As the latest development in its ambition to support the primary and secondary markets, Euronext now enables non-Norwegian issuers to list and trade in euros on Oslo Børs, part of Euronext.  

Going forward, companies can list their shares, with flexibility in listing currency on Oslo Børs regulated markets and Euronext Growth Oslo or the exchange-regulated Euronext NOTC market. This new listing and trading offering in euros will enable issuers from all over the world, including the Nordic and Baltic countries, to raise capital on Oslo Børs.

A new option for issuers

Eirik Høiby Ausland, Head of Listing Nordics at Oslo Børs, says the ability to list in euros satisfies a long-standing market demand.

"In conversations with both issuers and advisors, we would often get the request to have the option to list and trade on the Norwegian Stock Exchange in euros," he relates.

Given notably tax reporting constraints applicable to Norwegian companies, this possibility will be reserved to non-Norwegian issuers for now.

According to Bjørn Crepaz, Head of Issuance & Issuer Services at Euronext Securities, this achievement is made possible by Euronext’s ability to integrate the equity value chain across listing, trading and post trading.

Issuers can capitalise on a vibrant and international investment market

By choosing to list on Oslo Børs, issuers will gain access to an active, international investment market.

"Companies from all over the world, including North America, Asia, South America, Great Britain and Germany, list on the Oslo Børs," Eirik Høiby Ausland says.

More than 40% of shareholders in companies listed on Oslo Børs are foreign investors. Institutional investors from 51 countries are present, with 11% of total ownership coming from the United States. And the investment environment doesn’t only favour larger companies. 

"For smaller and growth companies, listing on Euronext Growth Oslo can give them quicker access to investors and the capital market," Eirik Høiby Ausland explains. 

"And they then have the option of later listing on the Oslo Børs main market when internal and market conditions are right to make the transition."

This new option for issuers is supported by a well-established, proven process

Euronext Securities Copenhagen will be the issuing agent and Central Securities Depository (CSD) register to facilitate euro listings. Issuers will list on Oslo Børs and settle in euros through Euronext Securities Copenhagen on the Target-2-Securities (T2S) platform. This means the new option is supported by a proven, familiar post trade process.

"Non-Norwegian issuers will use the same procedures for trading members and settlement participants via the Central Clearing Counterparties (CCPs). They can access the same established and proven setup in Euronext Securities Copenhagen that they use for their other issuances," explains Bjørn Crepaz.[1]

Whilst Danish companies are already using Oslo Bors to raise money – the new option will make it even easier and more relevant

Waste Plastic Upcycling (WPU) transforms waste plastic into plastic oils, which can either be used to produce new plastic or as environmentally-friendly fuels. The company had plans to build three factories and needed to raise capital to realise these ambitions.  Although it is based in Denmark, WPU decided to list on Euronext Growth Oslo in Norwegian kroner.

Klaus Lindblad, Global Head of IR and Board Member at WPU, says the company decided to list on Euronext Growth Oslo because of its strong green profile and the fact that there were other companies on Euronext Growth with similar profiles to WPU’s own. 

"The more companies there are within the same field, the more competition you have," he explains. 

"It’s good for business to be amongst others with the same focus area and ambitions. We could also be closer to experts who knew how to use our product."

He also cites Norway’s very active energy market; media that promote smaller, emerging companies as well as listed companies; and the overall strength of the Norwegian capital market as additional factors behind the company’s decision. For example, even though capital raised on the Norwegian equity market has slowed during 2022 after two years with record high activity, the amount raised year-to-date is still strong in a historical perspective. In particular, the Growth market has performed well, accounting for more than 28% of the NOK 44 billion raised during the first three quarters of 2022.

WPU chose a private placement, consisting of the company’s founders, Vitol (one of the largest energy and commodities companies in the world) and a book building process. The order book included Danish, Norwegian, American and British investors. And even though WPU was a Danish company listing in Norway, none of the Danish investors objected to investing outside of their country’s borders.

After a successful IPO, Klaus Lindblad sees several advantages to WPU’s presence on Euronext Growth Oslo.

"Being listed gives us credibility in the market and generates more business opportunities. Companies and market participants that weren’t familiar with us now know who we are and what we’re capable of and that creates considerable positive awareness."

Eirik Høiby Ausland hopes that more Danish companies will follow WPU’s lead and experience the benefits of listing on the Oslo markets.

"With euro listing and trading now in place, we can present an even stronger value proposition for Danish companies looking to list on our exchanges."

Building the leading market infrastructure in Europe

Issuers can also look forward to the next step in Euronext’s integration of the equity value chain when the Group expands its clearing activities across Europe. By 2024, Euronext clients will be able to handle listing, issuing, settlement and clearing through Euronext and benefit from a true capital markets union across all Euronext markets.

For more information about listing in euros on Oslo Børs, please contact Eirik Høiby Ausland:  

For more information about issuing through Euronext Securities Copenhagen, please contact Bjørn Crepaz:


[1] Only companies domiciled in jurisdictions supported by Euronext Securities Copenhagen may use the offering. If the company is domiciled outside of Denmark, Euronext Securities Copenhagen must obtain a CSDR Passport and/or ensure legal compliance with local legislation from the relevant jurisdiction to issue the security in Euronext Securities Copenhagen. 

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