An uplisting of companies that are already publicly traded to higher market segments is possible at any time, provided the admission requirements are met. Companies without prior stock market experience often prefer an initial listing on the open market (Freiverkehr) to later pursue a listing in a quality segment of the open market or a listing on the regulated market if necessary.
If a large stake is intended, purchasing a shell company from an open market segment—which includes the quality segments Scale, Primary Market, and m:access—also protects against the obligation to submit a takeover bid to the free-float shareholders under the provisions of the Securities Acquisition and Takeover Act (WpÜG). The obligation to submit a takeover bid applies exclusively when acquiring a company that is admitted to the regulated market. Since more than 30% of the share capital is typically acquired during a shell company purchase, this would lead to an obligation in the case of the regulated market, but not in the case of the open market.
Uplisting to the quality segments of the exchange-regulated markets is governed by the respective rules and regulations of the stock exchange.
An upgrade to the legally established regulated market is essentially based on the Stock Exchange Admission Regulation (BörsZulV) and, specifically, on the respective exchange rules.