Nordic IPO markets in 2023 and in the beginning of 2024
IPO market activity was relatively quiet in the Nordic countries in 2023.
There were 21 IPOs and direct listings in the Nordic countries in 2023, which was less than in the previous year 2022 when there were 80 IPOs and direct listings. Proceeds of €901.3 million were raised in 12 of the 21 IPOs and direct listings, compared to €2,087.7 million in 57 of 80 IPOs and direct listings in 2022.
Since the beginning of the year 2024, there has been one IPO in Nasdaq Main Market Stockholm and one IPO in the Nasdaq First North Growth Market Stockholm. We experience that several companies have started preparing for future listings to be executed potentially during 2024.
Outlook for the Nordic IPO markets in 2024
Entering into 2024 there is a cautious optimism in all Nordic countries that the IPO markets will recover. Central banks have communicated that inflation and interest rates at this moment have reached their peak, volatility remains low and valuations persist at an elevated level. Additionally, the pipeline of companies who target an IPO is growing.
However, uncertainty still remains an issue underpinned by increased global political tension. 2024 is a big election year in some of the world's largest economies, which could affect the global economy and therefore the IPO markets in the Nordics. Expectation for 2024 is that the listing windows will be narrow. Hence, it is prudent to be well-prepared and poised to act promptly when an opportunity presents itself.
