For emerging companies with development-stage operations.
4-8 months
$300K-$1M
Emerging Growth
Early-stage, growth, and emerging companies
Financial requirements
Governance requirements
Public float requirements
Application
Review
Approval
Trading
TSXV has minimal financial requirements compared to TSX. Companies typically need: minimum $100K-$500K in working capital, audited or reviewed financial statements for recent years (not necessarily profitable), and demonstrated business plan or proof of concept. Unlike TSX, TSXV does NOT require profitability. The exchange focuses on growth potential rather than current earnings, making it ideal for tech startups, mineral exploration companies, and development-stage businesses with strong market opportunity.
TSXV listings typically raise between $5M-$50M, though smaller offerings ($500K-$5M) are common for emerging companies. Most TSXV IPOs raise $10M-$30M. Capital raise size depends on business stage, investor interest, and company valuation. TSXV attracts retail investors and early-stage venture capital, but rarely attracts the mega-cap institutional money available on TSX. Post-listing secondary offerings and financings are common as TSXV companies grow toward TSX graduation.
Yes - TSXV serves as a "stepping stone" exchange. Successful TSXV companies frequently graduate to TSX once they meet profitability and size requirements (typically $10M+ revenue, positive earnings, $50M+ market cap). The transition takes 2-4 months and involves submitting a new application to TSX demonstrating improved financial metrics. Many companies use TSXV to build investor base, prove business model, and establish trading history before graduating to TSX for larger capital raises and broader institutional reach.