1. Application to ISE and CMB

2. Publicity Activities

3. Company Examinations by ISE and CMB Experts

4. Registration of Stocks by the Board

5. Public offering of stocks  

6. Notification of Sale Results

7. Listing to the Exchange and Trading

1. Application to ISE and CMB
After necessary documents are prepared, the company applies to CMB for registration and to ISE for being traded on the respective market. To shorten the public offering process, it would be useful if ISE and CMB applications are lodged concurrently. The application may be presented by the company itself, or the authorized underwriter.

2. Publicity Activities  
The type and design of publicity activities are determined at this stage.  In order to attract maximum number of investors, publicity activities should be attached the necessary degree of attention.  Publicity activities may include statements by the company executives that the stock will be offered to public as well as information that appear on the press and the media about the company's operations.  On the other hand, publicity activities may be conducted not only nationally but also to attract international financial institutions and investors.

3. Company Examinations by ISE and CMB Experts
After the deficient documents and information discovered in the public offering and listing application are completed, the company's head office and production facilities are visited by the experts of ISE and CMB for on-site examination purposes. Although examinations may vary according to the type of the company that lodges a listing application (industrial company, service company, insurance company, bank, etc.), basically the following issues are examined.
 
- Qualitative Examinations
The qualitative values of the company are examined under headings including raw material supply, production process, production facilities, internal and external sales, ongoing and projected investments, management and employee situation, relations with group companies, affiliates and subsidiaries, legal problems, licenses, know-how and similar agreements, owned trademarks,  general information about the company and the sector, permits, licenses and reports required to be obtained, agreements relating to company’s operations, real properties and leasing transactions.
 
- Quantitative Examinations
To clarify the financial condition of the Company, financial statements are examined. During these examinations, the independently audited financial statements of the company and footnotes thereof are examined, trial balances and subsidiary ledgers are studied to shed light on necessary items, and static and dynamic financial analyses as well as the analyses of significant ratios are conducted to determine the financial condition.

4. Registration of Stocks by CMB 
The CMB examines the application to see whether the prospectus and the circular contain the information stipulated by the legislation or not in accordance with public disclosure requirements, and registers those stocks  that are deemed eligible.
   
5. Public offering of stocks  
 
6. Notification of Sale Results
After the sale transaction is completed, the underwriter communicates the public offering sales results to ISE and CMB.

7. Listing to the Exchange and Trading
The stocks of the company that applies for ISE listing are traded on one of the ISE Stock Markets with a decision to be made by the Executive Council of the Exchange after the examinations conducted by ISE experts. Following the decision of the Executive Council of ISE, public offering results, the prospectus and other information deemed necessary by the Exchange are announced on the Daily Bulletin and/or Public Disclosure Platform. Effective from the business day that succeeds the announcement, the stocks start to be traded on the respective market.