Initial choice
Clarify the listing rationale, funding need, ownership objectives and why this marketplace is being considered.
Marketplace
Listing on First North
First North is a growth market for small and medium-sized companies. Its framework is proportionate to growth companies, but a listing still requires a traceable corporate history, reliable disclosure processes and an organisation that can operate in a public-market environment.
Discuss your situation→The assignment
A process that holds together.
First North may suit a company seeking an established Nordic trading environment and planning to combine a listing with capital raising or ownership distribution.
The choice should be based on funding needs, investor base, ownership, reporting capability and the company’s longer-term strategy rather than on an assumption that one market is simply easier.
An applicant must appoint a Nasdaq-approved Certified Adviser and retain that adviser while its shares are traded on First North. The Certified Adviser plays a specific role in the suitability assessment and ongoing rule monitoring. Legal counsel works alongside that function on corporate law, due diligence, documentation and execution.
The principal disclosure document is often a company description unless prospectus rules require a prospectus. It must be consistent with financial information, investor materials and announcements. Ownership, historic issues, material agreements, incentive programmes and related-party matters need to be verifiable.
Following admission, the company must comply with MAR, the First North rulebook and its own internal controls. The board, management, finance and communications functions must be able to identify inside information, disclose correctly and maintain predictable reporting.
The applicable rulebook and the marketplace’s current guidance should always be checked when the timetable is prepared. A marketplace comparison is part of the legal and strategic analysis, not a substitute for it.
How it works
Four connected workstreams.
The precise order is adapted to the company, but decisions, documentation and communications must use the same facts.
Readiness review
Review corporate history, governance, reporting, key agreements and organisation before the formal timetable is fixed.
Documentation and review
Coordinate due diligence, disclosure documents, approvals, marketplace questions and any fundraising from one source of truth.
Admission and day two
Close admission conditions and make sure reporting, disclosure and governance work after the first day of trading.
Common pitfalls
Where otherwise sound processes lose time.
- 01
Engaging the Certified Adviser after an external timetable has already been announced.
- 02
Preparing the company description, financial reporting and investor materials from different versions of the facts.
- 03
Being unable to reconcile historic issues, options or transfers with the share register and registered resolutions.
- 04
Building the organisation for listing day but not for the first report or next price-sensitive event.
Questions and answers
Frequently asked questions
Concise answers to recurring questions. The details always depend on the company and the current rules.
01Is a Certified Adviser required?+
Yes. A company applying to First North must appoint a Nasdaq-approved Certified Adviser and retain the function while listed. The appointment should be made early because the adviser participates in the suitability review and coordinates its work with the other listing workstreams.
02Is a prospectus always required?+
No. The required disclosure document depends on whether securities are offered to the public, the structure of the offering and available exemptions. Many First North listings use a company description, while other transactions require a prospectus reviewed by the Swedish Financial Supervisory Authority.
03How long does the process take?+
There is no reliable standard duration. A well-prepared company can move faster, while ownership, agreements, accounting or governance issues add time. A readiness review before the formal process provides a more useful timetable than a generic number of months.
04What must work on the first day of trading?+
The company needs working responsibility for disclosure, inside-information assessments, decision logs, reporting, announcements and website publication. The board must understand its responsibilities and backup arrangements must exist when primary owners of a task are unavailable.
Rules change. Check the current primary source before making a decision.
Current marketplace information ↗An initial conversation
What needs to happen before the next decision?
Tell us briefly about the company, the matter and the timetable. We normally respond within one business day.