Nasdaq announced today that Nasdaq First North has been granted UK Growth Market status. The label implies that UK investors can invest in companies listed on the exchange without paying the UK Stamp Duty Reserve Tax – normally charged as 1.5% of all paperless, electronic share transactions.
Nasdaq First North is thereby the first market outside the UK to be granted the status, and the timing is not a coincidence. As Brexit increases the uncertainties for UK investors on domestic markets, Nasdaq is riding the wave and further strengthening its appeal as an alternative for international investors and companies alike.
“Nasdaq First North continues to attract a significant interest from companies outside the Nordics, in particular from companies based in the UK,” said Adam Kostyál, SVP and Head of European Listings, Nasdaq. “We are continuously working to further improve our markets and view this as another step towards making Nasdaq First North the number one growth platform for European small and medium sized enterprises.”
According to the Financial Times, Nasdaq saw 51 listings in 2016 and raised a total of EUR 1.1. billion, while the corresponding figure for 2014 was 46. At the same time, its UK equivalent, the Alternative Investment Market, saw IPO’s decline from 81 in 2014 to 39 in 2016. With 300 listed companies Nasdaq First North still has a long way to go to challenge AIM’s 960.
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