Stable activity in the Nordic IPO markets during H1 2026
Transaction volumes in the Nordic IPO markets remained stable in H1 2026 compared to the previous year. Despite geopolitical tension and volatile commodity and interest rate markets, the market has absorbed a steady stream of listings across the Nordic countries during the half-year. Looking ahead, geopolitical tensions and volatile market conditions may continue to create challenging environments for listings, and the market is therefore expected to remain selective and dispersed across the region.
– The Nordic IPO market maintained a solid level of activity in the first half of 2026. Despite geopolitical tensions and market fluctuations, there is optimism for continued strong activity and a robust pipeline of aspiring registrants in the second half of the year, says Vidar Stjern Nordtømme, Director at PwC.
Highest Proceeds in Norway
In the first half of 2026, Norway was the Nordic country with the highest total proceeds, amounting to € 620 million. Capital Tankers Corp. topped the list with proceeds of €376 million, while the listings of General Oceans and Bohus also made significant contributions, raising €94 million and €96 million, respectively. The number of IPO-related transactions in Norway also increased compared to the same period last year, primarily driven by increased activity on Euronext Growth Oslo.
Sweden continued to play an important role in the Nordic IPO market, maintaining its position as the most active market in the region with a total of 10 IPO-related transactions. Activity was evenly distributed between regulated and unregulated markets, and maintained good momentum despite a more selective investor environment.
After a pickup in activity in the second half of 2025, Finland experienced another strong half-year with a total of 4 IPO-related transactions and total proceeds of €176. Activity in Denmark also picked up, with a total of 3 listings in the first half of the year, and Denmark recorded its first IPO completed in many years.
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Outlook for the Nordic IPO Markets for H2 2026
The first half of 2026 confirmed that the Nordic IPO market has transitioned from a gradual recovery to a more stable and active, yet still selective, level of activity. This trend is expected to continue, supported by a robust pipeline of companies ready for listing, with private equity backing, spin-offs, and transfers between market places serving as key drivers. At the same time, geopolitical tensions, market volatility, and the risk of a global economic downturn may influence timing, valuations, and investor appetite. The pipeline looks promising, but the outcome in the second half of the year will depend on stable market conditions and companies being well-prepared when opportunities arise.
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Vidar Stjern Nordtømme
