NXT is a market for small and mid-sized businesses.

Emerging companies

Emerging Companies

NXT provides a platform from which businesses can achieve their growth potential.

Reduce complexity

Reduced Complexity

Kiwi businesses are looking for an alternative option to access capital with reduced complexity. NXT has a set of simplified listing rules and a new approach to disclosure.

New oppourtunities

New Opportunities

For investors who understand the risk profile of higher-growth companies, NXT provides an opportunity to gain exposure to the next generation of kiwi companies.

World class

World Class

NXT is built on NZX’s world class trading and clearing systems. Systems that make New Zealand businesses accessible to investors from around the world.


A new market for New Zealand's next wave of businesses.

Funding growth

Funding Growth

Many small to mid-sized businesses need capital to grow to their full potential. In some cases, they also require a tradeable market for their shares.

Joining the success

Joining the Success

Kiwi investors would like to be a part of New Zealand’s success stories. These opportunities are limited when our best and brightest are sold offshore.

Connecting sources

Connecting Capital

The current market mechanisms are not effectively connecting emerging businesses and investors.

Market structure

New Market Structure

Structural changes in New Zealand’s capital markets have allowed us to address these challenges. NXT is built on a model that’s appropriate to the scale of businesses involved.

Designing NXT

Key design principles.


  • Short, simple listing rules
  • A more straightforward approach to disclosure to encourage more frequent and relevant reporting
  • Easy to follow templates for listing, market announcements and results


  • An experienced community of NXT Advisors provide ongoing support to companies before and after listing
  • NZX is committed to providing ongoing support for our listed businesses


  • NXT is targeted at small to mid-sized businesses whose growth potential may be constrained by a lack of expansion capital
  • To ensure investors understand the risk profile of businesses listed on NXT, investors must review a market health warning before trading


  • Independent research is made available for all companies on NXT
  • NXT appoints market makers for all companies. This is intended to improve liquidity and ensure there's always a ready market to buy and sell shares in NXT companies

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NZX Markets

Learn how NXT compares to the NZX Main Board, which is targeted at larger, more established businesses.

Compare disclosure


  • NXT companies provide quarterly business updates to the market, and immediately disclose events detailed in a prescribed list.
  • NZX Main Board companies operate in a continuous disclosure environment.
Compare reporting


  • NXT companies forecast and report against key operating milestones (KOMs).
  • NZX Main Board companies typically prepare forecasted financial information when undertaking an Initial Public Offer (IPO) but there is no requirement to provide forecasts ongoing.
Compare research

Research and Market Making

  • All NXT companies receive market making services to promote liquidity, and independent research on their company is published on the NXT website and available publicly.
  • Selected issuers on the NZX Main Board receive research and market making services.
Compare directors


  • Boards with up to 7 directors must have at least 2 independent directors.
  • NXT and the NZX Main Board have the same independent director requirements.
Compare shareholders


  • NXT companies must have at least 50 shareholders.
  • NZX Main Board requires a minimum of 500 shareholders.
Compare rules

Listing Rules

  • NXT's Listing Rules are shorter and easy to navigate.
  • NZX Main Board Listing Rules span over 140 pages.


There is currently a lack of research on many small to mid-sized companies listed on NZX. This limits the breadth of information available to investors and often prevents advisors from discussing these businesses with their clients. To solve this problem, and enhance the quality of information available to investors, independent research is publicly available on all NXT companies.

This research is available to view and download for free from this website.

    Standard research coverage on NXT companies:
  • Initiation report
  • Follow up reports following the release of the half yearly and full year results of the issuer
  • Special reports where applicable (in response to any material events announced by the issuer)


All companies listed on NXT receive market making services.

The purpose of the market maker is to give the market confidence that, for the majority of the time, there will be an active buyer and seller of shares in NXT companies. This is particularly beneficial for investors in smaller companies, which may have only a few trades per day.

NXT's market maker is an approved NZX Participant firm that provides bid and offer quotations - i.e. offers for which they are willing to buy and sell shares - in each NXT Company.

Designated market makers are a feature of many overseas markets, and are often recognised for reducing the difference between the prices quoted to buy or sell shares, and improving market depth and liquidity.