Listing a company on the Icelandic stock exchange in 2023
In addition to Iceland company registration, Healy Consultants Group offers Clients a range of stock exchange listing services, including assistance with initial public offerings (IPOs).
The Iceland stock exchange
- The main index is NASDAQ Iceland.
- It is one of the smallest exchanges in Europe, with less than 20 companies listed.
- Firms listed on the exchange are involved in retail, fishing, transportation, banking, insurance and other sectors.
- Despite its small size, the exchange is an ideal platform for Icelandic companies looking to raise capital for projects in Iceland.
- Although foreign companies can list on the Iceland stock exchange, in practice none do, since the market is very small with low trading volumes.
- The cost of listing on the Iceland exchange is low compared to other countries.
- The market was almost completely wiped-out during Iceland’s financial crisis in 2008. Between 2003 and 2004, the market value had surged by 900%.
Steps to list on the Iceland stock exchange
- The company appoints an adviser in Iceland who will be the lead manager for the listing.
- A local lawyer may also be appointed by the company to oversee the legal aspects of Iceland stock exchange listing.
- If required, the company appoints a certified public accountant to provide the company with an initial evaluation of its readiness to go public, assist in upgrading its management capabilities and in preparing the launch.
- The company submits the following documents to NASDAQ Iceland: i) its latest registered articles of association ii) Certificate of Incorporation iii) audited consolidated financial statements for the last three years iv) most recent interim financial statements, or consolidated financial statements, for the current year v) certificate from the Directorate of Internal Revenue’s Register of Companies (fyrirtækjaskrá) confirming a) the company’s registration details and b) its issued share capital vi) minutes of a meeting of the Board of Directors confirming the decision to apply to list.
- The company is subject to a sanctions screening check.
- The company engages an investment bank to determine the i) target opening share price ii) types of shares to be traded and iii) directors’ and shareholders’ details.
- The company prepares a prospectus for submission to the Iceland stock exchange. A foreign company must submit the prospectus to the authorities in its country of incorporation.
- The company engages a reputable public relations agency to improve its image prior to and during the listing process.
- Healy Consultants Group can assist our Client complete all of the above listing procedures.
Criteria to list on the Iceland stock exchange
- The company must have published or filed annual financial reports for at least three years.
- The company must have a clear business strategy and be able to demonstrate continuous business operations.
- The company must have documented earnings capacity and be able to document that its business has generated profits in the most recent fiscal year.
- The company must be able to provide the market with timely, reliable, accurate and up-to-date information.
- The company must prepare half-year and annual reports. The annual financial report must be published within four months of the end of the financial year.
- Healy Consultants Group can assist our Client to meet all Iceland stock exchange listing criteria.
The average timeframe for Iceland stock exchange listing is six months.
Our Iceland listing fees
Healy Consultants Group’s Iceland listing fees vary according to i) expected market capitalisation and ii) whether it is a primary or secondary listing and iii) the aggregate number of shares outstanding at the time of initial listing. Please contact us for a tailored package.