TSX Venture Exchange: Listing Requirements and IPO Guide

Headquarters

Calgary, Canada

Region

North America

Market Focus

Venture & Resources

Overview

TSX Venture Exchange is Canada's public venture capital marketplace, operated by TMX Group alongside the Toronto Stock Exchange. It grew out of the 1999 merger of the Vancouver and Alberta stock exchanges and is built for companies too early or too small for the senior market.

Listed companies are divided into tiers by size and financial profile, and many graduate to the TSX as they grow.

Known For

Mineral exploration and junior mining companies
Early-stage oil, gas and clean energy companies
Graduation to the Toronto Stock Exchange
The Capital Pool Company programme, a Canadian route to going public through a shell company

Listing Considerations

Tier 1 and Tier 2 carry different requirements and benefits
Listing thresholds are lower than on the TSX, with closer review of smaller issuers
Strong specialist investor and analyst base in resources
Many companies are also quoted in the US on the OTC markets to reach American investors

Key Facts

Founded

1999

Operator

TMX Group

Regulator

Alberta, British Columbia and other provincial securities commissions

Main Index

S&P/TSX Venture Composite

Currency

Canadian dollar (CAD)

Trading Hours

9:30 a.m. – 4:00 p.m. ET, Monday–Friday

Market Segments

Tier 1, Tier 2, NEX

Official website →

Listing Requirements

Tier 2 (most common start): public float of 500,000 shares, 200 public shareholders each with a board lot, and 20% of shares in public hands
Tier 1: public float of 1 million shares and 250 public shareholders, with higher asset or revenue tests
Tier 2 industrial, technology and life sciences: C$750,000 net tangible assets, C$500,000 revenue or C$2 million arm's length financing
Working capital to fund the business plan, plus unallocated funds
Capital Pool Company and reverse takeover routes available

Headline initial listing requirements from the TSX/TSXV Guide to Listing 2026, checked November 2026.

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