Capital markets in Norway


Equity capital markets work forms a core pillar of BAHR‘s practice, with established strength in advising public and private companies on public takeovers, stock exchange listings and share offerings. Debt capital markets mandates are also prominent in the team’s workload, an area where Richard Sjøqvist is the key contact. Sjøqvist co-heads the department with Lars Knem Christie, who specialises in ECM matters. Arne Tjaum advises on restructurings, securities law and stock exchange regulatory issues, while Rolf Johan Ringdal is adept at handling equity and debt work for clients in the shipping, offshore, energy and transport sectors. Other key practitioners are finance specialist Audun Nedrelid and Robin Bakken, who returned to the practice in 2020. Bjørn Gabriel Reed left the firm in January 2021.

Practice head(s):

Lars Knem Christie; Richard Sjøqvist

Other key lawyers:

Arne Tjaum; Rolf Johan Ringdal; Audun Nedrelid; Robin Bakken


‘Up to date on regulations. Efficient and quick replies.’

‘Know us as a customer and our needs.’

Key clients

ABG Sundal Collier

Aker Group

Pareto Securities

Norwegian Trustee

DNB Bank and DNB Markets

Norwegian Air Shuttle



Morgan Stanley

JP Morgan

Work highlights

  • Advised Aker Solutions on its merger with Kværner ASA, in which shareholders in Kværner acquired a stake in the new company.
  • Assisted seismic vessel operator PGS with the financial restructuring of its $522m term loan B and $350m revolving credit facilities, as well as its $300m export credit facilities.

Advokatfirmaet Thommessen AS

Advokatfirmaet Thommessen AS‘ department has ‘very strong competence in capital markets‘. Led by Christian Grüner Sagstad, the ‘very experienced and service-minded‘ team provides ‘quality and practical advice‘ to prominent corporates and investment banks on a broad spectrum of equity and debt capital markets matters, including private placements, high-profile IPOs and stock exchange listings, and large bond issuances. The ‘service-mindedEinar Grette is highly regarded for his expertise in bond and debt transactions, and Hans Cappelen Arnesen is ‘very good at finding solutions and ensuring a smooth execution‘ when handling ECM mandates. Anders Arnkværn is singled out for M&A and refinancing work, Solveig Fagerheim Bugge focuses on securities law and regulatory work, and newly promoted partner Lars Martin Sveen acts for issuer and manager clients on private placement and listing matters.

Practice head(s):

Christian Grüner Sagstad

Other key lawyers:

Anders Arnkværn; Einar Grette; Solveig Fagerheim Bugge; Hans Cappelen Arnesen; Lars Martin Sveen


‘A very good understanding of commercial aspects, and empathy with the priorities of all parties in difficult negotiations. A realistic view of the regulatory process.’

‘Splendid to work with, with hands-on involvement and the ability to pull together internal resources and keep them updated, so that there are no gaps in the service from one meeting with one set of participants to the next where a different group gathers.’

‘Hard-working, creative, always responsive, constructive and solution oriented.’

‘Clear, practical and actionable advice.’

‘Fast, to the point advice; pragmatism; good understanding of clients’ business and requirements; high degree of professionalism without being overly bureaucratic.’

‘All their focus is on providing simple but strong solutions to the complex problems that can arise in capital markets.’

‘Anders Arnkværn’s extensive knowledge of the capital markets and corporate matters provides assurance that we are in good hands as far as corporate/capital markets advice is concerned.’

Key clients

Goldman Sachs International

ABG Sundal Collier

Pareto Securities

DNB Markets

Carnegie AS

Danske Bank


Arctic Securities

Skandinaviska Enskilda Banken AB

Sparebank 1 Markets

Morgan Stanley

UBS Investment Bank

Fearnley Securities

Seadrill Ltd

Salmones Camanchaca S.A.


Webstep ASA

Elkem ASA

Odfjell Drilling Ltd.

B2Holding ASA

Oslo Børs VPS Holding ASA

Kongsberg Gruppen ASA

Shelf Drilling, Ltd.

BW Group Limited

BW Offshore Limited

BW LPG Limited

BW Energy Limited

Hafnia Limited

Nordic Trustee AS

Navamedic ASA

RAK Petroleum plc

Stolt-Nielsen Ltd.



MPC Container Ships ASA

Magseis Fairfield ASA

Pioneer Property Group ASA

Mercell Holding

Icelandic Salmon AS

Everfuel A/S

Komplett ASA

Norwegian Property ASA

Lytix Biopharma AS

Work highlights

  • Advised ABG and DNB Markets as managers in connection with the second round of the refinancing of Norwegian Air Shuttle ASA.
  • Represented ABG Sundal Collier, Jefferies International, Carnegie and SpareBank 1 Markets as underwriters in Link Mobility Group ASA’s NOK6bn IPO and listing on the Oslo Stock Exchange.
  • Acted for DNB Markets and Fearnley Securities AS in the $200m senior unsecured sustainability-linked bond issuance of Seaspan Corporation.


Wiersholm‘s ‘broad‘ capital markets team has ‘outstanding knowledge‘ across the spectrum of capital markets matters. The ‘extremely knowledgeable and pragmaticSverre Sandvik advises on a wide range of debt and equity capital markets mandates, with notable expertise in private placements, convertible bond matters, IPOs and rights offerings; he jointly leads the department with Simen Mejlænder, who works with Norwegian and international issuers and managers on a wide range of equity capital markets transactions, and is noted for his securities law expertise. Tone Østensen has extensive experience in stock exchange law and M&A mandates, and Anne Lise E. Gryte made partner in January 2021.

Practice head(s):

Sverre Sandvik; Simen Mejlænder

Other key lawyers:

Tone Østensen; Anne Lise E. Gryte


‘High quality services delivered on the agreed timeline. One of the best choices for a transaction. You can expect the lawyer in charge to take a hands-on approach and to guide you on specific transaction issues, as well as adjacent issues. The latter ensures time and cost efficient processes.’

‘Anne Lise E. Gryte: A pleasure to work with. Always available and gives the client the feeling that your transaction and issues are top priority. Solution oriented and efficient.’

Tone Østensen: Highly competent in corporate law and is a first pick to explain difficult issues to non-lawyers. Great at conflict mediation.’

‘Anne Lise E. Gryte – up-and-coming partner who provides great client service.’

‘Willing to walk the extra mile in the client’s interest.’

Key clients

ABG Sundal Collier

DNB Markets


Nordea Markets

Arctic Securities

Mowi ASA

Arctic Bioscience AS

Sparebank 1 Markets AS

Kongsberg Automotive ASA

Komplett Bank ASA

Norse Atlantic ASA

Volue AS

Pareto Securities

Kistefos AS

Schibsted ASA

Elopak ASA

Rana Gruber AS

Work highlights

  • Advised Elopak and its majority owner Ferd AS on its NOK3bn IPO.
  • Advised Norse Atlantic ASA on its private placement to finance the new airline Norse Atlantic Airways, as well as its subsequent listing on Euronext Growth Oslo.
  • Advised Volue AS and Arendals Fossekompani ASA on a successful private placement.

Wikborg Rein

Wikborg Rein‘s capital markets department is led by Dag Erik Rasmussen, who is highly regarded for his established expertise in handling equity capital markets mandates. The team is well known for representing blue-chip clients in complex, large-scale matters, and has recently been involved in high-profile listings, private placements and refinancings. Stian Tande Mortensen heads up the debt capital markets group. Ole Andenæs is the main name for the financial services department; Per Anders Sæhle acts on ECM and M&A transactions and IPOs; and senior associate Karoline Stock Evje advises shareholders, issuers and managers on securities law.

Practice head(s):

Dag Erik Rasmussen; Stian Tande Mortensen

Other key lawyers:

Per Anders Sæhle; Ole Andenæs; Karoline Stock Evje


‘The team is very knowledgeable and ably lead. They have quick turnaround times to requests.’

‘Per Anders Sæhle has a lot of experience in the Norwegian market. He is quick to respond and his advice is always correct.’

Key clients


Deep Value Driller AS

Nordic Halibut AS

Kingfish Company N.V


EcoOnline Holding AS

Kyoto Group AS

Endúr ASA

Sparebank 1 Markets AS

Arctic Securities AS

Entra ASA


ABG Sundal Collier ASA


Pareto Securities AS

Quantafuel ASA

Carnegie AS

Clarksons Platou AS

Fearnley Securities AS

Work highlights

  • Advised BEWi ASA on its initial private placement and listing on Euronext Growth, as well its subsequent listing on the Oslo Stock Exchange, and a subsequent NOK200m private placement.
  • Advised Arctic Securities, Pareto Securities and SB1M on the NOK1.3bn private placement and subsequent listing on Euronext Growth of airline company Norse Atlantic ASA.
  • Advised DNB Markets, Pareto Securities and SpareBank 1 Markets AS as managers on the NOK500m private placement and listing on Euronext Growth of Salmon Evolution ASA.

Arntzen de Besche

Arntzen de Besche is well known for acting for issuers, international corporates, investors and financial institutions on high-profile ECM mandates; recent instructions include IPOs and private placement issues. The team is also singled out for its strength in debt work, and regularly advises on matters involving cross-border elements. Vidar Løhre is very experienced in advising oil and gas companies on debt capital markets matters, while Henrik Braavold Johansen assists with IPOs and transactions relating to listed companies. Former practice head Marianne Lind Sahl moved to Advokatfirmaet Schjødt in January 2022.

Other key lawyers:

Vidar Løhre; Henrik Braavold Johansen


‘Their availability and quick response times are very good for us when we have processes that need to be handled on a professional level in a short window of time.’

Key clients


Torghatten ASA

ICE Fish Farm

Shearwater Geoservices Holding AS

KMC Properties ASA

Nutreco B.V.

Huddlestock Fintech


Carnegie AS


Frøy ASA

Pareto Securities AS

Carnegie AS

Sparebank 1 Markets AS

Nordea Bank Abp

Kreos Capital VI (UK) Limited

Lime Petroleum AS

Work highlights

  • Assisted KMC Properties ASA with its NOK1.85bn senior secured bond issuance.
  • Assisted FRØY ASA with its NOK5.2bn IPO and listing on the Oslo Stock Exchange.
  • Advised Torghatten on EQT Infrastructure V’s bid on all outstanding shares in the client, via HATI BidCo AS as bid entity.

Advokatfirmaet CLP DA

At Advokatfirmaet CLP DA, recent instructions for the group include practice head Edvard Cock leading the advice to Atlantic Sapphire on its $121m private placement; the team had previously assisted the client with its listing process on the Oslo Stock Exchange’s main board. Stock exchange and securities law are other cornerstone areas of strength for the department. Andreas Kildal handles listed securities trading matters, and senior lawyer Joakim Gjerde acts for issuers, investors and managers on capital markets transactions.

Practice head(s):

Edvard Cock

Other key lawyers:

Andreas Kildal; Joakim Gjerde

Key clients

Techstep ASA

Atlantic Sapphire ASA

poLight ASA

Aqua Bio Technology ASA

Element ASA

S.D. Standard Drilling Plc

House of Control Group AS

Hofseth BioCare ASA

Saga Pure ASA

Black Sea Property AS

Clean Seas Seafood

Sparebank 1 Markets

Nordic Semiconductor ASA

Mercell Holding AS

Work highlights

  • Represented Arctic Securities, Carnegie and Sparebank1 Markets as managers in connection with airline company Flyr’s NOK600m private placement and listing on Euronext Growth Oslo.
  • Advised Nattopharma ASA on a voluntary offer from Lesaffre.

Advokatfirmaet Haavind AS

Led by Cornelius Sogn Ness, the team at Advokatfirmaet Haavind AS advised Axactor on its NOK320m private placement and NOK213m subsequent offering, as well as the company’s subsequent listing on Oslo Børs; the group also assisted the client in connection with a NOK2bn mandatory takeover offer by Geveran Trading. Other key practitioners are the ‘experiencedHans-Christian Donjem, who handles financing mandates; M&A expert Kjetil Hardeng, and senior lawyer Ragnar Gundersen Koffeld, who assists with IPOs, private placements and DCM mandates.

Practice head(s):

Cornelius Sogn Ness

Other key lawyers:

Kjetil Hardeng; Hans-Christian Donjem; Ragnar Gundersen Koffeld


‘Hans-Christian Donjem – Experienced, delivers on time, quality feedback on the matters.’

Key clients

Norsk Hydro ASA

Fearnley Securities

AqualisBraemar LOC ASA

CSAM Health Group AS


Biofish Holding

Telenor ASA

Arctic Securities


Equinor ASA

Gigante Salmon AS

Axactor SE

Work highlights

  • Advised CSAM Health Group AS on a NOK825m private placement and subsequent listing on Euronext Growth Oslo.
  • Acted for Nordic investment bank Carnegie (as sole bookrunner) in connection with Nordhealth’s €165m private placement and subsequent listing on Euronext Growth Oslo.

Advokatfirmaet Schjødt

Thomas Aanmoen and Bjarne Rogdaberg jointly lead the practice at Advokatfirmaet Schjødt, which has been kept busy handling high-profile equity and debt capital markets transactions, restructurings, private placements and IPOs for clients in the financial, offshore and oil sectors. High-yield bond work is another area of expertise for the team. Viggo Bang-Hansen focuses on restructurings and public M&A work, and Audun Bondkall is a key contact for international and public transactions. Senior associate Vegard André Fiskerstrand advises on securities law and represents issuers and managers in transactional matters. Marianne Lind Sahl joined from Arntzen de Besche in January 2022.

Practice head(s):

Thomas Aanmoen; Bjarne Rogdaberg

Other key lawyers:

Audun Bondkall; Viggo Bang-Hansen; Vegard André Fiskerstrand; Marianne Lind Sahl


‘The team is top notch for capital markets in Norway.’

‘Thomas Aanmoen is the most responsive lawyer we have ever worked with. He is sharp, creative and reliable, and appreciated by our entire team.’

Key clients

Meltwater B.V.

Aker BioMarine ASA

Goldman Sachs

Sparebank 1 Markets AS

ABG Sundal Collier ASA

Vaccibody AS

Hexagun Purus AS

Pareto Securities AS

Veidekke ASA

Havila Holding AS


Salmar ASA


Advokatfirmaet Selmer AS

The capital markets practice at Advokatfirmaet Selmer AS has an established track record in acting for Norwegian financial institutions, Nordic investment banks and high-profile issuers on a range of high-value transactions. Practice co-head Jon Fredrik Johansen is a key name for equity transactional work, IPOs and private placements, while co-head Andreas Jarbø specialises in securities law and also advises on public takeovers. Bernt Olav Steinland concentrates on regulatory work, and senior associate Milja Lønne Mørkhagen is ‘always very well prepared‘.

Practice head(s):

Andreas Jarbø; Jon Fredrik Johansen

Other key lawyers:

Bernt Olav Steinland; Milja Lønne Mørkhagen


‘Outstanding collaboration. Always well prepared and solution driven.’

‘Jon Fredrik Johansen directly addresses problems and finds the best solutions for the client. Very calm and patient.’

Milja Lønne Mørkhagen – focused on a professional outcome and works very hard for the client.’

Key clients


Infront ASA

EQT Group

Kitron ASA

Europris ASA

Nordic Nanovector ASA

SpareBank 1 Østlandet

Ekornes QM Holding

Norsk Titanium AS

Photocure ASA

Advokatfirmaet Simonsen Vogt Wiig

The capital markets practice at Advokatfirmaet Simonsen Vogt Wiig operates out of the firm’s corporate, and banking and finance departments. Key pillars of strength for the team include high-profile IPOs and listings, private equity capital markets matters and high-value private placements. The practice is particularly strong in the real estate, finance, retail, technology and pharmaceuticals sectors. Christoffer Bjerknes and Halvor Klingenberg jointly head up the department, which includes ‘stellar lawyer and legal adviserAmund Fougner Bugge, and ‘highly competent and client-focused‘ associate Ingvild Walle Skraastad.

Practice head(s):

Christoffer Bjerknes; Halvor Klingenberg

Other key lawyers:

Amund Fougner Bugge; Ingvild Walle Skraastad


‘Highly competent, always available to help, customer and solution oriented. From our end, using Simonsen Vogt Wiig increases the likelihood that we make it to the finish line with a happy client.’

‘Amund F Bugge: A stellar lawyer and legal adviser. Would recommend him to anyone in relation to M&A and ECM in and outside Norway. Our clients always comment positively, solicited or unsolicited, on his work during the process and the results he achieves.’

‘Deep understanding and experience in the sector, focusing on commercial logic and the usefulness towards the task of the legal input.’

Key clients

Huddly AS

Harmonychain AS

Skitude Holding AS

Play Magnus AS

Zwipe AS

Jinhui Shipping and Transportation Limited

Norwegian Air Shuttle ASA

Bank Norwegian ASA

Næringsbanken ASA

Aquaship AS

HBK Holding AS

Novelda AS

Skitt Fiske AS

Your.MD AS

Work highlights

  • Assisted Huddly AS with its NOK4.4bn listing on Euronext Growth, and a NOK767m private placement.
  • Assisted Play Magnus AS with its NOK1.1bn listing on Euronext Growth Oslo, and a NOK450m private placement.
  • Advised Skitude Holding AS on its NOK550m listing on Euronext Growth, and on a NOK270m private placement.

AGP Advokater

At AGP Advokater, the ‘very pragmatic‘ team has been kept busy handling high-profile IPO listings and equity capital mandates, as well as high-value bond issuances. Telecoms and technology companies are prominent in the department’s client roster. Lars André Gjerdrum is very experienced in assisting investment banks with capital markets transactions and stock exchange matters; he co-leads the practice with securities law expert Hege Dahl. Gard A. Skogstrøm ‘delivers excellent results‘ on equity and debt transactional work, and senior associate Kjersti Løwehr acts on IPO matters.

Practice head(s):

Lars André Gjerdrum; Hege Dahl

Other key lawyers:

Gard A. Skogstrøm; Kjersti Løwehr


Highly specialised team.’

Gard Skogstrøm stands out as a partner with great pragmatism and a very calm presence.’

Hege Dahl and Kjersti Løwehr have a hands-on approach and excellent capabilities in taking clients through an IPO process. Always available for the client and always deliver on time.’

Key clients

Sikri Holding AS

Link Mobility Group Holding ASA

Dasha Group AS

Oda Group Holding AS

Oda AS

TouchNetix AS

Akobo Minerals AB

Norselab AS

Karbon Invest AS

Sparebank 1 Markets

Strongpoint ASA

First Mover Group Holding AS

Gentian Diagnostics ASA

Crayon Group ASA

Work highlights

  • Advised LINK Mobility Group Holding ASA on its NOK7.5bn IPO and listing on the Oslo Stock Exchange.
  • Advised Oda Group Holding AS on a private placement and secondary funding round led by investors Softbank and Prosus.
  • Advised Sikri Holding AS on a NOK460m private placement.

CMS Kluge

The capital markets department at CMS Kluge works in tandem with the firm’s corporate and banking and finance practices to advise on IPOs, listings, private placements, securities, high-yield bond issuances, and share disposals and acquisitions. The practice is jointly led by Johan Svedberg, who is the key contact for equity work, and Dag Thomas Hansson, who handles debt financing mandates. Atle Degré has left the firm and is now a judge.


‘CMS Kluge has an efficient team providing good quality work and support to our business. They understand well the processes for capital raisings and the listing process.’

Key clients

CO2 Capsol AS

The Norwegian Ministry of Trade, Industry and Fisheries

Xplora Technologies AS

Work highlights

  • Advised the Norwegian Ministry of Trade, Industry and Fisheries on the dissolution of the joint ownership with Aker ASA in Aker Kværner Holding AS, involving the transfer of shares worth NOK2bn in related listed companies to the government.
  • Advised Xplora Technologies AS on a NOK100m combined capital raising and listing of its shares on Euronext Growth.
  • Advised CO2 Capsol on a NOK75m private placement.

Advokatfirmaet Grette AS

Andreas Myrstad heads up the group at Advokatfirmaet Grette AS, which has been kept busy advising clients from the infrastructure, financial services and real estate industries on high-yield bond issuances, EMTN programmes and restructurings. Erik Alsvik Skogsbakken specialises in debt financing work, and Thomas J. Fjell is a key contact for cross-border restructurings and transactions.

Practice head(s):

Andreas Myrstad

Other key lawyers:

Erik Alsvik Skogsbakken; Thomas J. Fjell


‘Andreas Myrstad is a pleasant and very skilled capital markets lawyer.’

‘Great team.’

‘Good knowledge, understandable feedback.’

‘They offer a high level of service.’

‘Andreas Myrstad stands out as a strong partner.’

Key clients

Danske Bank

Sparebank 1 Markets

ABG Sundal Collier ASA


Norske tog

Oceanteam ASA


Gefion Group

Electromagnetic Geoservices ASA

Work highlights

  • Advised EMGS on its NOK40m convertible bond buyback.
  • Acted as due diligence adviser to a construction company regarding a potential secondary listing on the Oslo Stock Exchange, in connection with the client’s takeover offer for the shares of a real estate company.
  • Advised Irish company Distributed Ledger Technologies (DLT) on entering into a share exchange agreement with Element ASA.