The document provides data on listed instruments from FESE members in 2021. There were over 3 times as many new listings in 2021 compared to 2020. Most new listings were from companies incorporated in Northern and Western European countries, with Sweden, Germany, the US, Norway, and France being the top countries. The majority of new listings were IPOs, while industries and technology saw the most new listings by sector. There were also significantly more delistings in 2021 compared to 2020.

1. Listed Instruments
Survey 2021
a
Data from FESE members

2. NEW LISTINGS
2
Domestic,
71%
Foreign,
29%
NEW LISTINGS 2021
3 times as many new
listings in 2021 as in 2020
0
100
200
300
400
500
600
700
2014 2015 2016 2017 2018 2019 2020 2021
RM MTF
584
253
0
100
200
300
400
500
600
700
MTF RM

3. NEW LISTINGS BY MARKET CAPITALISATION ON FIRST
TRADING DAY
3
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2014 2015 2016 2017 2018 2019 2020 2021
EUR
million
MARKET CAPITALISATION
RMs MTFs
0
50
100
150
200
250
300
350
400
2014 2015 2016 2017 2018 2019 2020 2021
NUMBER OF LISTINGS
Market capitalisation above EUR 200 million - RMs
Market capitalisation above EUR 200 million - MTFs
Market capitalisation up to EUR 200 million - RMs
Market capitalisation up to EUR 200 million - MTFs

4. DISTRIBUTION OF NEW LISTINGS BY COUNTRY OF
INCORPORATION - 2021
4
Most of newly listed
companies in 2021 are
incorporated in Northern
and Western countries.
An exception is Polish
companies, which rank in
the top 10 of new listings.
Top 5 countries of
incorporation*:
1. Sweden
2. Germany
3. USA
4. Norway
5. France
* excl. Israel
Through the inclusion of
Tel Aviv Stock Exchange
as affiliate member at
FESE, 98 newly listed
companies in 2021 are
incorporated in Israel

5. NEW LISTINGS BY CATEGORY
5
160
150
118
113
90
41
40
35
31
26
25
Industrials
Technology
Consumer Discretionary
Financials
Health Care
Energy
Real Estate
Consumer Staples
Telecommunications
Basic Materials
Utilities
2021
Please note that categorisation by sector has been harmonised for 2021 across exchanges. The figures
before 2021 might be underestimated.
The sectors industrials
and technology remain
those with most new
listings in 2021
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
2014 2015 2016 2017 2018 2019 2020 2021
Consumer Discretionary Financials
Consumer Staples Health Care
Industrials Technology

6. NEW LISTINGS – YEAR ON YEAR CHANGES
6
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
2015 2016 2017 2018 2019 2020 2021
YoY number of listings YoY market cap
-100%
-50%
0%
50%
100%
150%
200%
250%
2015 2016 2017 2018 2019 2020 2021
YoY market cap above EUR 200 million
YoY marketc cap up to EUR 200 million

7. NEW LISTINGS BY TYPE OF LISTING
7
IPOs remain the most
common type of new
listing, followed by direct
listings
0
50
100
150
200
250
IPOs Of which,
SPACs
Direct
listings
Private
placements
Spin-offs
from listed
company
Transfers of
other listing
venues
2021
RMs MTFs SME GM
0
20
40
60
80
100
120
IPOs Direct listings Private
placements
Spin-offs from
listed
companies
2020
RMs MTFs

8. MARKET CAPITALISATION OF NEW LISTINGS BY
TYPE
8
0
50,000
100,000
150,000
200,000
250,000
300,000
IPOs Of which,
SPACs
Direct
listings
Private
placements
Spin-offs
from listed
company
Transfers
of other
listing
venues
EUR
million
2021
RMs MTFs SME GM
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
IPOs Direct listings Private
placements
Spin-offs from
listed
company
EUR
million
2020
RMs MTFs

9. DELISTINGS
9
Note: In some cases the figure corresponds to the most current market capitalisation
before delisting
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2014 2015 2016 2017 2018 2019 2020 2021
EUR
million
MARKET CAPITALISATION LAST TRADING DAY
RM MTF
0
50
100
150
200
250
300
350
400
450
500
2014 2015 2016 2017 2018 2019 2020 2021
NUMBER
RM MTF

