Cross-border IPOs and listings – A Cyprus Perspective

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Over the past decade, Cyprus has successfully attracted foreign investment by offering a tax effective holding company regime. With the introduction of a single European passport for securities, investors can now forum shop for their jurisdiction of choice to locate their holding company. The advantages for such a structure are two fold: (i) it consolidates the ownership of the investments in operating subsidiaries (a tax driven exercise) in one holding company; and (ii) it allows such company to raise finance or list its shares in the chosen jurisdiction.

In recent years, the competent authority of Cyprus has experienced an inflow of applications for initial public offerings and admissions to trading of shares by Cyprus companies on other European capital markets including on the London Stock Exchange and in particular, on the main market of the Gielda Papierów Wartosciowych w Warszawie S.A., the Warsaw Stock Exchange.

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