[Last updated: 1 February 2026, unless otherwise noted]

Key requirements for companies seeking a primary listing on Nasdaq Stockholm:

• Market value. Total market value of at least €1 million (approximately US$1.17 million). This requirement only applies prior to the admission to trading on Nasdaq Stockholm.
• Recorded profitability. An issuer must demonstrate that it has sufficient working capital on a group level available for its planned business for at least 12 months after the first day of trading. In this context, "sufficient working capital" means that the issuer must demonstrate that it is able to access cash and other available liquid resources in order to meet its liabilities as they fall due for at least 12 months from the first day of trading. The working capital requirement may be fulfilled through the injection of capital raised in connection with the listing or through other binding commitments of financing.
• Liquidity. A prerequisite for trading on Nasdaq Stockholm is that there is a satisfactory demand and supply for the financial instruments in order to support reliable price formation in connection with trading in the shares. A sufficient number of financial instruments shall be considered as being distributed to the public when either 25% of the financial instruments within the same class are in public hands or at least 10% of the issuer's shares within the same class are in public hands, provided that the value of the aforementioned shares amounts to at least SEK 500 million (approximately US$54.29 million). In addition, the issuer's shares must be held by at least 500 qualified shareholders. Shareholders individually holding shares with a value of at least €500 (approximately US$587) are considered qualified shareholders.
• Management and control systems. The board of directors of the issuer shall be composed in such a way that it possesses the competence required to manage a listed issuer and has the ability to comply with the obligations of the issuer. It is therefore important that the directors have an adequate degree of experience and knowledge regarding the special requirements applicable to listed issuers, and that they understand the demands and expectations to which listed issuers are subject. Members of the board of directors and the management team should know the issuer and its business and be familiar with the way the issuer has structured its internal reporting lines, the management pertaining to financial reporting, its investor relations management, and its procedures for disclosing inside information and regular financial information to the stock market.
• Listing prospectus. In accordance with the (EU) Prospectus Regulation, and in order to complete the listing process, an applicant issuer must prepare and publish a prospectus which must be scrutinized and approved by the relevant national competent authority, the SFSA if the issuer is domiciled in Sweden. The board of directors is responsible for the prospectus and its content.
• Nasdaq approval. Prior to being listed on Nasdaq Stockholm, the issuer must receive a confirmation from Nasdaq Stockholm's Listing Committee that it meets the requirements for a company listed on Nasdaq Stockholm. The listing application includes, inter alia, a draft prospectus, due diligence reports and an assessment from the Listing Auditor (appointed by the company).

[Last updated: 1 February 2026, unless otherwise noted]

Share price. There is no minimum closing or offering price for shares to be listed.

Free negotiability of shares. The shares in the share class subject for listing must be freely transferable and negotiable, which is a general prerequisite for becoming publicly traded and listed. The listing application must cover all issued shares of the same class.

Disclosure requirements. The issuer must establish and maintain adequate procedures, controls and systems, including systems and procedures for financial reporting, to enable compliance with its obligation to provide the market with timely, reliable, accurate and non-discriminatory disclosure of inside information in accordance with the (EU) Market Abuse Regulation (MAR) and other disclosure requirements as required by Nasdaq Stockholm.

Nasdaq Stockholm may waive a listing requirement if the objectives behind the requirement or any statutory requirements are not compromised and provided that the objectives behind the waived requirement can be achieved by other means. Nasdaq Stockholm allows for issuers to request a formal pre-ruling in case of uncertainty.

Accounting standards. Issuers admitted to trading on Nasdaq Stockholm must prepare consolidated financial statements in accordance with IFRS as adopted by the EU, where the issuer is required to prepare consolidated accounts. For issuers incorporated outside the EEA, financial statements may be prepared in accordance with IFRS or, subject to EU equivalence requirements, local GAAP.

Financial statements. The admission documents must generally include audited annual accounts for at least three years and financial statements demonstrating the issuer's profitability. The assessment of the issuer's accounts shall, where applicable, also include the issuer's subsidiaries.

Secondary listings. Nasdaq Stockholm has from time to time been used as a secondary market by issuers whose securities are admitted to trading on more than one marketplace. In such cases, the primary or home market will normally have the main supervisory responsibility for the issuer. However, Nasdaq Stockholm's rules apply to the issuer insofar as the securities are admitted to trading on Nasdaq Stockholm, and Nasdaq Stockholm may take appropriate measures in the event of non‑compliance, including coordination with the issuer's home market.

[Last updated: 1 February 2026, unless otherwise noted]

In accordance with the (EU) Prospectus Regulation, a prospectus must be prepared prior to the admission to trading of securities on a regulated market such as Nasdaq Stockholm. The prospectus must be approved by the national competent authority, in terms of Sweden being the Swedish Financial Supervisory Authority (SFSA) (Sw. Finansinspektionen) and be submitted to Nasdaq Stockholm together with the listing application. The listing process normally takes four to six months, in each case depending on the particular circumstances. Key factors are how much time the management can devote to the process, the strength and level of readiness of the organization, the issuer's history and previous listing experience, composition of the board of directors and existing accounting practices. The following is a fairly typical process and timetable for the listing of a listing on Nasdaq Stockholm:

Link to Timetable

[Last updated: 1 February 2026, unless otherwise noted]

A Swedish issuer with shares listed on a regulated market must comply with the Swedish Code of Corporate Governance (the Code) or explain the deviation.

The Code provides specific requirements with respect to:

• Shareholder meetings.
• Nominating committees and their composition.
• Board of directors and its composition.
• Audit committees, remuneration committees.
• Executive compensation.
• Corporate Governance disclosure requirements.

A listed issuer has continuing disclosure obligations under Nasdaq Stockholm Main Market Rulebook for Issuers of Shares.

Foreign issuers may apply the Code or an applicable foreign corporate governance code, provided that the applied code and any material deviations are clearly disclosed. Where an issuer applies the corporate governance code, or corporate governance recommendations, of a jurisdiction other than that of Nasdaq Stockholm, the issuer must publish a general description of the main differences between the applicable corporate governance code and the Code.

 

[Last updated: 1 February 2026, unless otherwise noted]

A listing on Nasdaq Stockholm involves initial listing fees and, when listed, annual fees. The initial listing fee consists of (i) a fixed fee at initiation amounting to SEK 1,250,000 (approximately US$135,725), and (ii) a variable fee of SEK 235 (approximately US$25.52) per market cap million, with a capped fee of SEK 620,000 (approximately US$67,320). The annual recurring fee is SEK 60 (approximately US$6.51) per market cap million, with a minimum fee of SEK 275,000 (approximately US$29,860) and maximum of SEK 3,350,000 (approximately US$363,743). In addition, the fee for the Listing Auditor normally amounts to SEK 900,000 (approximately US$97,722). All amounts are exclusive of VAT.