Nasdaq First North Growth Market is a Nordic and Baltic growth market designed for companies seeking access to public capital, increased investor visibility and a platform for continued development. It provides growth companies with a structured route to public trading, supported by a network of advisers and investors.
Nasdaq First North Growth Market
A Nordic and Baltic growth market for companies seeking access to public capital, greater investor visibility and a platform for continued growth.
A Public Market Built for Ambitious Growth Companies
Nasdaq First North Growth Market is a Nordic and Baltic growth market for companies seeking access to public capital, greater investor visibility and a platform for continued development.
The market connects growth companies with a broad investor community and provides a structured path to becoming publicly traded. Companies are supported through the listing process by a Certified Adviser and must continue working with an approved adviser for as long as they remain listed on First North.
How to list on Nasdaq First North Growth Market
Listing on Nasdaq First North begins with selecting the appropriate market and segment, appointing a Certified Adviser, and preparing the company and application. Nasdaq then reviews the application before the securities can be admitted to trading.
Choose the Listing Venue and Segment
Select the country, market and segment that best match the company’s profile, readiness and strategic objectives.
Appoint a Certified Adviser
Engage a Nasdaq-approved Certified Adviser to support the company through the application and during its time on First North.
Prepare the Company and Application
Prepare the company’s governance, reporting, disclosure procedures and application documentation. Where applicable, prepare the related transaction.
Submit the Application and Complete the Review
Submit the required documentation through the Nasdaq Listing Center and complete the review and admission process.
Begin Trading and Meet Ongoing Requirements
Once the applicable requirements have been met and approval has been granted, the company’s securities can be admitted to trading.
Nasdaq Listing Center
Application forms and supporting documentation for new First North admissions are submitted through the Nasdaq Listing Center.
Visit the Listing Center View General FormsBenefits of Listing on Nasdaq First North
Gain market exposure, attract investors, and build a strong foundation for future growth in a trusted and agile environment tailored for SMEs.
Certified Adviser Support
Receive guidance from an approved adviser during the admission process and throughout the company’s time on First North.
Nordic and Baltic Investor Ecosystem
Connect with investors, advisers and market participants across the Nordic and Baltic capital markets.
Potential Path to the Main Market
Build public-market experience and prepare for a possible future transfer to the Nordic Main Market.
Access to Public Capital
Use the public market to support the company’s financing strategy and long-term growth.
Increased Investor Visibility
Build visibility among retail, private and institutional investors following Nordic and Baltic growth companies.
Established Market Framework
Operate within a marketplace supported by admission rules, disclosure requirements and market surveillance.
Companies Recently Listed on Nasdaq First North
Explore companies recently admitted to trading on Nasdaq First North markets across the Nordic and Baltic region.
What is a Certified Adviser?
The Certified Adviser is responsible for guiding and supporting the company during the listing process and for the duration of the listing on Nasdaq First North Growth Market. All Certified Advisers are approved by the Exchange and have attended the Certified Adviser training.
The list of Certified Advisers can be downloaded here.
Certified Advisers Trading Rules
An approved Certified Adviser may not own more than 10% of the shares or voting rights in a company it advises. Advisers must report these holdings to the Exchange in connection with annual earnings and semi-annual reports. Employees advising a company may not trade in that company’s shares. Find CA shareholdings under Resources below.
Nasdaq First North Premier Growth Market: Your Strategic Launchpad to the Main Market
With enhanced visibility requirements and investor confidence, it offers a structured path toward a successful Main Market listing, empowering businesses to grow, lead, and scale with purpose.
Nasdaq First North Premier Growth Market is our senior growth market segment designed to assist companies in raising investor visibility and prepare them for a Main Market listing. The Premier segment targets companies that are ready and make a conscious decision to comply with higher listing requirements than the standard First North rules.
In connection with the listing process, all companies applying to be admitted to trading on First North Premier Growth Market must engage a Certified Adviser.
Preparing for the Nordic Main Market
As a company develops, a move from First North to the Nordic Main Market may become a strategic next step. Explore the applicable requirements, preparation process and considerations involved.
Key features:
- Regulated-market environment
- Broader institutional investor visibility
- Higher admission and ongoing requirements
- Continued development of governance and reporting
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Resource Center
Related Services
First North Rules & Regulations
The rules and regulations serve an important purpose to sustain confidence in the financial market, enable a common framework for listed companies and protect minority stakeholders such as retail investors.
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A Liquidity Provider can help increase volume and improve the quality of trading in less-traded shares.
Learn MoreNasdaq European Academy
Training opportunities and information valuable for companies, members, investors and other market participants to help you grow and develop in our markets.
Find Your Next Training OpportunityConnections from the U.S. to Nordic Capital Markets
U.S. companies can also list on Nasdaq's Nordic exchanges, accessing new investors, greater visibility, and opportunities for growth across Europe.
Explore U.S. Listings in SwedenFAQs
Nasdaq First North is designed for growth companies that are ready to operate in a public-market environment. Companies may apply regardless of their country of origin or industry, provided they meet the applicable admission requirements and can attract sufficient investor interest in their shares.
Companies must meet the admission requirements set out in the applicable Nasdaq First North Growth Market Rulebook. These cover areas such as financial information, governance, company organisation, investor interest and the preparation of the required listing documentation. Companies must also appoint a Nasdaq-approved Certified Adviser. Requirements may vary by market, so companies should consult the current rulebook and their adviser before applying.
The process normally begins with selecting the appropriate listing venue and market segment. The company then appoints a Certified Adviser and prepares the company, any related transaction and the listing application. After the required documentation has been submitted, Nasdaq reviews the application. Trading can begin once the applicable requirements have been met and the company has been approved for admission.
A Certified Adviser is a firm approved by Nasdaq to guide and support companies during the First North listing process and throughout their time on the market. Every company applying for admission to Nasdaq First North Growth Market must appoint a Certified Adviser and retain one for as long as the company remains listed.
Nasdaq First North Growth Market is designed for growth companies seeking access to the public market. First North Premier Growth Market is the senior First North segment for companies prepared to meet higher standards for transparency, governance and financial reporting. Several Premier requirements are aligned with those of the Main Market, helping companies prepare for a potential future Main Market listing.
Nasdaq First North Growth Market is an SME growth market with requirements designed for growth companies, while the Nordic Main Market is a regulated market for companies able to meet higher admission and ongoing requirements. The right option depends on the company’s maturity, size, readiness and strategic objectives.
Yes. Nasdaq First North is open to Nordic and international companies, subject to the applicable admission requirements. A company’s country of origin or industry does not by itself prevent the company from applying, although the company must demonstrate that it is suitable for admission and that there is sufficient investor interest in its shares.
Yes. Companies that develop further may apply to transfer from Nasdaq First North Growth Market to the Nordic Main Market, provided they meet the applicable Main Market admission requirements. First North Premier can help companies prepare for this step because several of its reporting, governance and transparency requirements are aligned with the Main Market.