Finnish insurance company Sampo has decided to go ahead with dual listing of its shares on Nasdaq Stockholm.
This decision was made after reviewing the option in September this year.
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The company needs to secure the nod of Nasdaq Stockholm as well as the Swedish Financial Supervisory Authority as the next step of the process for dual listing.
It is currently preparing prospectus for the dual listing, which is subject to market conditions.
Sampo board of directors chair Björn Wahlroos said: “Based on our evaluation, the Board believes that a dual listing in Stockholm offers significant potential for increased demand for Sampo shares, particularly among Swedish domestic and index funds, and higher liquidity over the medium term.”
As part of the listing, the company will not raise capital or make any offering.
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By GlobalDataThe insurer noted that the listing will be conducted in the form of Swedish Depository Receipts (SDRs).
Sampo aims to complete the process and start trading its shares on Nasdaq Stockholm in the second half of November.
It intends to appoint SEB as SDRs issuer as well as a “market maker and liquidity provider in the SDRs”.
Investment bank ABG Sundal Collier and financial services company Nordea will serve as financial advisers for the process, while Nordic law firm Hannes Snellman will be legal adviser.
