Shareholders and free float
Rules may combine a minimum number of qualifying shareholders with a required percentage in public hands, commonly called free float. Exact thresholds, eligible holdings and alternative tests differ between Nasdaq Stockholm, First North, Spotlight and NGM. Major owners, directors, executives or related parties may be excluded wholly or partly.
Before admission, distribution is normally verified through ownership lists, offer results and issuing-agent records. Merely reaching a number may not be enough: the marketplace assesses whether the ownership structure can support regular trading. Concentrated positions, lock-ups and very small holdings can affect that judgement.
An ongoing requirement
Monitor distribution after the first trading day. Takeovers, buybacks, major ownership changes, redemptions or prolonged illiquidity can change the position. If compliance is lost, contact the marketplace early and prepare a plan. A liquidity provider may improve the order book but normally does not replace formal distribution. Use the current Rulebook and the exchange’s calculation method; historic admission thresholds may no longer be current.
Add shareholder distribution to the recurring compliance calendar and review it before any transaction that may concentrate ownership or reduce public holdings.