Nasdaq Nordic

Nasdaq Stockholm has for many years been one of the leading markets for IPOs and new listings in Europe. This consultation requests feedback on further changes to continue developing the Nasdaq Stockholm Main Market listing platform. The areas of consultation covered are:

(i) Potential revision of liquidity requirement on Nasdaq Stockholm to move away from the existing 25% free float threshold, increasing flexibility and predictability while maintaining the underlying requirement of sufficient liquidity;

(ii) Potential broadening the category of legal advisors permitted to perform legal due diligence on companies seeking admission to trading on Nasdaq Stockholm;

(iii) Potential adjustment of the existing requirement for a company to be profitable or alternatively to demonstrate 12 months working capital from first day of trading in their shares, in order to require all companies listing to demonstrate 12 months working capital; and

(iv) A request for views on the content of the Exchange’s published guidance on governance and internal control in listed companies.

Since 2019, the Nasdaq First North Growth Market (“Nasdaq First North”) has experienced considerable growth and almost 200 additional companies have listed.

Nasdaq Nordic* (the “Exchange”) has in 2021 initiated a comprehensive review of the Nasdaq First North Growth Market rulebook (the “Rulebook”) to further strengthen the confidence, credibility, and transparency of Nasdaq First North.

The first proposal of the revised Rulebook was subject to an external consultation during April 2022.

Summary of input received in the consultation:

Nasdaq wishes to thank all those who took the time to respond to the consultation on the Proposal of the First North Growth Market Rulebook. In total, 30 responses were received from a range of different market participants including listed companies, legal and financial advisors and auditor firms. There were many helpful and well-considered thoughts in the responses received.

A summary of the main input received is presented in the Consultation 2022 Feedback document below as a response to the external consultation. The vast majority of the respondents welcomes the updated Rulebook and the Exchange's efforts to enhance predictability and transparency in the Nasdaq First North admission process and admission requirements. No respondent has opposed the updated Rulebook as such, and the majority of the material comments have been related to a need for more clarity in relation to already existing formal admission requirements and to the proposed clarifications and codifications of practice. Such clarity has been provided to the extent possible, either by minor amendments to revised rules or guidance text in the updated Rulebook or through the Consultation 2022 Feedback document.

For a detailed overview of the changes, please refer to the attached comparative table setting out the changes made in the revised Rulebook compared to current version of the Rulebook. 

The updated Rulebook will enter into force 1 August 2022. 

Nasdaq Nordic

*Does not include Oslo Stock Exchange