The decision of taking a company public involves risks and requires a lot of investment but at the same time it opens up new avenues of opportunities, company can obtain more market value and profit substantially from an IPO. This case study looks into the factors that should be taken into consideration concerning possible stock listing of a software company Sparecom PLC, located in Finland. Study describes the profitability and value effects of taking the company public and compares two alternative stock markets: First North Finland and NASDAQ Capital Market while analyzing whether the company meets the general listing requirements of these two stock markets tiers. Sparecom and its domestic and international business operations are presented in this research. The theoretical framework is based on previous studies of domestic and foreign stock markets as well as IPO process in general. This analysis should be especially useful to SMEs looking to further the growth of their company by going public, or anyone else who may be interested in the process of listing on a stock exchange, especially on First North or NASDAQ Capital Market.