The Nordic IPO markets delivered higher proceeds in H1 2025
The Nordic IPO markets delivered higher proceeds in the first half of 2025 despite market volatility. Reduced inflation and interest rate levels provides a supportive backdrop for the Nordic IPO sentiment going into the second half of 2025. However, ongoing political tensions, rising trade barriers and macroeconomic uncertainty remains important considerations for investors and companies looking to go public.
— The positive momentum in the Nordic IPO market in the first half of 2025, driven by lower interest rates and stabilizing inflation, gives us increasing optimism as we look ahead to the second half of the year, says Director at PwC, Vidar Stjern Nordtømme.
Sweden continues to experience the highest activity
In line with the trend from the previous year, Sweden continues to be the Nordic country with the highest activity both in terms of number of IPO-related transactions and proceeds. Four out of the five largest transactions in terms of proceeds were completed in Sweden, with investors showing confidence in a variety of industries.
The Norwegian market was led by the IPO of Sentia ASA on Euronext Oslo Børs. The IPO was more than 15 times oversubscribed, and proceeds totaled € 157.3 million. The IPO demonstrates that successful IPOs are possible, despite volatile market conditions. In addition, the energy sector contributed to robust listing related activity in Norway.
Activity in Finland also picked up in the first half of 2025. The Finnish markets saw the infrastructure company GRK Infra Oyj go public, which marked the first IPO with proceeds on the Nasdaq Helsinki main market in more than two years.
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Outlook for the Nordic IPO Markets for H2 2025
Going into the second half of 2025, there is increasing optimism for increased activity in the Nordic IPO markets. Tensions in global geopolitics and trade has led to uncertainty and volatile market conditions in the first half of the year. Despite the challenging market conditions, the Nordic IPO markets have seen several successful transactions in the first half of the year and the pipeline of potential IPO candidates remain robust. Reduced inflation rates and interest rate reductions are providing a supportive backdrop, improving investor sentiment and creating a more favorable environment for IPO activity. However, global geopolitical tension and macroeconomic uncertainty continue to contribute to market volatility, which may delay listings as companies and investors adopt a wait-and-see approach. Overall, the markets are expected to be cautious but open to opportunities for the right candidates, with a preference for mature and cash generating companies.
Read more: How to prepare now to be able to take advantage of the IPO windows when the markets reopen.
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Vidar Stjern Nordtømme
