RAISE CAPITAL

Raising money for your company on the stock exchange not only provides financial resources but also generates publicity and enhances credibility. It gives the company a stock exchange quality mark.

You can choose to sell either shares or bonds, and to list the securities on either the regulated market or First North. Read more about the instruments and markets below.

RAISE CAPITAL

Raising money for your company on the stock exchange not only provides financial resources but also generates publicity and enhances credibility. It gives the company a stock exchange quality mark.

You can choose to sell either shares or bonds, and to list the securities on either the regulated market or First North. Read more about the instruments and markets below.

Fundraising instruments

Shares

Shares are equity securities, so buyers of shares that a company issues become co-owners and provide long-term funding. In return, the investors want to see the share price increase and/or receive dividends as the company grows and develops.

Bonds

Bonds are debt securities. They let you raise money for a company without diluting its ownership, but they oblige you to repay the investors. In offering bonds a company has control over the terms, including the amount, repayment date, interest payments, and so on.

Markets

First North

First North is a growth platform for ambitious small and medium sized companies combining the benefits of being public with simplicity.

Main market

Main market is a listing platform for companies that adhere to the highest standards of reporting, transparency and accountability.

Which market is right for me?

0
Years
No minimum period of company’s operation
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 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
2 or 3
Years
Company’s operating experience:
Bonds: 2 years
Shares: 3 years
1MEUR or
4MEUR
Bonds: minimum amount of issue 1MEUR (200 000 EUR on Nasdaq Riga and Nasdaq Vilnius)
Shares: Company's minimum value 4 MEUR
25%
of shares
At least 25% or 10 MEUR shares in the hands of small investors (applies to share listing)
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 disclosure in local and English language
ESG
Non-financial reporting – reports on corporate governance and sustainability

Examples of companies on First North

MADARA Cosmetics

 
Founded 2006
Capital raised 3.3 MEUR
Listed on First North November, 2017
Instrument Shares
Valuation 29 MEUR (as of September 2019)

Magnetic MRO

 
Founded 2002
Capital raised 8 MEUR
Listed on First North February, 2019
Instrument Bonds

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.

First North listing fees

Shares

Admission fee

3000 €

One time fee for getting listed on Nasdaq First North

Shares

Annual fee

from 3000 €*

* Depending on the capitalization of the issuer's shares

≤ 5 M€ 3000 €
≤ 20 M€ 3000 € + 0.02%*
> 20 M€ 6000 € + 0.002%*
Company’s market value * From company’s market value exceeding the threshold

Bonds

Admission fee

1500 €

One time fee for getting listed on Nasdaq First North

Bonds

Annual fee

from 1000 €*

* Depending on the issue's total nominal value

≤ 10 M€ 1000 €
≤ 50 M€ 1000 € + 0.005%*
≤ 100 M€ 3000 € + 0.001%*
> 100 M€ 3500 € + 0.0001%*
Total nominal value * From the total nominal value exceeding the threshold

All the documents you'll need for First North

Examples of companies on Main market

LHV Group

 
Founded 1999
Capital raised 13.9 MEUR
Listed on Main List May, 2016
Instrument Shares
Valuation 315 MEUR (as of September 2019)

IGNITIS GRUPĖ

 
Founded 1991
Capital raised 600 MEUR
Listed on Bond List July, 2017
Instrument Green Bonds

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.

Main market listing fees

Shares

Admission fee

from 9200 €*

* Depending on company’s size and chosen listing market

One time fee for getting listed on Main market

Shares

Annual fee

from 5000 €*

* Depending on company’s size and chosen listing market

Bonds

Admission fee

3000 €

per bond issue or 

6500 €

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

One time fee for getting listed on Main market

Bonds

Annual fee

from 2200 €*

* Depending on the issue's total nominal value

≤ 10 M€ 2200 €
≤ 50 M€ 2200 € + 0.005%*
≤ 100 M€ 4200 € + 0.001%*
> 100 M€ 4700 € + 0.0001%*
Total nominal value * From the total nominal value exceeding the threshold

Start by talking to Nasdaq

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

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

Eveli Lepamets

Nasdaq Tallinn
+372 640 8861

eveli.lepamets@nasdaq.com

Contact me

Liene Dubava

Nasdaq Riga
+371 6721 2431

liene.dubava@nasdaq.com

Contact me

Justinas Juknys

Nasdaq Vilnius
+370 5253 1400

justinas.juknys@nasdaq.com

Contact me

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