START is a market for small innovative companies worth more than CZK25 million that want to raise new capital or whose owners want to withdraw partially or completely from the current business to capitalize their existing activities. The advantage of START over other similar markets in Europe is minimal costs for the issuer. The price of new capital is therefore competitive compared to any other form of funding or exit.
Market for smaller businesses
- CZK25 million < total value < CZK2 billion
- Simplified prospectus, Czech accounting standards, independent analysis
- Flexible re-subscription option
START offers opportunities to both issuers and investors. It focuses especially on professional investors who want to become partners in successful companies offered on the market and achieve a significant share or full control of such companies. Investors are either experienced individual investors with strong capital or those from private or venture capital funds.
- Investors with strong capital and a high tolerance for risk
- Minimum investment of approx. CZK100,000
- Business angels, PE, VC
Trading on the START market is not continuous as on other markets of the Prague Stock Exchange. Instead, an auction is held on predetermined START Days. Companies interested in raising capital or selling part or all of their business, or a combination of raising capital and selling part of the company, can register for the auction. During the auction, the supply of the issuer meets the demand of investors. In order to increase the likelihood of successful auctions, investors must have an opportunity to analyse the company, and companies must present their current situation and future plans. On START Days, companies that want to attract investors for the first time or are already being traded on the START market have an opportunity to present themselves to registered investors in a video conference streamed over the START website, or directly on the premises of the auction (the location is always announced with the date of the auction).
- Presentation of issuers
- Investors are present at the site or watch live in the investors' zone
- Auction in the Xetra® system