Nasdaq's Listing Options

Nasdaq First North

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

First North – The home of the ambitious

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 260 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.

How to join?

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. When you consider joining Nasdaq First North, marketplace staff can offer information about the different options. The representative that guides the company through the application process is a Certified Adviser. Before trading in the share can commence, an application must be submitted to the Exchange for approval. It is then the Certified Adviser that ensures that the company fulfills the requirements of Nasdaq First North on a continuing basis.

Admission Requirements

The admission criteria for companies joining Nasdaq First North are laid out in detail in the Nasdaq First North Rulebook. The overall admission requirements are the following:

  • Conditions for a sufficient supply and demand:
    - Sufficient number of shareholders or acquire the services of a liquidity provider, and
    - At least 10 percent of the share capital in public hands
  • Publication of a Company Description/Prospectus
  • The company must at all times have an agreement with a Certified Adviser
  • The company must accept and sign the general terms and conditions for admission to trading on Nasdaq First North
  • The Company must possess the organization and staff required in order to comply with the requirements regarding disclosure of information to the market

Nasdaq First North Premier

To better support our customers, we have created a special segment called First North Premier. This segment is designed to further assist companies on First North in raising higher investor visibility and thereby increased liquidity. It also acts to support companies in becoming more investor friendly, and to prepare for a main market listing.

First North Premier is a segment targeted to companies that make a conscious decision to comply with higher disclosure and accounting standards than the regular First North rules. This imposes higher demands on transparency which brings benefits to both listed companies and investors.

Segment Qualification for First North Premier

To be placed in the First North Premier segment, companies have to apply the following:

  • The company's free float shall be at least 25 percent
  • The market value shall be at least EUR 10 million
  • Nasdaq recommends that the companies apply the corporate governance code
  • Companies have to apply IFRS for accounting and financial reports
  • Companies on Premier are committed to following the main market disclosure rules.
How to Apply

If the company is listed on Nasdaq First North they can apply to the Premier segment by submitting an application form. If the company isn’t listed within Nasdaq the company needs to complete a listing application through Nasdaq Listing Center.


Read more here >

Nasdaq First North Bond Market

Nasdaq First North Bond Market is a more efficient alternative to the traditional bond markets, offering a marketplace with fewer requirements, and by that lowering the overall cost base for issuing corporate bonds.

Nasdaq First North 25 Index

The Nasdaq First North 25 index is launched October 15, 2015, and is an important part of Nasdaq’s continuous efforts to provide the leading platform for growth companies. 

By launching First North 25, Nasdaq wants to highlight the growing investment opportunities on Nasdaq First North to a broader group of investors, and provide further visibility for companies included in the index. 

The Nasdaq First North 25 index portfolio is selected through a two-step process. First, the 30 largest companies by market capitalization are identified. Then, the 25 most traded shares within this pool, measured by aggregated trading turnover over a six month period, are selected for the index portfolio. The index portfolio will be rebalanced twice a year with new portfolios being effective the first trading day in January and July.

Certified Advisers

All companies that wish to join Nasdaq First North must appoint a Certified Adviser (CA) in association with the application process. The Certified Advisers role is to guide the company through the application process. The Certified Adviser also has the obligation to provide support and ensure that the company continuously meets the requirements associated with having shares admitted to trading on Nasdaq First North. Furthermore, the Certified Adviser is compelled to constantly monitor the company’s compliance with the rules of Nasdaq First North, and report any transgression to the Exchange.

Certified Advisers Trading Rules

The company approved as a Certified Adviser may not own more than 10 percent of the shares or voting rights in a company to which they provides advice. In conjunction with the publication of the reports of unaudited annual earnings figures and semi-annual reports, Certified Advisers must provide the Exchange with information about their holdings in those companies to which they provide advice. An employee who is involved in the function as Certified Adviser to a company shall not be allowed to trade in the shares of that company.

CA's Shareholdings
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