BVB prepares launch of new growth market for SMEs and startups

The new market will operate within BVB’s Multilateral Trading System and is intended to make equity financing more accessible to companies that may find traditional bank lending less suitable, particularly businesses with limited physical assets that can be used as collateral.

The project had been discussed in recent months by representatives of both BVB and ASF as part of a broader effort to widen access to capital for Romanian growth companies, including startups and firms in technology and other asset-light sectors.

According to the framework presented so far, the market is designed to offer a reporting and compliance regime adapted to the size and profile of SMEs, while still imposing higher governance and transparency standards than those generally associated with earlier-stage market access.

ASF representatives have also pointed to potential benefits beyond fundraising, including greater visibility and credibility with investors, banks, and business partners, as well as a more gradual introduction to capital-market rules and corporate governance requirements.

For companies, the main difference compared with bank lending is that capital can be raised through the sale of shares rather than through debt that must be repaid according to a predefined schedule. This can make the mechanism particularly relevant for companies whose value is based primarily on intellectual property, know-how, technology, or future growth prospects rather than on tangible assets.

The new segment is also intended to act as a transition point for companies that want to become more familiar with listed-company requirements before potentially moving to BVB’s Regulated Market at a later stage.

The SME Growth Market has been designed as an intermediate segment between AeRO and BVB’s Regulated Market.

It is expected to launch initially without issuers. Companies already listed on AeRO will be able to move to the new market if they meet the required conditions, while companies that are not currently present on the capital market will be able to access it through either a private placement or a public offering.

The distinction from AeRO is also linked to the history and structure of that market. AeRO includes companies transferred from the former Rasdaq market, some of which do not meet the governance and reporting standards envisaged for the new growth segment. A forced delisting of such companies could disadvantage existing shareholders, making a separate market architecture a more practical solution.

For investors, the new segment could broaden access to companies at an earlier stage of development, with potentially higher growth prospects but also a higher risk profile than mature issuers on the main market.

Alongside the market registration, ASF also approved the BVB Multilateral Trading System Code, further advancing the regulatory framework required for the new segment to become operational.