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Oslo Børs opened the authorised marketplace Oslo Axess on 2 May this year. Six months on, 20 companies are listed and the launch has been a success. Against the background of interest shown by companies and positive feedback from investors, Oslo Børs expects Oslo Axess to attract continuing interest.
Oslo Axess has established itself in a very short time as a high-quality market, with companies showing very strong interest in listing. In addition to the 20 companies already listed, a further two companies are currently approved for listing on Oslo Axess. In addition, Oslo Børs is in dialogue with a number of other companies.
"We are extremely pleased with the numbers using Oslo Axess, and it is very satisfying to see that we have established a new marketplace in just six months. Based on the current level of interest, and assuming that market conditions remain favourable, I would not be surprised to see 30 companies listed by the end of the year", comments Bente A. Landsnes, President and CEO of Oslo Børs.
As of 1 November 2007, 20 companies are listed on Oslo Axess, with a total market capitalisation of NOK 18 billion. Turnover in shares listed on Oslo Axess is lower than in shares listed on Oslo Børs, but this was not unexpected since it takes time to establish a completely new market. The average level of daily trading on Oslo Axess is NOK 65 million (figures for October).
As was expected, the energy sector accounts for the major part of companies listed on Oslo Axess. Of the 20 companies listed, 9 are in the energy sector, while other companies are as follows: Materials (4), IT (2), Industry (2), Finance (2) and Health care (1).
The objective of Oslo Axess is to offer access to capital and the opportunity of listing with strong investor protection for companies that would not normally meet all the requirements for a full stock exchange listing. It is thought that many companies in a start-up phase could use this market both as a source of risk capital and to establish trading in their shares. Oslo Axess has attracted a good level of interest, and the number of companies admitted to listing on the new marketplace between May and November this year outstripped new listings on Oslo Børs for this period. Investors have also responded positively to the new marketplace.
Kristian Falnes of Skagen Funds made the following comments on Oslo Axess to the business journal Kapital this summer:
”It is very good, and a good alternative for companies that would otherwise have been directed to the OTC list. For us as fund managers, it means that we can now trade in these companies through a market that is more open and professional than was previously available”.
See www.osloaxess.no for more information on the marketplace and details of the companies currently listed.
