Page Metadata

Nasdaq First North to become an SME Growth Market

On September 1st the equity segment of Nasdaq First North will transition to the European Union’s ‘SME Growth Market’ status and change name to Nasdaq First North Growth Market.

Nasdaq First North

Nasdaq First North is our market for smaller companies and growth companies.



For more than ten years Nasdaq First North has served as an important growth platform, enabling Nordic and international entrepreneurs to access growth capital to develop and expand their businesses.

Currently, more than 300 companies are traded on Nasdaq First North. Close to one fifth of these are traded on Nasdaq First North Premier. The additional listing requirements on Premier serve to prepare the company for the Main Market, and a Premier listing is often used to signal an ambition to take that next step, which is appreciated among investors. On average, more than five companies grow and transfer to the Main Market each year, most of which come from the Premier segment, and the experience gained on Nasdaq First North is valued.

There is a well-functioning ecosystem surrounding Nasdaq First North, with advisers facilitating a smooth listing process and a range of investors supporting the market, from retail investors to institutional capital.

Listing Process

A company can join Nasdaq First North regardless of the country of origin or industry sector. A key factor for success is that there is investor interest for the company’s share. The Nordic region boasts the largest retail presence in the world per capita, with small private investors and professional investors taking an active role in the market. Before trading in the share can commence, an application must be submitted to the Exchange for approval. In connection with the listing process, all companies applying to be admitted to trading on Nasdaq First North must engage a Certified Adviser. The Certified Adviser is responsible for guiding and supporting the company in the listing process. Once the company’s shares have been admitted to trading, the Certified Adviser’s assignment is to support and ensure that the company continuously complies with the rules and regulations.

Stepping stone to the Nasdaq Main Market

On average, more than five companies grow and transfer to the Main Market each year, most of which comes from the First North Premier segment. By listing on the Nasdaq Stockholm Main Market, companies benefit from increased visibility and investor exposure, and Nasdaq’s efficient and independent surveillance of issuers, members and trading.

Read more in our Listing Guide - Transfer from Nasdaq First North Premier to Nasdaq Stockholm

Nasdaq offers training on the listing process for the Nasdaq Stockholm Main Market. Read more about the training by visiting the events & training page.

Application Forms

The application for a new listing on First North shall go through the Nasdaq Listing Center.

Industry Classification Benchmark - ICB

Nasdaq use ICB (Industry Classification Benchmark) which is maintained and operated by the FTSE Group. Industry Classification Benchmark (ICB) is a globally recognized standard for categorizing companies and securities across four levels of classification. Each company is allocated to the subsector that most closely represents the nature of its business, which is determined by its primary source of revenue and other publicly available information

Basic MaterialsConsumer GoodsConsumer ServicesEnergyFinancialsHealth Care

IndustrialsReal EstateTechnologyTelecommUtilities

Listing requirements on our different Nordic markets

The listing requirements differ across our markets Main Market, First North Premier and First North.

Listing Process

To learn more about the listing processes on our different marketplaces please select the market you are interested in below.

Scroll up