting of securities. These are performed by appropriately licensed firms in each jurisdiction.
How an engagement starts
Initial conversation
We review your revenue, accounts and shareholders against the DEM requirements.
Start hereEligibility review
A structured review of prospects, key issues and an outline timeline.
Listing project
Closing the gaps, forming the local team and preparing the application.
Documents & filing
Completing the admission documents with local advisers and filing.
Find out if your company is eligible.
Tell us a little about your company and we will get back to you by email.
- Send the form (about 2 minutes)
- We reply by email
- Initial online meeting