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---
title: "ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published]"
shortTitle: "ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published]"
answer_id: ESMA_QA_778
topic: "DLT financial instruments"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "DLT Pilot"
dlt_level3: true
mica_level2: false
legal_basis: "DLT shares valuation"
date: 27 March 2023
source_link: https://www.esma.europa.eu/publications-data/questions-answers/778
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 27 March 2023"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/778"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_778: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2023-03-27"
  question_submitted_on: "2023-03-27"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_778, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_778, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 27 Mar 2023 [Answer Published]**

*Answer Published · ESMA Q&A register, 27 March 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/778)*

| | |
|---|---|
| **Full title** | ESMA Q&A 778 — Q&A — DLT shares valuation \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_778 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 27 March 2023; question submitted 27 March 2023 |
| **Legal basis** | DLT shares valuation |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**DLT shares valuation**

### Question

How should the tentative market capitalisation of DLT shares (referred to in Article 3(1)(a) of DLTR) be calculated?

***

### Answer

For DLT shares that are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation could be calculated as the multiplication of:

1) the final offer price or the maximum price (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed);

2) the total number of shares outstanding immediately after the share offer to the public, calculated either on the basis of the amount of shares offered to the public or on the basis of the maximum amount of shares offered to the public (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed).

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/778)