Nordic IPO Watch

Sweden continues to drive Nordic IPO activity

In line with the trend from recent years, Sweden remains the leading Nordic country in terms of the number of IPO-related transactions, proceeds, and first-day market capitalization. The IPO of Verisure was the largest IPO in EMEA in 2025 based on proceeds and was also Sweden’s largest IPO based on first-day market capitalization.

Norway maintained a steady flow of IPOs and direct listings across a variety of sectors. Although the number of IPOs and proceeds were somewhat lower in 2025 compared to 2024, investor demand was strong, and the offerings were well received by the market. Notably, the IPOs of Sentia, Dellia Group and Appear were all oversubscribed by 10 to 15 times.

Activity in Finland picked up during 2025, with the Finnish markets seeing their first IPOs with proceeds in more than two years. In total, there were five IPOs with proceeds, three of which were on the Nasdaq Helsinki Main List.  

Outlook for the Nordic IPO Markets for 2026

Over the past couple of years, a sense of cautious optimism around a more favorable listing environment has surrounded the Nordic IPO market. This optimism has been supported by stabilized inflation, declining interest rates, and a steady growth in Nordic GDP, despite political and global trade uncertainties. Looking ahead, the accumulation of mature private equity portfolios continues to create a robust pipeline of potential IPO candidates. Private equity firms are expected to seek exits as market conditions improve, which may result in a higher number of listings spread across the various Nordic countries. While these factors signal promising developments for 2026, persistent geopolitical tensions and concerns over a potential global economic slowdown remain pressing challenges.