In corporate finance, a listing refers to the company’s shares being on the list (or board) of stock that are officially traded on a stock exchange. Normally the issuing company is the one that applies for a listing but in some countries the exchange can list a company, for instance because its stock is already being actively traded via informal channels. Initial listing requirements usually include a history of a few years of financial statements (not required for “alternative” markets targeting young firms); a sufficient size of the amount being placed among the general public (the free float), both in absolute terms and as a percentage of the total outstanding stock; an approved prospectus, usually including opinions from independent assessors, and so on. Stocks whose market value and/or turnover fall below critical levels can get officially delisted; delisting is often the result of a merger or takeover, or the firm going private.