Why go public?
The credibility of being a listed company also comes great responsibility. To maintain this credibility, a listed company must follow extensive regulations. AktieTorget’s listing requirements include the following:
The company must meet the securities market’s soundness requirements. This means among other things that a listing may not jeopardize confidence in the securities market or AktieTorget.
Stock market’s information requirements
The company must meet the stock market’s information requirements. Among other things, it must have the capacity to report on its financial position four times a year and inform the market of any circumstances that may constitute price-sensitive information, i.e., events or conditions that could affect the valuation and reputation of the company.
Public company with stockholders’ equity of SEK 5 million
The company must, as stated by its articles of association, be public, which means among other things that it must have at least SEK 500,000 in share capital. The company must have stockholders’ equity of at least SEK 5 million.
Ownership distribution and orderly trading
Conditions must be in place for sound and efficient trading in the company’s securities. As a rule, the company must have at least 300 stockholders with a holding worth at least 10 percent of a price base amount. At least 10 percent of the shares must be held by stockholders that own less than 10 percent of the company’s capital and voting rights. This can be achieved if necessary through a new share issue in connection with the listing.
Composition of the board of directors
The company’s board of directors must consist of at least four members, at least one of whom must be independent in relation to the company, its management and principal owners. On this point we have adopted the guidelines in the Swedish Code of Corporate Governance. With regard to a member’s ownership interest in the company, we also apply the principle that an independent member should not own shares in the company valued at more than SEK 150,000.
The company must prepare a listing memorandum according to AktieTorget’s guidelines. The requirements largely correspond to those that apply to prospectuses, which by law (where applicable) must be approved by the SFSA. It is of importance that the company’s operating activities, risks and valuation are described accurately and in a balanced way.