Toronto Stock Exchange (TSX)

Includes IPOs, RTOs, and Uplistings from TSXV and CSE

The Toronto Stock Exchange (TSX) is Canada’s most senior stock market and the 8th largest exchange globally by market capitalization. Operated by the TMX Group, it is home to over 1,600 public issuers with a combined valuation of more than $3 trillion CAD. For companies ready to scale, the TSX offers unparalleled access to institutional capital, analyst coverage, and visibility among global investors.

1. Pathways to Listing

The TSX supports listing through several routes:

• Initial Public Offering (IPO)

  Companies file a prospectus, raise capital, and list directly. Full TSX standards must be met.

• Reverse Takeover (RTO)

  A private company merges with a TSX-listed shell. The resulting entity must qualify under all initial listing criteria.

• Uplisting from TSXV

  Graduation route for venture-listed issuers that meet senior board standards. Typically exempt from a new prospectus filing.

• Uplisting from CSE

  Treated as a new listing. Requires updated disclosure, enhanced governance, and often a prospectus and sponsor.

2. TSX Listing Requirements (Non-Exempt Issuers)

Financial Thresholds

• Earnings of at least $300,000 pre-tax in the last fiscal year, or meaningful revenue with a clear commercialization path.
• Net tangible assets of at least $7.5 million.
• For tech and life sciences: $10 million in the treasury, raised by prospectus.
• Minimum 12 months of working capital must be in place.

Business & Management

• Products or services must be commercialized or in advanced development.
• Management must have proven sector experience.
• At least two independent directors are required.

Market Requirements

• Minimum of 1 million freely tradeable shares.
• Public float of at least $4 million.
• Minimum 300 public shareholders holding a board lot.
• Sponsorship may be required, especially for RTOs or CSE applicants.

3. TSX Listing Fees

• Application fee of $10,000 CAD, non-refundable but credited toward final listing invoice.
• Initial listing fee ranges from $50,000 to $200,000+, based on the number and type of securities.
• Annual sustaining fees range from $22,000 to $100,000+, depending on the issuer’s market capitalization and number of securities.

4. Additional Notes on RTOs and Uplistings

Reverse Takeovers

• The TSX evaluates the resulting issuer, not just the transaction mechanics.
• Comprehensive disclosure and updated capitalization are required.
• Escrow provisions apply to insiders under National Policy 46-201.

Uplisting from TSXV

• Considered a graduation; process is more streamlined than a new listing.
• Prospectus filing is generally not required.
• Full compliance with TSX listing and governance standards still applies.

Uplisting from CSE

• Handled as a new listing with no fast-track advantage.
• Rollback of share structure is often expected.
• Enhanced disclosure and sponsor involvement are likely.

Summary

The TSX is the destination for established and investor-ready companies. Whether by IPO, RTO, or uplisting, issuers must demonstrate financial strength, operational maturity, broad shareholder distribution, and robust governance.

Canada also offers other public markets with different thresholds and cost structures, such as:

• TSX Venture Exchange (TSXV) – designed for earlier-stage growth companies
• Canadian Securities Exchange (CSE) – an accessible path for emerging issuers
• Cboe Canada – focused on innovation, liquidity, and investor-first trading models

Get Expert Help With Your TSX Listing

If you’re considering a listing on the TSX—or evaluating whether an IPO, RTO, or uplisting is right for you—fill in the form on this page. Our advisors will help you compare your options and navigate the next step of your capital markets journey.