The Taiwan Monthly
Trading Policies
The Interval between IPO pricing and Listing Has Been Shortened, Effective March 31
Shortened Timeline of the New Underwriting Placement System
In order to accelerate the underwriting placement process for IPO cases involving a partial competitive auction and a partial public subscription, the IPO pricing and listing timeline has been shortened from T+10 to T+7.The relevant underwriting regulations were revised by the Taiwan Securities Association on June 27, 2024, and the TWSE assisted in the adjustments to the computer systems and securities firm operations. The revised regulations were officially implemented on March 31, 2025.
Benefits of Shortening the Timeline from IPO Pricing to Listing
After the implementation of the new system of partial competitive auction and partial public subscription on March 31, 2025, it is expected that about 50 IPO cases can apply each year, bringing the following benefits to the securities market:
The timeline from pricing to listing for IPOs is shortened from T+10 to T+7 to improve the efficiency of underwriting placement operations and accelerate the enterprise’s fundraising timeline.
The uncertainty that investors face from winning the IPO competitive auction to listing is reduced, allowing them to trade the subscribed shares on the market earlier.
The shortened timeline let the pricing results to better reflect the true value of the enterprise. This, in turn, strengthens the competitiveness of the capital market and promotes its long-term development.
For further inquiries, please contact Mr. Chen at 1269@twse.com.tw