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AeRO – the Alternative exchange in Romania - is the equities market segment of the Bucharest Stock Exchange Alternative Trading System (ATS). AeRO is designed for listing of early stage companies such as start-ups and SMEs that are looking to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment.

AeRO was launched on February 25th, 2015. It was established by the Bucharest Stock Exchange in order to provide a market with less reporting obligations for the listed companies, but at the same time with sufficient transparency for investors to motivate them to trade.

Main features of AeRO:

It is a new alternative solution to financing, mainly of SMEs but also of start-ups.

It offers new opportunities to investors to discover companies with high growth potential, with promising projects, at their early stages of development.

It distinguishes itself by competitive tariffs and simple and efficient procedures, harmonized to the principles of the European Union with regard to financial markets.

The admission to trade is made on the basis of a company presentation document.

It introduces the notion of Authorized Advisor, who offers support to companies on listing and meeting the subsequent reporting obligations.

AeRO today

AeRO statistics


AeRO market

CompanyPriceVar. (%)
ARGUS SA Constanta 2.7500 -2.83%
IMOTRUST SA ARAD 0.0178 1.14%
IPROEB SA Bistrita 0.8000 0.76%

Listed Companies

For investors


AeRO was launched on February 25th and it aims to attract between 10-20 new, highly attractive companies in the course of 2015.

For an investor, buying a stake in a company that wants to list on AeRO is the opportunity to enter at a very early stage of its development. Companies listed on AeRO can have an accelerated growth, and the return of investment might be outstanding. Potential investors in companies listed on AeRO have to know that an alternative trading system is a market dedicated primarily for smaller companies and start-ups to which a higher investment risk tends to be attached than to companies listed on a regulated market.


AeRO market expects to have listings of companies with high growth potential, as those from IT&C sector. Thanks to this, investors will be able to diversify their portfolios, with more risky assets classes, but from sectors with high potential, that were not available until now on the Romanian stock market.


AeRO provides trading rules similar with the regulated market of BVB. Listed companies must act like public companies, they have to report and to implement the Principles of Corporate Governance approved by BVB.

Reports & notifications

Listing process

AeRo is the right choice for entrepreneurs in one of the following situations:

That have an excellent idea that might be breakthrough if put into practice

That consider lack of capital is the highest impediment to their company’s growth

That realize that their company develops, but they wish to make their business model known

That aim for an assessment at an objective price for the company, established by meeting supply and demand.

If you find yourself in one of the above mentioned situations, that means you might be interested in bringing your company to AeRO. In order to be listed on AeRO a company should prepare a Presentation Document, according to the Technical Specifications. The company’s Presentation Document, referred to as Memorandum, shall be drafted by the Authorized Advisor together with the company applying for listing on AeRO. The Memorandum shall contain information regarding the company’s identification details, history, a description of the business, a presentation of the latest financial results available and of the business development plan.

For listing requirements click here.

Authorized Advisors

Companies that are in the process of listing on AeRO market, have to be assisted by the selected Authorized Advisor. Authorized Advisors are companies experienced in the field of company financings and are nominated by the Bucharest Stock Exchange. In order to become an Authorized Advisor, a company needs to meet all the requirements of the Bucharest Stock Exchange.

The role of the Authorized Advisor:

carry out analysis of the company listing opportunity

offer advice on drafting the documentation required for the listing on AeRO

draft, together with the company, the presentation document for listing

carry out an evaluation of the company that is to be listed on AeRO

support the company in financing activities through shares offer

after the listing on AeRO, provide assistance to the company for complying with the regulatory reporting obligations

You can find the list of BVB's Authorized Advisors here: