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A Complete List Of Nordic ADRs – Investment Opportunities

Last Updated on 21 November, 2023 by Samuelsson

The complete list of Nordic ADRs

The Nordics, also known as the Nordic countries, include the sovereign states of Denmark, Norway, Sweden, Finland, and Iceland. As combined, Nordic Countries, known for their exceptional living standards and low-income variance, have effectively captured global attention. In an age where the increasing gap between the low and high class has become a political pressure point in advanced countries, the Nordic region has stood out to be an idol for its economic model with growing opportunities.

The economic model, known as the Nordic model, is famous for reflecting the unique pairing of social benefits and free-market capitalization, followed in Sweden, Norway, Finland, and Denmark. This combination has allowed this Scandinavian region to become a host of mutually benefited and quality services, including free healthcare and education and guaranteed pension plans. As a result, residents hold a great degree of trust in the government and peaceful address and compromise with social hurdles with a democratic procedure.

American Depositary Receipts ( ADRs )

ADRs, American Depositary Receipts, is basically a certificate issued by a U.S. depositary bank that represents a given number of shares of stock, typically one, of a foreign company. ADR’s present investment opportunities to US investors in foreign stock markets. There are many familiar companies based outside the US like Unilever, Nokia, etc. listed on US exchanges in the form of ADRs.

Even though trading opportunities seem endless and still growing through foreign exchanges, many domestic investors who view cross- border tax issues and foreign markets trading as complex and significantly expensive over there want to explore diversity in stocks. With the help of American Depositary Receipts that offer trading shares in foreign stocks, investors find it more convenient to indulge in international equities.

ADRs listed on NYSE/Nasdaq vs the OTC

Formal exchange listing like on NYSE and Nasdaq has quite some tough requirements that are hard for smaller companies to fulfill. So the stocks that are listed and traded on such formal exchanges are called listed stocks. And the ones that trade through OTC ( Over-the-Counter ) are known as unlisted stocks. Most Nordic ADRs trade on the OTC.

So the foreign stocks represented through ADRs are heavily listed on OTC. The general reason behind such a manner of stock trading is that the companies do not prefer to undergo or meet the complicated exchange requirements. Additionally, the cost to get listed on NYSE and Nasdaq is close to $500,000 and $75,000 respectively. This becomes a very hard barrier to crack for many companies. Take note that many ADRs on the OTC have some extra fees, both for owning and when the dividend is passed to the beneficial owner.

ADR Programs

They are basically 3 different programs for a company to choose from, once they have established an ADR program. Generally known in terms of level, these programs are different on the basis of reporting requirements and listing exposure.

Level 1,2 & 3 – basically increase in terms of reporting requirements as the level goes towards the third one, the highest one. On level 1 of an ADR program, the reporting requirement is pretty minimal with US securities and exchanges. Moreover, the shares can only be listed on the OTC market. Even though the company is not obligated to issue quarterly or annual reports, an annual report is required to be published in English on their website.

As the level goes on to the 3rd one, reporting requirements increase almost similar to the US companies. There are some of the biggest companies listed with ADR programs on level 3, where they issue stocks to increase capital instead of just listing them on a US exchange.

How to buy ADRs

Since ADRs have the trading characteristics of general stock, any local broker that trades stocks with access to US markets should do the job. Although it is advisable to check brokers on the basis of transaction costs. Moreover, an international broker like Interactive Brokers which accepts most investors all over the globe, or TD Ameritrade is also a good track to follow.

Below is the list of all the Nordic ADRs for each Nordic country:

Denmark – NYSE/Nasdaq

1. Ascendis Pharma

2. Forward Pharma

3. Orphazyme A/S

4. Novo Nordisk

5. Zealand Pharma

Denmark – OTC

1. A.P. Moller – Maersk

2. ALK-Abello

3. Ambu A/S

4. Bang & Olufsen

5. Bavarian Nordic

6. Carlsberg

7. Chr. Hansen

8. Coloplast

9. Danske Bank

10. Demant A/S

11. DSV Panalpina A/S

12. FLSmidth

13. Genmab

14. GN Store Nord

15. H Lundbeck

16. ISS A/S

17. Jyske

18. Netcompany

19. Nets A/S

20. NKT

21. Novozymes

22. Orsted A/S

23. Pandora

24. Scandinavian Tobacco

25. Sydbank

26. Topdanmark

27. Tryg

28. Veloxis Pharmaceuticals

29. Vestas Wind Systems

Sweden – NYSE/Nasdaq

1. Calliditas Therapeutics AB

2. Telefonaktiebolaget LM Ericsson

Sweden – OTC

1. Addtech AB

2. Alfa Laval

3. Arcam

4. Assa Abloy

5. Atlas Copco – A Shares

6. Atlas Copco – B Shares

7. Axfood

8. Axis Communications

9. Betsson

10. BillerudKorsnas

11. BioGaia

12. Boliden

13. Boozt AB

14. Castellum

15. Com Hem Holding AB

16. Cyber Security 1 ABCYBNY Software&ComputerSvc

17. Duni

18. Electrolux

19. Elekta

20. Epiroc AB

21. Epiroc Aktiebolag

22. Essity

23. Evolution Gaming

24. Fabege


26. H&M Hennes & Mauritz

27. Heliospectra

28. Hexagon

29. Hexpol

30. Holmen

31. Holmen AB – B Share

32. Husqvarna

33. Intrum AB

34. Kungsleden

35. Loomis

36. Lundin Petroleum

37. Medicover

38. Modern Times

39. NetEnt

40. NeuroVive Pharmaceutical

41. Nobia

42. Nordea Bank

43. Oasmia Pharmaceutical


45. Oriflame

46. Pricer

47. Rottneros

48. Saab

49. Sandvik

50. SAS

51. Securitas

52. Skandinaviska Enskilda Banken

53. Skanska

54. SKF

55. Studsvik

56. Svenkst Stal AB-SSAB

57. Svenska Cellulosa Aktiebolaget-SCA

58. Svenska Handelsbanken

59. Swedbank

60. Swedish Match

61. Tele2

62. Telia Company

63. Thule Group

64. Vitrolife

65. Volvo

66. Wihlborgs Fastigheter

Finland – NYSE/Nasdaq

1. Nokia

Finland – OTC

1. Amer Sports

2. Cargotec

3. DNA Oyj

4. Elisa

5. Fortum

6. Kesko OYJ

7. Kone

8. Konecranes

9. Metso

10. Neste Oyj

11. Nokian Tyres

12. Orion

13. Outokumpu

14. Outotec

15. Rovio Entertainment

16. Sampo

17. Sanomawsoy

18. Stora Enso

19. Tieto

20. UPM-Kymmene

21. UPM-Kymmene

22. Uponor

23. Valmet OYJ

24. Wartsila

25. YIT

Norway – NYSE/Nasdaq

1. Equinor

2. Opera

Norway – OTC

1. Aker Solutions

2. Borregaard


4. DNO

5. Europris ASA

6. Gjensidige Forsikring

7. Leroy Seafood

8. Marine Harvest

9. Multiconsult


11. Norsk Hydro

12. Norway Royal Salmon

13. Orkla

14. Petroleum Geo-Services

15. Prosafe

16. Prosafe

17. Protector Forsikring

18. REC Silicon

19. Salmar ASA

20. Schibsted

21. Solon Eiendom ASA

22. Storebrand

23. Subsea 7

24. Telenor

25. TGS NOPEC Geophysical Co

26. Thin Film Electronics

27. Tomra Systems

28. Wallenius Wilhelmsen


30. Yara International

Iceland – NYSE/Nasdaq

No listed Iceland ADRs on NYSE/Nasdaq

Iceland – OTC

1. Ossur


– What is the Nordic model?

The Nordic model is an economic model followed by countries like Sweden, Norway, Finland, and Denmark. It combines social benefits with free-market capitalism, resulting in exceptional living standards, low-income variance, and a host of quality services like free healthcare and education.

– What is the difference between ADRs listed on NYSE/Nasdaq and OTC?

ADRs listed on NYSE/Nasdaq have more stringent requirements and are known as listed stocks. Most Nordic ADRs trade on the OTC (Over-the-Counter) market due to companies avoiding complex exchange requirements and high listing costs.

– How can ADRs be purchased?

ADRs can be purchased through any local broker with access to U.S. markets. International brokers like Interactive Brokers or TD Ameritrade are recommended. It’s advisable to consider transaction costs when choosing a broker.

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