Nordic IPO Watch H1 2025
In PwC Nordic IPO Watch H1 2025 we provide an overview on the IPO market activity in Denmark, Finland, Iceland, Norway and Sweden and provide an outlook for the Nordic IPO markets for H2 2025.
Nordic IPO markets key takeaways H1 2025
The transaction volume in the Nordic IPO market in H1 2025 increased slightly from the same period last year with 16 IPOs and direct listings completed, compared to 13 in H1 2024 and 23 in H2 2024. Proceeds in the Nordic markets reached €2,167.2 million through IPOs and direct listings in H1 2025, reflecting a positive development compared to €690.6 million in H1 2024 and €882.3 million in H2 2024. In addition to IPOs and direct listings, several other new listing transactions were completed such as list transfers, reverse takeovers and dual listings.
Sweden continues to be the Nordic country with highest activity both in terms of number of IPO related transactions and proceeds, driven primarily by higher transaction activity. The top three IPOs and direct listings by proceeds were Asker Healthcare Group AB with €821.1 million, Röko AB with €481.7 million and Hacksaw with €348.1 million proceeds, all through IPOs and direct listings in Sweden.
The Norwegian market was led by the IPO of the construction group Sentia ASA and strong IPO related transaction activity in the energy sector, but overall activity remained at a lower level than in Sweden.
Finland saw its first IPOs with proceeds since 2022, as GRK Infra Plc listed on Nasdaq Helsinki main market, and Nokian Panimo Oyj listed on Nasdaq First North Growth Market Finland.
IPO activity in Denmark and Iceland remained subdued with no new listing related activity apart from the dual listing of JBT Marel Corporation on Nasdaq Iceland.
Outlook for the Nordic IPO Markets for H2 2025
Despite the challenging market conditions with global geopolitical events and macroeconomic uncertainty contributing to market volatility, the Nordic IPO markets have seen several successful transactions in the first half of the year. Going into the second half of 2025, there is increasing optimism surrounding the Nordic IPO markets. The pipeline of potential IPO candidates is robust, with several companies preparing to go public pending the right market conditions and the candidate's development of future earnings. Reduced inflation rates and interest rate reductions are providing a supportive backdrop, improving investor sentiment and creating a more favourable environment for IPO activity. However, while the equity markets have recovered after a period of volatility at the beginning of the second quarter, continued global geopolitical tension and macroeconomic uncertainty may again delay listings as companies and investors adopt a wait-and-see approach. While conditions are improving, the activity in the Nordic IPO markets will depend on how these external factors evolve in the coming months.
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