Nordic IPO Watch 2025
In the newly published PwC Nordic IPO Watch we provide an overview on the IPO market activity in Denmark, Finland, Iceland, Norway and Sweden in 2025 and discuss the outlook for the Nordic IPO markets for 2026.
Nordic IPO market achieves the largest IPO in EMEA in 2025
The proceeds raised from IPOs in the Nordics experienced a significant upswing of 370%, reaching a total of €7.4bn in 2025, compared to €1.6bn in the previous year. This increase was primarily driven by the listing of Verisure in Sweden, which contributed €3.7bn, making it the largest IPO in EMEA based on proceeds for 2025.
In terms of IPO transaction volumes, the Nordic IPO market in 2025 experienced a slight increase in number of transactions compared to last year, with 39 IPOs and direct listings completed, compared to 36 in 2024.
Sweden continues to be the Nordic country with the highest activity both in terms of number of IPO related transactions, size of first day market capitalization and proceeds.
Stronger IPO activity in Finland than in the previous two years
In 2025, Finland saw its first IPOs with proceeds since the end of 2022. GRK Infra Plc, Posti Group Corporation and Framery Group Plc were listed on Nasdaq Main Market, and Nokian Panimo Oyj and Cityvarasto Oyj listed on Nasdaq First North Growth Market Finland. Total proceeds in these five IPOs were €503 million from newly issued shares and sale of existing shares.
There were in total nine new listing transactions in Finland in 2025, of which five were IPOs. In addition to the IPOs, the other listing transactions in Finland included the listings of Sunborn International Plc and Summa Defence Oyj on Nasdaq First North Growth Market Finland, both through reverse takeovers, as well as the list transfers of Nightingale Health Plc and Toivo Group Oyj from Nasdaq First North Growth Market Finland to Nasdaq Main Market in the first half of the year.
Robust pipeline of potential IPO candidates in the Nordic countries
Looking ahead, the accumulation of mature private equity portfolios continues to create a robust pipeline of potential IPO candidates. Private equity firms are now anticipated to seek exits as market conditions improve, which should result in a higher number of listings spread across various Nordic countries. While these factors signal promising developments in the Nordic IPO markets for 2026, ongoing geopolitical tensions and concerns over a potential slowdown in the global economy remain pressing challenges.
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