ESMA_QA_778
27/03/2023
Subject Matter
DLT shares valuation
    How should the tentative market capitalisation of DLT shares (referred to in Article 3(1)(a) of DLTR) be calculated?
    ESMA Answer
    27-03-2023

      For DLT shares that are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation could be calculated as the multiplication of:

      1) the final offer price or the maximum price (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed);

      2) the total number of shares outstanding immediately after the share offer to the public, calculated either on the basis of the amount of shares offered to the public or on the basis of the maximum amount of shares offered to the public (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed).

      Status: Answer Published

      Additional Information

      Level 1 Regulation
      Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)
      Additional Legal Reference
      DLT shares valuation
      Topic
      DLT financial instruments