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.

Book an appointment

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

Book an Appointment

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

Most Recent Capital Raising Rounds

First North Bonds Feb 2025

Mapon raises €3 million

Read more
First North Bonds Feb 2025

Jasinskio 14 project raises €8 million

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First North Bonds Jan 2025

Žalvaris raises €5 million

Read more
First North Bonds Dec 2024

15min raises €15 million

Read more
Main Bonds Dec 2024

Longo Group raises €10 million

Read more
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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