A few days ago the launch of the BME Scale was announced, a new stock market segment designed for scale‑ups. The topic was discussed in depth with Juan Antonio Botella, Commercial Space partner from the Alicante law firm Devesa & Calvo Abogados, which has offices in Alicante, Madrid and Valencia.
What is this about the BME Scale?
BME Scale is a new segment of Bolsas y Mercados Españoles (BME). It targets companies that are still in an early growth phase but already operate with a proven and scalable business model in any sector. This marks a deliberate step to bring more founders and ventures from BME closer to the evolving world of the stock market. Companies can begin their journey in this new market, BME Scale. If they keep growing, they can move forward to BME Growth (formerly MAB) and continue their promotion, eventually transitioning to the Permanent Market. An infographic from BME explains this progression.
Which kinds of companies can be listed on the BME Scale?
The BME Scale is aimed at scaling companies defined by rapid growth, a validated business model, and turnover, with a minimum investment threshold of one million euros. These firms have left the initial startup phase and seek public capital as a way to accelerate growth, develop new projects and business lines, or facilitate both organic and inorganic expansion for the broader corporate group.
In this framework, BME aims to broaden the financing toolkit available to growing companies by adding the capital market to options like venture capital, business angels, and crowdfunding.
So, do only so‑called scale‑ups enter BME Scale?
No. This segment is open to a wider set of firms, including expanding small and medium‑sized enterprises, real estate investment vehicles, and even companies tied to family groups that want to access a fully listed market and enjoy its benefits.
Is it a fit for family businesses?
Many people assume going public isn’t suitable for family firms, yet that isn’t always true. Numerous family businesses have long track records, and listing can be a viable option because shares can be transferred to third parties and investors. Public listing also brings transparency in accounts and daily regulatory oversight, reducing some internal tensions by providing a clear framework for ownership and governance.
That said, for founders, family principals, and investors, it is crucial to foster a peaceful working relationship. A strong partnership agreement, clear internal governance, and well‑defined decision making within the company help maintain harmony as the business grows and participates in different corporate bodies.
financing ladder INFORMATION GRAPH: BME-SIX
Why do people say that going public attracts investors?
Raising capital over the years for projects and growth often happens through funding rounds. Investors always look for profitability, and discussions with clients frequently include potential exit strategies even before they reach the public stage. Selling the company to the next group remains a common route, though it is not always part of the founders’ or family owners’ plans. Still, many firms attract capital with the goal of listing, offering investors the chance to realize a return by selling later to a successor group or through other exit mechanisms. Listing then becomes a path to liquidity and ongoing visibility for the business.
What advantages does BME Scale offer compared to existing markets like BME Growth or other markets?
Without venturing into complex legal jargon, BME Scale simplifies many requirements. For example, it does not mandate a Liquidity Provider or strict minimum shareholding rules that other markets may impose. The listing brochure is streamlined to align with the needs of participating companies, and the Registered Consultant tailors due diligence for each organization. This simplification lowers entry costs and reduces friction, making access to the market more approachable for growing companies.
Moreover, the reduced regulatory burden is paired with practical ease of ongoing compliance, supporting a smoother path from private growth to public funding when the company is ready.
When will BME Scale start operating?
Initial indications suggest that the first Registered Consultants will be active from September, with a probable first bell for BME Scale in the final quarter of this year. Some offices are already laying groundwork for this milestone, coordinating with market participants to ensure a timely and orderly start.
The Devesa & Calvo office is located in the emblematic Casa Carbonell in Alicante.
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