1. The company decides to list on NewConnect
2. Signs an agreement with a nominated adviser,
3. If the business is not yet incorporated, it needs to be set up as a joint stock company
4. Shareholders’ resolution on the listing on NewConnect and the private placement
5. Filing application at KDPW (Polish securities depository) to have the shares converted from paper to electronic form
6. Registration of shares at KDPW
7. While completing steps 3 through 6, the information memorandum is completed and approved by the nominated adviser
8. Filing an application to list on NewConnect at the WSE. As part of the application, the issuer has to include an information document approved by the nominated adviser
9. The WSE approves the information document within five business days and clears the shares for trading (information document is published on NewConnect website)
10. While completing steps 8 and 9, the issuer signs an agreement with an animator/market maker,
11. First day of trading.