A company would be eligible for listing if the shares are assumed to be of public interest and would be subject to regular trading. The company must be validly incorporated and operate its business activities in accordance with its articles of association and current legislation. In addition, a certain shareholder base must be established in Oslo.
Oslo Børs will review the company’s general financial condition and other factors of significance in determining whether the shares are suitable for listing. The company must have sufficient liquidity to continue its business activities for at least 12 months from the date of listing.
In terms of board composition, the company must comply with the national standards for Corporate Governance in Singapore and Canada respectively if the company is primary listed on either of these exchanges. If so, Oslo Børs will not require any adjustments of the company board. Companies that are primary listed in either Singapore or Toronto may report their financial information according to IFRS (International Financial Reporting Standards), and all such reporting as well as general ongoing disclosures may be filed solely in English.
Formal listing requirements for Oslo Børs (minimum):
- Market capitalisation of NOK 300 million (about SGD 65 million, CAD 55 million or USD 50 million)
- 3 years of operating history
- 25% free float of overall issued capital
- 500 shareholders in total, of which at least 200 registered in Oslo
- Commerciality of operations
- Sufficient liquidity for 12 months of operations
- Preparation of listing prospectus
Please note that equivalent requirements for listing on Oslo Axess are less stringent with regard to market capitalization, operating history and number of shareholders, and that Oslo Børs in special circumstances may provide exemptions from certain listing requirements.