Two years after the successful opening of the START market, trading frequency will be increased. From 12 March 2020, regular monthly auctions will be replaced by daily auctions from 9 a.m. to 12:30 p.m. The change will occur mainly due to a request by institutional investors, who will benefit from more transactional flexibility.
Another novelty is that a new issue can be admitted to the market at any time of the year. To date, an issuer who was launching new shares was obliged to conclude the public offering only on predetermined START Days. The option to terminate the IPO at any time brings more flexibility to issuers and advisers because they are no longer bound by a specific deadline. START Days will continue to serve as days on which issuers and investors meet (investor relations days). Issuers will still be obliged to present their results to investors and answer any questions they might have.
START Days will take place this year on:
Spring: 28 April 2020
Autumn: 6 October 2020
“Since its beginning, START has evolved in response to the needs of the market. The market is supposed to serve the needs of issuers and investors, so we are always ready to accept all relevant suggestions and incorporate them into our rules wherever possible. We trust that this is the only way to build a successful product that will benefit the Czech capital market,” said Petr Koblic, CEO of the Prague Stock Exchange.
All information about the changes on the START market and the new schedule can be found on our website www.pse.cz.