Practical Guide for the Incorporation of SMEs into Alternative Markets
With this guide, ARMANEXT—together with PwC and Gesvalt—offers an essential resource to help small and medium-sized enterprises understand how to take advantage of alternative markets, with practical recommendations to raise investment, improve governance, and strengthen their competitive position.
- Going Public Has Never Been So Accessible: The “Practical Guide for the Incorporation of SMEs into Alternative Markets” is a key document enabling small and medium-sized enterprises to fully leverage increasingly specialized stock markets—now more accessible, less costly, and with fewer regulatory barriers.
- Particularly Relevant in Today’s European Landscape: At a time when European authorities are promoting more agile and liquid markets, this guide becomes an essential tool for SMEs seeking to grow, attract investment, and compete in an increasingly dynamic global environment.
Madrid, 28 January 2024 – Going public is no longer an option reserved only for large corporations. SMEs now have more advantages than ever to list on specialized stock markets: more access, lower costs, and fewer regulatory hurdles. This new reality opens the door for small and medium-sized enterprises to accelerate growth, attract investors, and position themselves as leaders at both national and international levels.
With this goal in mind, Gesvalt, a leader in consultancy and valuation; ARMANEXT, a specialist in advising SMEs on their incorporation into capital markets; and PwC Spain, have collaborated to create the “Practical Guide for the Incorporation of SMEs into Alternative Markets.” This publication is the first to offer an exhaustive analysis and practical recommendations designed to support SMEs throughout their journey into specialized markets for expanding companies.
A Guide Released at a Key Moment for European SMEs
The publication comes at a decisive moment, as European authorities reaffirm their commitment to simplifying and improving access to EU capital markets—particularly for smaller companies. This effort is part of a broader strategy to create markets that are more agile, liquid, and accessible, providing SMEs with effective tools to grow and compete globally.
Within this context, the guide aims to offer a practical resource that facilitates SMEs’ transition into these markets, enhancing their ability to seize financing and expansion opportunities.
A Comprehensive Approach for SMEs Seeking to Go Public
The guide provides a practical overview of all the key aspects an SME must consider when preparing to list:
- Financial and legal preparation: essential requirements for a smooth and orderly transition.
- Adapting to transparency and corporate governance standards: fundamental for attracting and retaining investors.
- Building a strong and coherent corporate narrative: key to strengthening investor confidence and relationships.
The goal is to equip companies with the necessary tools to determine whether listing on a specialized market is the right path for their growth—and, if so, guide them through the most appropriate processes and markets to maximize their benefits.
Strategic Benefits of Going Public
The guide also highlights the strategic advantages of this step:
- Diversification of funding sources: access to new types of investors
- Greater visibility and credibility: strengthening competitive positioning
- Boost to sustainable growth: enhanced capacity to face future challenges
- Growth through acquisitions: using shares as acquisition currency
- Professionalization opportunities: improved corporate governance
- Brand strengthening: attracting clients, strategic partners, and talent
A Resource for the Future of Business
“Going public is not merely a financial opportunity; it is a strategic tool that can transform how SMEs confront market challenges,” emphasize the teams at Gesvalt, ARMANEXT, and PwC.
With this initiative, the three organizations aim to raise awareness among business leaders of the added value of listing on specialized markets, while providing a practical resource to help companies make informed and strategic decisions.
Companies Involved in the Development of the Guide
About Gesvalt
Gesvalt is a leading company in consultancy, valuation, and technical services. With over 30 years of experience, a highly qualified team, and a strong commitment to top-quality service, the firm has become a strategic partner for major private companies and public entities.
It has a solid presence in Spain, Portugal, and Colombia. The firm is also part of the international Valuation Research Group (VRG), allowing it to operate in more than 60 countries, and of PRAXI Valuations, a specialized network in real estate, industrial, and business valuation with strong coverage throughout Europe.
About ARMANEXT
ARMANEXT is a Registered Adviser in all operational stock markets in Spain: BME Growth, BME Scaleup, Euronext Access, Euronext Growth, and Portfolio Stock Exchange. The firm specializes in preparing and advising SMEs, scaleups, mid-caps, and REITs (SOCIMIs) for their market incorporation. With a strong ESG focus, ARMANEXT contributes to sustainable valuation in market admission documents.
Over its 16-year history, ARMANEXT has led the incorporation of more than 60 companies into alternative markets and provides services in Financing, Corporate Transactions, Corporate Governance, and Investor Relations—positioning itself as a key reference for Spanish and Latin American companies seeking growth through capital markets.
About PwC
PwC’s purpose is to build trust in society and solve important problems. It is a global network present in 149 countries with more than 370,000 professionals committed to delivering high-quality services in audit, tax and legal advisory, consulting, and transactions. Learn how PwC can help at www.pwc.es.
PwC refers (collectively or individually) to the PwC network of firms, each of which is a separate legal entity. Please visit www.pwc.co/structure for more information.