Looking to raise capital for your company’s growth?

Then you’re at the right place. Stock exchanges have been connecting ambitious companies and investors for more than 400 years.

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No such thing as too small, or too big

It doesn’t matter how small or big the company is. It’s the attitude and mindset that matter.

Capital isn’t the only thing you’ll get from the exchange

Your company will become better known, more credible and transparent. A listing gives the company a stock exchange quality mark.

There are many paths to success

On the Baltic exchanges, you can raise capital by selling shares, bonds, and fund units, and list the securities on either the regulated market or on First North growth market. Scroll down to find the best match for your needs!

Nasdaq Baltic Exchanges in Numbers

73
Shares listed
136
Bonds listed
1 million
Transactions in 2024
€2 million
Average daily turnover in 2024
€815 million
Capital raised by companies in 2024
€3.5 billion
Capital raised by governments in 2024

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Book a 30-minute discussion with our experts! We will respond within 24 hours to set up the details.

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    Most Recent Capital Raising Rounds

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    First North Bonds Dec 2024

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    Main Bonds Dec 2024

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    First North Shares IPO Dec 2024

    Kalve Coffee raises €1 million

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    There are many ways for a company to raise capital, but none offer the visibility that a stock exchange provides.

    Kaarel Ots, Head of Nasdaq Baltic Exchanges

    Investing is always a bet on a better tomorrow.

    Liene Dubava, CEO of Nasdaq Riga

    Fundraising instruments

    Shares

    Shares – or stocks – are equity securities, so buyers of shares become co-owners and provide long-term funding. In return, the investors look for the increase of the share price and/or receive dividend as the company grows and develops.

    Bonds

    Bonds are debt securities. Bonds let you raise money without diluting ownership, but oblige you to repay the investors. A company has control over the terms, including the amount, repayment date, interest payment, and so on.

    Funds

    Funds – An investment fund pools money from multiple investors and invests in a portfolio of securities, thus reducing the risks for individual investors and allowing them to benefit from economies of scale as well as the fund manager’s expertise.

    Which market is right for me?

    0 Years
    No requirement for length of business activity
    0 EUR
    No minimum market value of the company
    0% of shares
    No minimum number of shares required to belong to small investors (applies to share listing)
    No prospectus
    Unless a public offering, a public offering, a simplified company description can be prepared
    Reporting
    Annual and semi-annual financial reports
    Accounting
    Financial accounting standards of choice
    1 language
    Information disclosure in either local or English language
    Certified Advisers
    Agreement with a Certified Adviser
    Share admission*
    One time fee for listing on Nasdaq First North

    Annual fee from 4000 EUR

    * Depending on company’s market value
    Bond admission 7000 EUR*
    One time fee for listing on Nasdaq First North

    Annual fee from 1000 EUR

    * Depending on issue size
    2 or 3 years
    Company’s operating experience
    Bonds: 2 years
    Shares: 3 years
    1 MEUR or 4 MEUR
    Bonds: minimum issue of 200 000 EUR

    Shares: Company’s minimum value 4 MEUR
    25% of shares
    At least 25% or 10 MEUR (monetary valuation applies in Latvia and Lithuania) shares in the hands of small investors.
    Prospectus
    Approved prospectus
    Reporting
    Annual report and semi-annual or quarterly financial reports
    Accounting
    Financial reports to be prepared according to International Financial Reporting Standards
    2 languages
    Information disclosue in local and English language
    ESG
    Non-financial reporting – reports on corporate governance
    Share admission from 7190 EUR*
    One-time fee for listing on Main market

    * Depending on compan's market value and chosen listing market

    Annual fee from 6200 EUR*

    * Depending on company's market value and chosen listing market
    Bond admission 4000 EUR
    per bond issue or

    8500 EUR

    per issue program (up to 3 bond issues. From 4th - 1000 EUR each)

    One-time fee for listing on Main market

    Annual fee from 3000 EUR*

    * Depending on issue size
    Explore complete listing requirements in Tallinn in Riga in Vilnius

    How to get started?

    Step 1

    The company’s owners need to adopt a formal decision to list the company’s shares or bonds on an exchange (to ’go public’).

    Step 2

    Next a share or bond prospectus – a document describing the securities to be offered to investors – needs to be prepared and registered with the local financial supervisory authority.

    Step 3

    Then, for new issues, an initial public offering (IPO) or a non-public offering of the securities is carried out. If the company just wants to list already existing shares, this step is not necessary.

    Step 4

    Now a listing application can be submitted to the stock exchange.

    Let's get in touch

    Every company is different and there is no one-size-fits-all solution.

    Let’s discuss how we can help your company grow.

    Eveli Kušner
    Nasdaq Tallinn
    +372 640 8861
    eveli.kushner@nasdaq.com

    Liene Dubava
    Nasdaq Riga
    +371 6721 2431
    liene.dubava@nasdaq.com

    Gediminas Varnas
    Nasdaq Vilnius
    +370 6103 9917
    gediminas.varnas@nasdaq.com

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