10. DELISTINGS BY SECTOR AND MARKET
CAPITALISATION
10
0
50
100
150
200
250
300
350
400
450
2014 2015 2016 2017 2018 2019 2020 2021
NUMBER
Consumer Staples Consumer Discretionary
Health Care Industrials
Technology Financials
0
50
100
150
200
250
300
350
400
450
500
2014 2015 2016 2017 2018 2019 2020 2021
NUMBER OF DELISTINGS
Market capitalisation above EUR 200 m - RM
Market capitalisation above EUR 200 m - MTF
Market capitalisation up to EUR 200 m - RM
Market capitalisation up to EUR 200 m - MTFs

11. DELISTINGS BY TYPE
11
Company wind-up
remains the main type of
delisting on MTFs,
takeover by non-listed
company on RMs
Mandatory,
14%
Voluntary, 86%
0
20
40
60
80
100
120
140
160
180
2021
RMs MTFs
0
20
40
60
80
100
120
140
160
Company
wind-up
Merger
with
listed
company
Merger
with non-
listed
company
Takeover
by listed
company
Takeover
by non-
listed
company
Transfer
to
another
listing
venue
Other
2020
RMs MTFs

12. DELISTINGS BY MARKET CAPITALISATION ON LAST
TRADING DAY AND TYPE
12
0
5,000
10,000
15,000
20,000
25,000
Company
wind-up
Privatisation Merger with
listed
company
Merger with
non-listed
company
Takeover by
listed
company
Takeover by
non-listed
company
Transfer to
another
listing venue
EUR
million
2021
RMs MTFs
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Company wind-
up
Merger with
listed company
Takeover by non-
listed company
Transfer to
another listing
venue
EUR
million
2020
RMs MTFs

13. TOTAL LISTED COMPANIES 2O21
13
Domestic,
93%
Foreign, 7%
0
200
400
600
800
1000
1200
1400
1600
0
200
400
600
800
1,000
1,200
1,400
Number
Billions
Listing year
Total market capitalisation on last trading day of 2021 Turnover EOB Listed companies (right axis)

14. TOTAL LISTED COMPANIES 2O21 BY COUNTRY OF
INCORPORATION
14
Top 5 countries of
incorporation:
1. Spain
2. Sweden
3. Poland
4. France
5. Germany

15. TOTAL LISTED COMPANIES 2021
15
0 1,000 2,000 3,000 4,000
Financials
Industrials
Consumer Discretionary
Technology
Health Care
Real Estate
Basic Materials
Consumer Staples
Energy
Telecommunications
Utilities
338
4,079
2,237
2,179
MTF Market capitalisation above EUR 200 million
MTF Market capitalisation up to EUR 200 million
RM Market capitalisation above EUR 200 million
RM Market capitalisation up to EUR 200 million

16. 16 Listed Instruments Survey
On the FESE website you can find:
• The FESE statistics;
• The FESE Statistical Methodology;
• A changelog with a record of all changes to FESE statistics starting from 1st January 2014.
FESE statistics are collected from FESE members. For the purposes of this survey, please find below the Membership list and the contact person for each Member:
• Athens Stock Exchange Statistics & Information Services Department (information-services-dpt@athexgroup.gr)
• BME Domingo García Coto (dgarcia@grupobme.es)
• Bulgarian Stock Exchange Petar Kemalov (petar.kemalov@bse-sofia.bg)
• Cyprus Stock Exchange Michalis Michael (michalis.michael@CSE.com.cy)
• Deutsche Börse Thomas Katzschner (thomas.katzschner@deutsche-boerse.com)
• Euronext Willy Griffon (WGriffon@euronext.com)
• Luxembourg Stock Exchange Kenji Rotzoll (kro@bourse.lu)
• Malta Stock Exchange Statistics Department (stats@borzamalta.com.mt)
• Nasdaq Group incorporating: Daniel Grahn (daniel.grahn@nasdaq.com)
o Nasdaq Nordics
o Nasdaq Baltics
• SIX Swiss Exchange Marc Berthoud (marc.berthoud@six-group.com)
• Tel Aviv Stock Exchange Kobi Avramov (kobi@tase.co.il)
• Warsaw Stock Exchange Tomasz Wiśniewski (tomasz.wisniewski@gpw.pl)
• Prague Stock Exchange Tomáš Krejčí (krejci@pse.cz)
• Zagreb Stock Exchange Gordana Miskulin (gordana.miskulin@zse.hr)
Disclaimer: The Federation of European Securities Exchanges AISBL (FESE) shall not be liable for any errors or omissions nor for the use of the information contained in this document.
Contacts