The Nordic IPO market in 2024 experienced an upswing in transaction volume, with 36 IPOs and direct listings completed, compared to 21 in 2023. Overall, proceeds in the Nordic markets were €1,573 million through IPOs and direct listings, an increase from €901 million in the previous year. In addition to the IPOs and direct listings, we saw 38 list transfers and 10 other new listing transactions, such as spin-offs, reverse takeovers and a de-spac transaction, in the Nordics.
Sweden and Norway dominate with capital-intensive sectors
Sweden continues to be the Nordic country with the highest activity both in terms of number of IPO related transactions and proceeds, primarily driven by the real estate sector. There were more than twice as many completed IPOs in Sweden in 2024 compared to 2023.
Norway had the second highest IPO activity in the Nordic capital markets. In Norway, the capital-intensive sectors are also prominent, where real estate is complemented by the energy sector representing nearly all capital raised during 2024.
Increasing IPO activity in Finland expected in the next years
In Finland, we saw 5 new listing transactions in 2024, with the largest being the listing of Kalmar Corporation to Nasdaq main market following the demerger from Cargotec Corporation. Moreover, Solar Foods Oyj and Tekova Oyj were direct listings to the First North during H2. Other transactions were the listing of Canatu Oyj on First North through a de-spac transaction, and the list transfer of Kempower Oyj from First North to Nasdaq main market. No proceeds were raised in connection with these transactions.
In 2025 and 2026, we expect to see increasing activity in the Finnish IPO market, although the companies that are considering a potential IPO will continue to monitor the market situation closely.
Outlook for the Nordic IPO markets in 2025
As we enter into 2025, there is a cautious optimism surrounding the Nordic IPO markets. Stabilising inflation and interest rate reductions across the US, Europe, and the Nordic countries in the latter half of 2024, together with steady GDP growth across the Nordic region, are all expected to create a more favourable investment climate, potentially fueling increased IPO activity. An accumulation of mature private equity portfolios continues to contribute to a robust pipeline of potential IPO candidates, with private equity firms expected to pursue exits more actively as market conditions improve. Whilst these factors suggest a promising development in the Nordic IPO markets for 2025, geopolitical tensions alongside fears of a slowdown in the global economy remain a concern.
